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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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Cyprus Emerges As A Leading Household Consumer In The European Union

by THEFUTURE.TEAM

June 30, 2025

Overview Of Eurostat Findings

A recent Eurostat survey, which adjusts real consumption per capita using purchasing power standards (PPS), has positioned Cyprus among the highest household consumers in the European Union. In 2024, Cyprus recorded a per capita expenditure of 21,879 PPS, a figure that underscores the country’s robust material well-being relative to other member states.

Comparative Consumption Analysis

Luxembourg claimed the top spot with an impressive 28,731 PPS per inhabitant. Trailing closely were Ireland (23,534 PPS), Belgium (23,437 PPS), Germany (23,333 PPS), Austria (23,094 PPS), the Netherlands (22,805 PPS), Denmark (22,078 PPS), and Italy (21,986 PPS), with Cyprus rounding out this elite group at 21,879 PPS. These figures not only highlight the high expenditure across these nations but also reflect differences in purchasing power and living standards across the region.

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Contrasting Trends In Household Spending

The survey also shed light on countries with lower household spending levels. Hungary and Bulgaria reported the smallest average expenditures, at 14,621 PPS and 15,025 PPS respectively. Meanwhile, Greece and Portugal recorded 18,752 PPS and 19,328 PPS, respectively. Noteworthy figures from France (20,462 PPS), Finland (20,158 PPS), Lithuania (19,261 PPS), Malta (19,622 PPS), Slovenia (18,269 PPS), Slovakia (17,233 PPS), Latvia (16,461 PPS), Estonia (16,209 PPS), and the Czech Republic (16,757 PPS) further illustrate the disparate economic landscapes within the EU. Spain’s figure, however, was an outlier at 10,899 PPS, suggesting the need for further data clarification.

Growth Trends And Economic Implications

Eurostat’s longitudinal analysis from 2019 to 2024 revealed that Croatia, Bulgaria, and Romania experienced the fastest annual increases in real consumer spending, each growing by at least 3.8%. In contrast, five member states, with the Czech Republic experiencing the largest drop at an average annual decline of 1.3%, indicate a varied economic recovery narrative across the continent.

This comprehensive survey not only provides valuable insights into current household consumption patterns but also offers a robust framework for policymakers and business leaders to understand economic shifts across the EU. Such data is integral for strategic decision-making in markets that are increasingly defined by evolving consumer behavior and regional economic resilience.