Cyprus ship registry grows 27% in three years, president says

Limassol, Cyprus. President Nikos Christodoulides said on Saturday that the Cyprus ship registry had grown by about 27 per cent in three years, while state revenue from ship management increased by 20 per cent over the same period. He was addressing the fifth Thalassa festival at Limassol Molos.

Shipping sector and coastline unit

Christodoulides said the government was working to make the most of the sector’s “immense prospects”.

He also announced that the cabinet would approve a coastline unit before the end of the year, with the unit due to become operational by next year. He described it as a “sign of the importance the government attaches to the sea and to national security”.

Maritime careers and education

Christodoulides said the festival was aimed at young people, giving them an opportunity to meet industry professionals and consider careers they had not previously thought of.

He said the sector offered “well-paid jobs” and that the government intended to strengthen maritime education. The future of Cypriot shipping, he added, depended “first and foremost” on its people.

Cyprus’ shipping industry

Cyprus has the third-largest merchant fleet in Europe and the 11th-largest in the world. It is also Europe’s largest centre for third-party ship management.

The shipping cluster includes more than 250 companies and employs more than 5,000 people onshore and 55,000 seafarers aboard Cyprus-flagged ships.