Key Market Indicators
**Cypriot Maritime Transport Sales Forecast to Decline** Cypriot Maritime Transport Sales are projected to decline to approximately €28 million by 2028, down from around €33 million in 2023. This represents an average annual decrease of 2.3%. The Cypriot market has been shrinking at an average rate of 3.1% per year since 2011. In 2023, Cyprus ranked 25th in maritime transport sales, with Bulgaria surpassing it at €33 million. Leading the rankings were Denmark, France, and the United Kingdom, occupying the second, third, and fourth positions, respectively. **Cypriot Vessel Fleet Expected to Shrink** The Cypriot Vessel Fleet is anticipated to drop to about 1,230 units by 2028, from roughly 1,960 units in 2023. This marks a significant annual decline of 7.4% in the compound annual growth rate (CAGR). Since 2007, the supply of vessels in Cyprus has seen an annual decrease of 2.7%. In 2023, Cyprus was ranked 23rd, with Bulgaria again surpassing it with a fleet of 1,960 units. Italy, Denmark, and Croatia followed closely, ranking second, third, and fourth, respectively, in the fleet size rankings.
