This is a best prospect industry sector for this country. Includes a market overview and trade data.
Last Published: 7/29/2019

Overview
 

The ROC’s shipping register is the third largest flag in Europe and the island is a global leader in ship management.  Despite the financial crisis of 2013 and the Turkish embargo on ROC flagged and managed ships calling on Turkish ports, Cyprus shipping offers new and exciting opportunities for United States economic and commercial engagement.  The launching of the Deputy Ministry of Shipping as an independent entity under the Presidency on March 1, 2018 (replacing the former Department of Merchant Shipping under the Ministry of Transport, Communications and Works) reflects the growing importance of shipping to the Cypriot economy.  As a hub for ship management, ship ownership, and vessel chartering services, Cyprus offers much potential for U.S. companies seeking to export shipping-related goods and services, including shipping insurance services, and marine support services for Cyprus’ budding offshore energy sector.  Beyond shipping, Cyprus’ ports at Limassol, Larnaca, and Vasilikos, and ROC tenders for marinas offer business potential.  
 

Leading Sub Sectors and Opportunities

New Plans for Ports - Opportunities for Site Remediation and More:
The Ministry of Transport, Communications, and Works announced a plan for the Larnaca port and marina in January 2017, envisioning a new 1,000-berth marina (which will be the largest in Cyprus) and redevelopment of up to 510,000 square meters surrounding the port area to include a hotel, a commercial center, luxury apartments and villas.  After canceling the tender, ROC authorities began direct negotitations with one party for this contract (an Israeli consortium) in 2019.  Following a decision by Larnaca municipal authorities to no longer accommodate energy support services beyond August 2016, such services are in the process of being relocated to the ports of Limassol, and also to Vasilikos, which will be dedicated for hydrocarbon-based heavy industries.  In order to make a smooth transition from energy support services to tourism, Larnaca port authorities are likely to require environmental-assessment studies and site remediation technology services.
 

Web Resources

Cyprus Ports Authority
Ministry of Transport, Communications, and Works
Cyprus Shipping Chamber

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