Cyprus reports significant growth in shipping sector and announces new coastal unit

On Saturday, October 10, 2026, President Nikos Christodoulides addressed the fifth Thalassa festival in Limassol, announcing that the Cyprus ship registry has expanded by approximately 27 percent over the past three years. Additionally, state revenue from ship management activities has increased by 19 to 20 percent during the same period. The government intends to further capitalize on these growth prospects by strengthening maritime education to support the local shipping cluster, which currently includes over 250 companies and employs 5,000 people onshore and 55,000 seafarers.

President Christodoulides also announced the government's decision to establish a new coastal unit, aimed at enhancing maritime and national security. The cabinet is scheduled to approve the creation of this unit before the end of 2026, with full operational status expected by 2027. This initiative underscores the administration's strategic focus on the sea as both an economic pillar and a security priority for the nation. Cyprus currently maintains the third-largest merchant fleet in Europe and ranks 11th globally, while also serving as the continent's largest center for third-party ship management.