The shipping industry is considered "the lifeblood of the worldwide economy".
Internationally, after the recovery of the maritime trade in 2021, the busiest ports have seen a decline in 2022 due to inflation-driven price increases, economic downturn risks, and political unrest. The global commercial fleet increased by 2.95% in dwt terms but is ageing due to uncertainty about fuel and carbon prices, regulations, green investments and technological advancements.
For 2023-2027, an annual average expansion of 2.1% is expected.
Cyprus has evolved into a modern, efficient and integrated shipping complex combining an internationally recognised registry of high standards and a developed on-site shipping industry active in a wide range of shipping activities. Cyprus' flag has become one of the most well-known in the world, mainly due to its geographic location and favourable tax laws. A legal system based on the English model, an effective civil service, excellent cooperation between the
