President of the Republic Nikos Christodoulides highlighted on Friday evening the strong growth trajectory of the Cypriot economy and the continued strengthening of the country’s shipping sector, noting that Cyprus is now rated in the A category by all major international rating agencies and that public debt has fallen below 48% of GDP.
At the same time, the total carrying capacity of the Cyprus-flagged fleet has reached its highest level in the past 25 years, further underscoring the importance and resilience of Cyprus’ shipping industry.
President of the Cyprus Union of Shipowners, Polyis Hadjioannou, expressed the Union’s gratitude to President Christodoulides for his support of the Cypriot shipping sector, as well as its appreciation for the work of the Deputy Minister of Shipping and the Ministry’s officials, who, he said, continue to provide consistent and effective support to the industry.
Speaking in Athens at a dinner hosted in his honour by the Cyprus Union of Shipowners, in the presence of President of the Hellenic Republic Konstantinos Tasoulas, President Christodoulides said these achievements reflected the resilience, stability and international credibility that the Cypriot economy has built up.
‘Through our responsible economic policies, we have achieved one of the highest growth rates in the European Union, with growth of 3.3% during the first half of 2026, while unemployment has fallen to 3.6%, its lowest level since 2008,’ the President said.
He also highlighted the contribution of the shipping sector to Cyprus’ positive economic performance, stressing that, alongside fiscal responsibility, shipping remains a key pillar of the economy.
‘For our Government, the Cyprus Union of Shipowners is, in practice, one of our most important partners and fellow travellers,’ President Christodoulides said.
He further noted that the Cyprus Ship Registry has recorded an increase of more than 27%, stressing that the Government is consistently working to further strengthen the resilience, competitiveness and international presence of Cyprus’ shipping industry.
He also referred to Cyprus’ re-election to the Council of the International Maritime Organization (IMO), describing it as confirmation of the international recognition of Cyprus’ role and credibility in the maritime sector.
The President stressed that Cyprus, in coordination with Greece and other EU member states, is working to strengthen maritime safety and address the sector’s emerging challenges, including decarbonisation, digitalisation and technological upgrading.
He also highlighted the importance of multilateral cooperation with maritime nations, as well as efforts to further strengthen cooperation in the shipping sector with the countries of the Gulf region.
Particular reference was made to the Nicosia Declaration, adopted during Cyprus’ Presidency of the Council of the European Union, under which member states committed to placing greater emphasis on the human capital that supports the shipping industry.
The President also underlined the excellent cooperation between Cyprus and Greece, with the common objective of addressing shared challenges and further enhancing the benefits generated by shipping for both countries.
Concluding his remarks, President Christodoulides paid tribute to the Cyprus Union of Shipowners for its longstanding contribution to the development and strengthening of Cypriot shipping, and congratulated its President and members of the Executive Committee for the important work they are carrying out in support of the sector.
For his part, President of the Hellenic Republic Konstantinos Tasoulas said Cyprus had every reason to take pride in the position it has established on the global shipping map, describing it not only as an economic achievement but also as a source of international influence.
Referring to the strong presence of Cyprus and Greece in international shipping, he said the two countries ‘have a common interest and a shared responsibility to contribute actively to protecting freedom of navigation, the safety of seafarers and the uninterrupted operation of global supply chains.’
He stressed that Greece and Cyprus can and should have a strong and coordinated voice on issues affecting international shipping.
With regard to the Cyprus issue, President Tasoulas said that Greece, in full coordination with the Republic of Cyprus, is making a constructive contribution to the ongoing consultations aimed at ensuring the success of the next informal enlarged meeting.
He also stressed that efforts to create faits accomplis on the ground, as well as discussions surrounding a ‘two-state solution’, are not acceptable.
Concluding his remarks, President Tasoulas said that Cyprus and Greece share a common maritime tradition, common challenges and significant common interests. As a result, he noted, the voice of the two major maritime nations of the Eastern Mediterranean can be meaningful and useful.
Welcoming the guests, President of the Cyprus Union of Shipowners said Cyprus is Europe’s largest ship-management centre and one of the three largest globally, while also referring to the challenges currently facing the shipping industry.
He highlighted practices adopted by major maritime nations outside Europe and stressed that Europe cannot afford to allow its maritime strength to weaken.
He further argued that Europe’s strategic autonomy is closely linked to the fleets of Cyprus and Greece, noting that ‘without a strong European shipping industry, strategic autonomy cannot exist.’
Hadjioannou also made particular reference to the longstanding and close ties between Cyprus and Greece, noting that Greek shipowners were the first to place their trust in the Cyprus flag and continue to support it today.
‘The history of shipping teaches us that states which recognise the strategic importance of shipping move forward,’ the President of the Cyprus Union of Shipowners concluded.
Among those attending the event were Minister of Foreign Affairs Constantinos Kombos, Government Spokesperson Konstantinos Letymbiotis, Deputy Minister of Shipping Marina Hadjimanolis, Deputy Prime Minister of Greece Kostis Hatzidakis, European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas, Ambassador of the Republic of Cyprus to Greece Stavros Avgoustides, as well as other government officials.
From Athens, President Christodoulides will travel to New York, where he will participate in the proceedings of the 81st session of the United Nations General Assembly.