Cyprus’ shipping register has added 119 vessels since the beginning of 2026, increasing the fleet’s capacity by more than 2.4 million gross tons, according to Deputy Minister of Shipping Marina Hadjimanoli.

Presenting the Deputy Ministry’s 2027 budget to the Parliamentary Committee on Finance and Budget on November 2, Hadjimanoli said the capacity of the Cyprus-flagged fleet had grown by approximately 27% since September 2023. She attributed the expansion to continued confidence in Cyprus among international shipping companies.

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Shipping Revenues And Registry Expansion

The Deputy Ministry’s proposed 2027 budget is in surplus, with priorities including expanding the national ship registry, developing shipping-related activities and strengthening Cyprus’ position as an international maritime centre.

Revenue at the Deputy Ministry has increased by 17.5% over the past three years, while tonnage-tax receipts rose 8.2% in 2025 compared with the previous year.

Hadjimanoli described shipping as a strategic pillar of the Cypriot economy, highlighting efforts to attract investment, modernise the Deputy Ministry and maintain a competitive, high-quality register that responds to the needs of the industry.

Cyprus–Greece Ferry Service Could Continue

The Deputy Ministry supports extending the passenger ferry service between Cyprus and Greece, whose current contract expires in 2027. Hadjimanoli said a review of the route’s performance since its launch is under way.

The service receives €5.5 million from the Deputy Ministry’s budget, while the European Commission’s role is to approve the arrangement. According to Hadjimanoli, the ferry provides an alternative for families unable to afford air travel, passengers travelling onward to other European destinations and people with health conditions that prevent them from flying.

A proposal is being prepared for the Cabinet, which will make the final decision. Hadjimanoli said the Deputy Ministry views continuation of the service positively.

National Cruise Strategy Expected In November

The Deputy Ministry plans to submit a national cruise strategy to the Cabinet in November. An action plan has been prepared, with the Cabinet set to decide whether implementation should fall under the Deputy Ministry of Shipping or the Ministry of Tourism.

Hadjimanoli said cruise tourism had expanded in recent years before being affected by geopolitical developments. She also highlighted the importance of a cruise company using Limassol as a home port, allowing passengers to begin and end their journeys in Cyprus and spend more time visiting destinations across the island.

Cyprus’ Tonnage-Tax Framework

Addressing questions about taxation, Hadjimanoli explained that qualifying shipping companies can pay tax based on their vessels’ tonnage rather than under the standard corporate tax system. Participation is subject to specific criteria, and the regime has been approved by the European Commission.

She described the framework as one of Cyprus’ advantages as a maritime jurisdiction, supporting efforts to attract international shipping business and maintain a competitive ship registry.