Cyprus, with the third largest merchant fleet in Europe, continues to thrive as a global shipping hub, bolstered by the Shipping Deputy Ministry’s efforts, achieving an 18% fleet growth and enhanced services since 2023. Key developments include fee abolitions for vessel registration and mortgages, green incentives reducing tonnage tax up to 30%, the 2025 launch of the CYSh1P digital portal, extended Tonnage Tax System until 2029, proposed legislative amendments for competitive ship mortgages, and the introduction of the Shipping Limited Liability Company framework.