The global shipping industry has moved swiftly to shield fleets and crews as tensions between the United States, Israel and Iran spill into key maritime corridors, prompting warnings from governments, international bodies and major operators over rising risks in the Strait of Hormuz and beyond.

In Cyprus, the Deputy Ministry of Shipping over the weekend urged owners and operators of Cyprus-flagged vessels to avoid calls and commercial transactions in ports or countries where political instability, armed conflict or civil unrest prevail, or where such risks appear imminent.

In a circular signed by Acting Permanent Secretary Theodoulos Mesimeris, the ministry called on owners, managers, directors and masters operating in or transiting through affected areas to maintain heightened vigilance and close communication with port authorities, the flag state and local agents, in line with the ISPS Code.

Ships were advised to step up onboard security measures as appropriate to safeguard both vessel and crew.

Given the ongoing military escalation in the wider region, the ministry further recommended that Cyprus-flagged vessels implement precautions equivalent to ISPS security level 3, in accordance with their approved ship security plans.

The possible closure of the Strait of Hormuz is expected to disrupt supply chains and commercial activity, with knock-on effects on prices, the secretary general of the Cyprus Chamber of Commerce and Industry (Keve), Philokypros Rousounides, said on Monday.

Speaking to the Cyprus News Agency (CNA), Rousounides said that such a development would create disruptions in the supply chain and in the country’s commercial activity, pointing to delays, rising transport costs and sharply higher insurance premiums due to the war.

“It will be an additional cost and challenge for the supply chain,” he said, stressing that timely delivery of goods and the increase in overall costs would be the main concerns.

He added that price pressures were also being fuelled by developments in the oil market, noting that crude prices had risen by 10 per cent on the day.

Market estimates, he said, were pointing to levels above 100 to 120 dollars per barrel, a scenario that would have corresponding negative effects on the wider economy.

The Cyprus Chamber of Commerce and Industry (Keve) on Monday said it is closely monitoring developments in the Middle East and pledged coordinated support for Cypriot businesses amid mounting geopolitical uncertainty.

“As part of its institutional role, Keve is monitoring with particular attention the developments in the Middle East and their potential impact on the Cypriot economy,” the chamber said, stressing that it has been on constant alert from the outset of the situation.

“From the very first moment we have been in continuous vigilance and in open communication with the competent state authorities, with the aim of the timely identification of problems and challenges and the shaping of coordinated interventions where required,” the chamber stated.

Moreover, the organisation said it is also maintaining contact and cooperation with chambers and institutional representatives of businesses in countries directly affected by the crisis in order to secure immediate and reliable information on conditions in trade, transport, energy and investment.

Fuel prices are expected to rise “visibly” in the next 10 days, petrol station owners’ association chairman Savvas Prokopiou said on Monday, with a widening conflict now engulfing the region.

He told the Cyprus News Agency (CNA) that the wholesale price paid by petrol station owners has risen by between 10 and 12 per cent since Friday, and that as such, “we certainly expect increases” in the retail price.

However, he said, the increase in retail prices is not expected to be as sharp or as stark as that experienced when Russia invaded Ukraine in 2022.

“The lack of a sharp increase in the price of a barrel globally, we hope, is an indication that we will not have what we had four years ago,” he said.

Meanwhile, fuel company Petrolina’s executive managing director Dinos Lefkaritis moved to offer reassurances that Cyprus will not run out of fuel.

Cyprus’ tourism revenues climbed to a record €3.69 billion in 2025, marking a 15.2 per cent annual increase, according to the state statistical service (Cystat), as the sector extended its strong post-pandemic recovery.

Based on the results, revenues for the January to December 2025 period reached €3.69 million, compared with €3.2m in the corresponding period of 2024, an increase of €486m.

December also recorded solid growth. Tourism receipts for the month rose to €96.7m, up 11.3 per cent from €86.9m in December 2024.

However, on a per capita basis, spending showed a decline. Average expenditure per tourist in December 2025 fell to €616.29, compared with €653.27 a year earlier, representing a decrease of 5.7 per cent.

Cyprus’ gross domestic product (GDP) rose by 3.8 per cent in real terms in 2025, according to preliminary estimates by the Cyprus Statistical Service (Cystat).

The statistical service said the economy recorded positive growth of 3.8 per cent in real terms compared with 2024, with GDP at constant prices reaching €30.52 billion.

In current prices, the percentage change in GDP amounted to 4.5 per cent, with GDP reaching €36.32 billion.

Based on the production approach for calculating GDP in real terms, the positive growth rate in 2025 was mainly driven by the sectors of information and communication (ICT), hotels and restaurants, construction, and wholesale and retail trade including the repair of motor vehicles and motorcycles.

Cyprus launched its anti-fraud agenda under the EU Council Presidency, hosting the first meeting of the Working Party on Combating Fraud in Brussels and welcoming the new director-general of the European Anti-Fraud Office (Olaf), Petr Klement.

According to a statement from the general accounting office, the meeting was chaired last week, by the director of the Directorate of Financial Control of European Funds, emphasising Cyprus’ role in steering discussions on safeguarding the Union’s financial interests.

“The protection of the European Union’s financial interests is a matter of shared responsibility,” the Presidency said, adding that “it requires political will, institutional coherence and even closer cooperation between Member States and European institutions.”

Klement, attending the working party for the first time in his new capacity, called for closer cooperation between Member States and Olaf, while placing particular emphasis on strengthening ties with the European Public Prosecutor’s Office (EPPO).

The Cyprus Securities and Exchange Commission (CySEC) published its first comprehensive annual review on Monday, detailing a decade of corporate social responsibility and a strategic pivot towards environmental, social, and governance principles.

The report, titled “Navigating Change: The Cyprus Securities and Exchange Commission Social Impact Annual Review 2025”, outlined the regulator’s stated commitment to transparency by listing and tracking its activities on a yearly basis.

“As a regulator, we have a duty to lead by example,” stated CySEC chairman George Theocharides.

“Responsible governance is not limited to supervision; it extends to how we operate as an organisation and how we contribute to society,” Theocharides added.

The Cyprus Stock Exchange (CSE) has announced the organisation of a seminar and oral examination for certification as Clearing Officers, Certified Clearers and Settlement Agents, inviting interested candidates to apply by March 20, 2026.

The exchange stated that the initiative concerns individuals seeking to be certified as qualified to be registered in the Special List of Clearing Officers, Certified Clearers and Settlement Agents.

It also announced the organisation of an oral examination exclusively for remote members, aimed at certifying persons who wish to be registered in the respective special list of CSE members and who already possess relevant professional competence certificates.

For participation in the seminar, candidates are required to submit the attached application to [email protected] no later than March 20, 2026, together with a copy of their identity card or passport and a copy of the deposit slip confirming payment of the prescribed fee of €100 per participant at the time of submission.

Limassol’s Kourion municipality is accelerating plans for a new industrial area in Kokkinokampos with direct access to the Limassol–Saittas motorway, aiming to address growing storage and light industry needs in the wider Limassol district.

The project, which is being spearheaded by the local authority, concerns the development of a fully organised industrial zone in the Kokkinokampos area, positioned east of the Third Industrial Zone of Ypsonas, south of the former landfill site in Vati and west of the Ypsonas–Polemidia livestock farming zone.

This development was originally reported by Entrepreneurial Limassol, the periodical published by the Limassol Chamber of Commerce and Industry, which featured statements by mayor Pantelis Georgiou outlining the municipality’s next steps.

The Enterprise Europe Network Cyprus informed stakeholders of a European Commission public consultation on the proposed Construction Services Act, a flagship initiative under the Single Market Strategy.

The network, whose coordinator in Cyprus is the local chamber of commerce, urged businesses, professional bodies and other interested parties to take part in the consultation process, which aims to shape the future regulatory environment of the construction services sector across the European Union.

The proposed legislation seeks to modernise the regulatory framework governing construction services, reflecting evolving market conditions and the need for greater coherence across member states.

Cyprus secured a position as a digital leader following the release of the European Union’s 2025 open data maturity assessment.

According to the report, Cyprus achieved an overall maturity score of 94.6 per cent, which placed it within the ‘trend-setters’ cluster of European countries.

This classification indicated that Cyprus possessed an advanced open data policy reflecting technical and policy developments at the EU level, including those regarding high-value datasets.

The report highlighted that substantial coordination of open data activities existed at all levels of government within the country.