The Cyprus Ship Registry has recorded a 20% increase since September 2023, according to the Director General of the Deputy Ministry of Shipping, Stelios Himonas, who presented the ministry’s 2026 budget to the House Finance Committee on Friday.
Himonas also reported a 4.5% rise in the number of companies registered under the Tonnage Tax System. The 2026 budget is slightly surplus, with projected expenditures of €18.7 million and expected revenues of €20.3 million. He highlighted that the 4% increase in revenues compared with the 2025 budget demonstrates the effectiveness of the ministry’s strategies to strengthen the Cypriot shipping sector.
Strategic goals for 2026
The Deputy Ministry’s priorities for 2026 focus on reinforcing Cyprus’ maritime industry and enhancing its standing in international forums. Despite ongoing challenges stemming from EU sanctions on Russia and Turkey’s embargo on ships flying the Cypriot flag, Himonas said the competitiveness and global influence of Cyprus’ registry continue to grow.
Impact of sanctions and the Turkish embargo
Responding to a question from AKEL MP Christos Christofides, Himonas stated that losses to the Cyprus registry following the withdrawal of ships, mainly tankers, after EU sanctions on Russia have now been fully recovered.
As for the financial impact of Turkey’s embargo, he noted that it cannot be precisely calculated since it represents “lost potential earnings.” However, he added that the Deputy Ministry is aware of several companies interested in registering their vessels under the Cypriot flag but unable to do so due to their operations in Turkish ports.
Source: CNA