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Cyprus Shipping Registry Shows 1st Increase After 2 Years

by THEFUTURE.TEAM

June 26, 2024

Cyprus’ ship registry in the first half of the year has shown an increase of ocean-going vessels for the first time in the last two years, due to adverse effects brought by geopolitical tensions affecting global shipping, Deputy Minister for Shipping Marina Hadjimanolis has said.

Speaking at the International Business Day organised by the Cyprus International Business Association Hadjimanolis cautioned that after the rise the geopolitical tensions due to the war in Ukraine and attacks on commercial shipping by the Houthi regime in the Red Sea, challenges may evolve and persist leading to turbulence this year.

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Stating that the maritime sector is an integral part of Cyprus’s identity, the Deputy Minister added that the continuous upgrading and strengthening of the services provided by the Shipping Deputy Ministry is undoubtedly one of the main priorities that have been set from the beginning, when the Government of Nikos Christodoulides took over in March 2023.

She stressed that an increase of 5.5% has been achieved during the last 6 months in the fleet of Cyprus-flagged seagoing vessels, after its two-year decline.

“The number of companies registered in the Cyprus Tonnage Tax System has been increased by 14%, reaching 420 in number,” Hadjimanolis said. Cyprus is the largest ship-management centre in the EU and one of the largest in the world.

Furthermore, the Deputy Minister pointed out that the Advisory Committee on Competitiveness and Quality Enhancement of the Cyprus Flag and the Advisory Committee on Competitiveness of the Cyprus Maritime Cluster have been established, to continuously improve and enhance the competitiveness of the Cyprus flag and Cyprus shipping, while the One-Stop Shipping Centre commenced its operations in November, aiming to provide quality service to all shipping companies, as well as companies whose activities are related to shipping and are based in Cyprus.

She also recalled that following a decision by the Council of Ministers, from January 2024, the annual tonnage tax for ships registered in the Register of Cyprus Ships will be reduced by up to 30% for each ship that demonstrates effective greenhouse gas emissions reduction measures.

This, Hadjimanolis said, ensures “that shipowners are rewarded for their efforts for decarbonization of the shipping sector.”

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.