Cyprus Shipping Deputy Ministry presents 2027 budget and addresses environmental concerns

On November 2, 2026, the Cyprus Deputy Ministry of Shipping presented its surplus budget for 2027 to the Parliamentary Committee on Finance. The proposed budget includes revenues of €21.7 million against expenditures of €18.2 million, with €2.4 million specifically allocated to enhancing the competitiveness and quality of the Cypriot Registry. Shipping Deputy Minister Marina Hadjimanoli reported that the registry has expanded by approximately 27% since September 2023, with 119 new vessels registered in 2026 alone, totaling over 2.4 million tons in capacity.

During the session, Deputy Minister Hadjimanoli noted that revenues from the shipping sector have grown by 17.5% over the past three years, with tonnage tax revenues rising by 8.2% in 2025 compared to 2024. The ministry aims to maintain Cyprus's position as a prominent global maritime hub through strategic investment and ecosystem development.

Separately, the parliamentary session addressed ongoing marine pollution in Limassol. Lakis Mesimeris, the acting general director of the ministry, acknowledged past failures and gaps in oversight. He confirmed that the ministry has now assumed central coordination over all relevant authorities to identify and eliminate sources of land, coastal, and sea-based pollution. A dedicated action file has been established for each measure to ensure future transparency and accountability.