Cyprus’ ship registry experienced an increase in oceangoing vessels in the first half of the year, reversing a two-year decline, thanks to geopolitical tensions impacting global shipping, the island’s Deputy Minister for Shipping Marina Hadjimanolis announced.
Speaking at the International Business Day organized by the Cyprus International Business Association on Tuesday, Hadjimanolis highlighted that geopolitical tensions, particularly the war in Ukraine and attacks on commercial shipping by the Houthi regime in the Red Sea, have created challenges that may persist, leading to industry turbulence this year.
Emphasizing the maritime sector as integral to Cyprus’ identity, Hadjimanolis noted that the government has prioritized upgrading and strengthening services provided by the Shipping Deputy Ministry since the administration of Nikos Christodoulides took office in March 2023.
Hadjimanolis reported a 5.5% increase in the fleet of Cyprus-flagged seagoing vessels over the past six months.Unmute
Remaining Time -0:00Fullscreen
The number of companies registered under the Cyprus Tonnage Tax System grew by 14%, reaching a total of 420, reinforcing Cyprus as the EU’s largest ship-management center and one of the largest globally.
