Future of Cyprus-Greece ferry connection in doubt

Charalambos Manoli, CEO of Scandro Holding Ltd, announced that the ferry service connecting Cyprus and Greece faces potential termination after 2027. Manoli described the route as non-viable, noting that the goal of creating a self-sustaining service without government intervention has failed due to consistently weak passenger demand. While operations currently run from late May through early September, the company reports that only August sees full occupancy, which is insufficient to cover annual costs.

The project, which launched in 2022 with European Commission approval, originally received three years of state subsidies, a period later extended for an additional three years. State funding is currently set to expire at the end of 2027. The Audit Office of Cyprus has challenged the company’s assessment, arguing that the existing subsidy levels were excessive and created disincentives for the operator to achieve financial independence.

Moving forward, the service is expected to operate without state financial support starting in 2028. Unless the government approves further extensions to the subsidy agreement, the company warns that 2027 will mark the final season of the ferry connection.