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Cyprus Holds The Helm: Among EU’s Top Maritime Freight Hubs In 2023

In a year where the sea remained the backbone of freight logistics across Europe, Cyprus emerged as a leading maritime force. According to new Eurostat data, the island ranked second among EU member states for the volume of goods transported by sea, with 96.5% of its freight moving via maritime routes in 2023.

Across the European Union, sea transport dominated the freight landscape, accounting for 67.4% of total tonne-kilometres—a measure that factors cargo volume and distance travelled. While Portugal led with 98.2%, Cyprus and Greece closely followed, showcasing the strategic importance of the Eastern Mediterranean in European trade flows.

modal split freight transport 2023

For 15 of the 22 coastal EU countries, shipping was the primary mode of freight transport. In 10 of them, it represented more than 70% of all movement. Cyprus stood out not only for its reliance on sea freight but also due to the absence of rail infrastructure and minimal inland waterway activity, further cementing its dependence on—and efficiency in—maritime logistics.

While road freight made up 25.3% of EU cargo transport, and rail lagged at 5.5%, Cyprus’ numbers underscore a regional contrast where shipping lanes—not highways—move the economy. Inland waterways (1.6%) and air freight (0.2%) played only marginal roles across the bloc, with Cyprus among countries where these modes are nearly nonexistent.

The report also reveals long-term shifts. Since 2013, only road transport has gained ground in the EU (+2.8 percentage points). Sea freight slightly dipped (-2.0 pp), indicating gradual diversification in continental logistics—but not in island nations like Cyprus, where geography still dictates logistics strategy.

Elsewhere in Europe, countries like Luxembourg (84.5%), Czechia (77.7%), and Hungary (70.7%) leaned heavily on road freight. Rail transport remained strong in Lithuania (31.7%) and Slovakia (30.1%), while Romania led in inland waterway transport (18.9%).

As Cyprus doubles down on its port infrastructure and continues to position itself as a critical maritime hub bridging Europe, the Middle East, and Asia, these figures highlight both a present strength and a future opportunity. In a shifting transport landscape, the island’s maritime dominance remains not just a necessity but a strategic advantage.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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