During the International Business Day event organized by the Cyprus International Business Association on Tuesday, Hadjimanolis explained that ongoing geopolitical tensions, particularly the conflict in Ukraine and attacks on commercial shipping by the Houthi regime in the Red Sea, have created persistent challenges, leading to turbulence within the industry this year.

Hadjimanolis underscored the maritime sector's crucial role in Cyprus’ national identity, noting that the government has focused on enhancing and strengthening services offered by the Shipping Deputy Ministry since Nikos Christodoulides’ administration took office in March 2023.

Over the past six months, there has been a 5.5% increase in the fleet of Cyprus-flagged seagoing vessels, according to Hadjimanolis.

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Furthermore, the number of companies registered under the Cyprus Tonnage Tax System rose by 14%, reaching a total of 420. This growth solidifies Cyprus' status as the EU’s largest ship-management center and one of the largest globally.