Cyprus ship registry records 14% increase in 2024, Deputy Minister of Shipping reveals

07:34 - 26 November 2024

Economy Reporter

The Cyprus ship registry has recorded a 14% increase since September 2023, Deputy Minister of Shipping, Marina Hadjimanolis has revealed.

She was speaking during the 25 November discussion of the Deputy Ministry's budget for 2025 at the Finance Committee of the House of Representatives. Hadjimanolis also noted that the Deputy Ministry's revenue increased by 10% in 2024 and noted that these results mark the successful outcome of the Ministry's policies.

A total of 161 ships, of total capacity over four million tons were registered in Cyprus since September 2023, according to Hadjimanolis, who explained that this is the result of the Deputy Ministry's efforts to explore the potential of new markets. Responding to questions by the members of the Committee, she noted that Cyprus had to contact shipping companies in Asia and in America, due to Turkey's embargo for ships under the Cypriot flag.

Hadjimanolis also referred tp a revenue increase from tonnage tax system, during the discussion of the budget with the members of the Committee. She said that the companies that participate in the tonnage tax system increased by 12% (425 in total) and the tax revenue increased by 15% (€11.5 million in total).

The Deputy Ministry's 2025 expenses and revenue are balanced, she said. The 55% of the €18.5 million expenses will be distributed towards the implementation of the main strategic goals of the Ministry and the rest will cover the pay roll and the operational cost. Hadjimanolis also noted that one of the larger expenses is the €5.5 million subsidy for the Limassol-Piraeus ferry, which will continue its operation for three more years.

(Source: CNA)

Cyprus ship registry records 14% increase in 2024, Deputy Minister of Shipping reveals

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