2020 Cyprus Country Report

Sector Profile
Following the Covid-19
pandemic, which has
created an unprecedented
strain on both inbound
and outbound traffic,
Cyprus’ goal is to reach a
new form of normality. In
this respect, the Cyprus
government inaugurated
a uniquely innovative
and revolutionary, for
European standards, web
electronic platform called
the Cyprus Flight Pass,
in which all the relevant
passenger information
is gathered in an active
effort to prevent the
spread of the coronavirus
disease. Additionally,
we are supporting the
airlines which conduct
flights to and from Cyprus
by providing them with
incentives so as to continue
their flight schedule. Our
vision is to expand further
Cyprus’ connectivity
through new destinations,
attracting tourists from
countries that were
previously untapped.
PORT EXPANSION
The key ports of Cyprus are Limassol and Larnaca,
with the addition of bulk ports and oil terminals at
Vassiliko, Dekelia and Moni. Limassol is the main
port handling 90% of export and import volumes
with an annual handling capacity of 500,000
TEUs. Cyprus has an outstanding reputation as a
maritime centre and has built on that experience
to develop Limassol port into a state-of-the art
facility, equipped to compete with regional rivals
such as Piraeus and Haifa. DP World Limassol,
in partnership with G.A.P. Vassilopoulos Ltd,
operates three core areas of the port: oil and gas,
the cruise sector and domestic cargo. DP World
Limassol has been pouring investment into all
aspects of the port, including offshore oil and gas,
multipurpose general cargo, roll-on and roll-off,
and further development of the new cruise terminal
inaugurated in 2018, which enabled the largest
cruise ships in the world to visit the country
for the first time. Furthermore, in line with its
ongoing commitment to upgrade and modernise
the infrastructure of Limassol port, DP World
Limassol has recently acquired new equipment
in an effort to increase its handling capacity and
improve operational efficiency. Despite the challenges
brought on by the Covid-19 pandemic,
the company is following through with its investment
strategy, delivering on its pledge to support
the maritime sector and help build resilience in
Cyprus’ supply chain.
Operating the container port is Germany’s
Eurogate International GmBH, in partnership
with Interorient Navigation Company Ltd and
East Med Holdings SA, who have invested almost
€20 million in a state-of-the-art IT system,
which processes information flow at high speed
between customs, clearance and customer. It
also enables the latter to locate a container at any
time during the clearance process and take possession
of it just 20 minutes after the ship carrying
it has berthed. The acquisition of two bigger,
super-post-Panamax cranes, capable of servicing
vessels 23 or more containers wide, has further
enhanced the terminal’s efficiency, enabling it
to attract the larger transhipment vessels now
in use. 2020 will be all about Eurogate’s second
phase of investments which include two more
super-post-Panamax cranes and expansion of the
storage area to maximum capacity, enabling it to
handle 1.1 million containers per year.
The operators of Limassol’s redeveloped port
have capitalised on the increased importance
of the region in world shipping. This increase
was due to enhanced trade, regional port expansions,
the discovery of natural gas deposits
in East Med waters and the expansion of the
Suez Canal, which currently handles over 10%
of global maritime trade. The investment in
expanding and modernising Limassol port has
boosted competitiveness and will help generate
around €2 billion for state coffers over the next
25 years.
Yiannis Karousos
Minister of Transport,
Communications
and Works
DP World Limassol New Passenger Terminal
Country Report CYPRUS 2020 145