Cyprus ship registry hits 25-year high despite global instability

Cyprus’ shipping sector is strengthening its international position despite geopolitical tensions, with growth in the registry and shipmanagement activity placing competitiveness and the green transition at the centre of policy, Shipping Deputy Minister Marina Hadjimanolis said at the 9th Capital Link Cyprus Shipping Forum in Limassol.

Hadjimanolis delivered a keynote presentation followed by a one-on-one discussion titled “Cyprus Maritime Cluster in the Spotlight – Strength, Resilience & Growth” with Nicolas Montanios.

In her keynote address, she said the sector is operating in a demanding environment, noting that “We are meeting at a time of continued uncertainty for global shipping. Geopolitical instability, market volatility, and the accelerating green and digital transition continue to test the resilience of the shipping sector.”

She added, however, that “Yet, shipping has always proven its ability not only to adapt, but also to lead”, adding that “In this demanding environment, Cyprus shipping has delivered tangible results.”

According to the Deputy Minister, the results of the past two years are measurable, as the Cyprus registry recorded a 23 per cent increase in total tonnage, reaching its highest level in 25 years.

She attributed this performance to regulatory predictability, high safety and compliance standards and continuous service improvement, while also referring to targeted incentives supporting the green and digital transition without undermining competitiveness.

Particular emphasis was placed on shipmanagement, a core pillar of the maritime cluster.

Between the first half of 2024 and the first half of 2025, the sector’s contribution to GDP rose by 17 per cent, confirming Cyprus’ role as one of the leading global shipmanagement centres while supporting thousands of highly skilled jobs.

During the discussion, Hadjimanolis also referred to her recent visits to Athens and Alexandria, as well as Cyprus’ maritime priorities ahead of the country’s Presidency of the Council of the European Union.

She noted that flagship events during the Presidency will include the Lefkosia Declaration, a high-level ministerial stakeholders conference and an informal meeting of EU ministers responsible for maritime affairs.

At the same time, she said the decarbonisation and digital transformation of shipping require realistic and globally coordinated solutions.

Cyprus participates actively in discussions at both the International Maritime Organisation (IMO) and the European Union, supporting globally harmonised measures, technologically neutral approaches and a clear framework for shipowners.

She also referred to the digital transformation of the Deputy Ministry’s services through the CYSh1p platform.

Regarding the upcoming EU Presidency, she said Nicosia will pursue balanced policies that preserve the competitiveness of European shipping, avoid market fragmentation and support the transition in a realistic manner.

Moreover, the Deputy Minister said the sector’s future will depend on cooperation, innovation and trust between the public and private sectors.

Hadjimanolis added that the government remains committed to supporting the shipping industry, strengthening the maritime cluster and further reinforcing the Cyprus flag, expressing confidence that Cyprus will continue to operate as a reliable and competitive international shipping hub.