Breaking news

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.

Cyprus Government Moves to Cut Electricity Prices

According to the government spokesman Konstantinos Letymbiotis, the Electricity Authority of Cyprus (EAC) and the energy regulator are set to meet this week to discuss a formula to lower the price of electricity.

This development comes from President Nikos Christodoulides’ remarks over the weekend, where he urged the EAC not to increase electricity rates. Christodoulides confirmed that he had a meeting with the EAC, asking them not to impose any increases at this juncture.

The government spokesman emphasized that the current administration is committed to bringing down the price of electricity in any way possible. Letymbiotis noted that the state-run power utility and the regulator would make their own assessments based on the wider direction of the government regarding reductions in the coming time period.

It is worth noting that Cypriots pay the second-highest rates for electricity in Europe when adjusted for spending power, according to Eurostat data released last week. Only consumers in the Czech Republic paid more for their household energy bills than those in Cyprus.

The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter