Cyprus promotes ship registry as fleet reaches 25-year high

Limassol, Cyprus. Cyprus has renewed efforts to attract shipowners to its flag, citing tax stability, European Union status and international inspection performance as the Cyprus Ship Registry continues to grow.

The registry has expanded by 23 per cent in gross tonnage since September 2023, reaching its highest level in 25 years, according to government figures.

Registry competitiveness

The Shipping Deputy Ministry said registration under the Cyprus flag offered owners access to more than a national ship register, particularly as regulatory requirements, security concerns and vessel operating costs increase.

Shipping Deputy Minister Marina Hadjimanolis said one of the ministry’s main priorities was to further strengthen the competitiveness of the Cyprus flag and the country’s shipping sector.

Speaking at a shipping symposium in Limassol in June, Hadjimanolis said the ministry had been simplifying procedures and creating a more service-oriented environment for companies operating in and from Cyprus.

Fleet growth

Cyprus now has the 11th-largest registered fleet worldwide and the third-largest in Europe.

Hadjimanolis said Cyprus did not intend to compete solely on fleet size with larger registries. She said the country’s objective was to strengthen its registry and promote Cyprus as a reliable partner on the global maritime stage.

Inspection performance

Cyprus remains on the Paris MoU White List for the period from July 2026 to July 2027.

Cyprus-flagged ships underwent 2,155 inspections and recorded 65 detentions between 2023 and 2025, placing the country 22nd among the 40 flags included.

Cyprus was also classified as a high-performing flag under the Tokyo MoU after 1,385 inspections and 56 detentions during the same period.