The Cyprus ship registry has recorded a 14% increase since September 2023, Deputy Minister of Shipping Marina Hadjimanolis announced today during the Finance Committee’s discussion of the Deputy Ministry’s 2025 budget. She also highlighted a 10% rise in the Ministry’s revenue in 2024, attributing these achievements to the success of strategic policies.

According to Hadjimanolis, a total of 161 ships with a combined capacity exceeding 4 million tons have been registered in Cyprus since September 2023. She explained that this growth is a direct result of the Deputy Ministry’s efforts to explore new markets. Addressing questions from Committee members, she noted that Cyprus’s outreach to shipping companies in Asia and America was necessary due to Turkey’s embargo on ships flying the Cypriot flag.

During the budget discussion, Hadjimanolis also highlighted an increase in revenue from the tonnage tax system. The number of companies participating in the system grew by 12%, reaching a total of 425, while tax revenue increased by 15%, amounting to €11.5 million in 2024.

The Deputy Ministry’s budget for 2025 reflects balanced expenses and revenue, Hadjimanolis stated. Of the total €18.5 million in expenses, 55% will be allocated toward implementing the Ministry’s main strategic goals, with the remaining funds covering payroll and operational costs. Among the major expenditures is a €5.5 million subsidy for the Limassol-Piraeus ferry, which will continue operations for three more years.