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Cyprus Ports Authority budget to generate a surplus in 2023

latchi port
Drone footage of Latchi harbour by George Avgousti

The Cyprus Ports Authority this week told the House Finance Committee that its budget for 2023 will generate a slight surplus, while also referring to the upgraded role it has now assumed, following the commercialisation of the Larnaca and Limassol ports.

According to the authority, its budget for the entirety of 2023 provides for revenues of €28,321,987, while the corresponding total expenses amount to €28,285,075, resulting in a surplus of €36,912.

In statements made after the Finance Committee meeting, the authority’s chairman of the board of directors Antonis Stylianou said that the authority’s role does not only concern the management of ports, but it must also supervise and regulate the private entities who have undertaken the management of the Limassol and Larnaca ports.

“There are several challenges but also prospects in relation to the development of the Ports Authority, which remains a fully profitable and sustainable organisation,” Stylianou said.

What is more, Stylianou said that the authority’s budget is in surplus and provides for various development-minded initiatives, despite the crises caused by the Covid-19 pandemic and the war in Ukraine.

He also stated that the authority is proud of the development projects it is planning and which concern the expansion of the Latchi port, the creation of a gas unloading berth in the port area of Zygi, as well as developments related to the full utilisation of the land areas belonging to the ports authority.

In addition, another project involves the construction of a new monitoring and navigation station in the Zygi area, which will enable the authority to fully cover the entire range and territorial waters of the Republic of Cyprus.

Asked about the expected performance of the cruise industry in Cyprus, Stylianou said that the prospects of a higher number of cruise ships visiting the island in 2023 are quite high, especially following the difficulties created by the pandemic.

“These are ships of major shipping companies that are active in the cruise sector on a global scale,” he noted.

For the mooring facility in Moni in Limassol, the Ports Authority granted the space at a reduced price which helped in attracting ships that were decommissioned during the peak of the Covid-19 pandemic.

“This resulted in a very significant income being generated for the Cyprus Ports Authority, the state and the local community,” Stylianou said.

“The aim of the Ports Authority is for Cyprus’ port areas and seas to continue to be attractive,” he added.

Finally, Stylianou also touched on the green port in Latchi, the first of its kind in Cyprus, which has been allocated a budget of €46 million.

The port will exclusively operate with green energy sources, while the surrounding marine life and the port’s water quality will be protected.

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