Cyprus Shipping Deputy Ministry presents 2027 budget

Cyprus Shipping Deputy Minister Marina Hadjimanoli presented the ministry's 2027 budget to the Parliamentary Committee on Financial and Budgetary Affairs on November 2, 2026. The proposed budget is surplus-oriented, with revenues estimated at €21.7 million and expenditures capped at €18.2 million. The government plans to allocate €2.4 million specifically for enhancing the competitiveness and quality of the Cypriot ship registry.

During the session, Hadjimanoli highlighted the significant growth of the Cypriot fleet, which has seen its capacity increase by approximately 27% since September 2023. The Deputy Minister stated that the primary objective of these financial measures is to establish Cyprus as a key global maritime leader and to strengthen the national shipping ecosystem. The strategic focus remains on maintaining the country's competitive edge in the international maritime sector through sustained investment and policy development.

The presentation underscores the government's ongoing commitment to maritime infrastructure and economic stability. By focusing on both fleet growth and administrative efficiency, the Deputy Ministry aims to solidify the island's influence in global shipping policy. These budgetary plans are now moving through the parliamentary process to finalize funding for the upcoming fiscal year.