Philenews

Cyprus' Maritime Sector: A Key Pillar of the Economy

Published January 4, 2026, 05:06
Cyprus' Maritime Sector: A Key Pillar of the Economy

The maritime sector remains a crucial pillar of the Cypriot economy, contributing over 7% to the GDP. The Deputy Ministry of Shipping is strategically working to strengthen Cyprus' position on the global maritime map, with successes such as its re-election to the Council of the International Maritime Organization (IMO) and the growth of the Cypriot flag fleet. Simultaneously, emphasis is placed on investing in human capital through maritime education, retraining, and encouraging the participation of women. Cyprus is also enhancing its infrastructure for cruise tourism and yachts, aiming to become a regional hub in the Mediterranean. The Deputy Minister of Shipping, Marina Hadjimanoli, highlights the importance of innovation, technology, and diplomacy in promoting Cypriot shipping. The Cypriot flag fleet has seen steady growth in the last two years, with a 21% increase since September 2023. The contribution of ship management to GDP exceeds 5.5%. The Deputy Ministry of Shipping is not complacent and continues to invest in upgrading its services. A significant project is the digitization of the Deputy Ministry, expected to be completed in 2026, opening new prospects for the sector. Cypriot shipping faces challenges in an unstable global environment, but has demonstrated resilience and adaptability thanks to the targeted strategic plan being implemented.