The Department of Merchant Shipping of the Ministry of Transport, Communications and Works for the Cyprus Register shares promising data. The ship capacity in 2016 amounted to 23.143.016 tons, marking an increase of 1.2% from 2015. While in the period between 2015 and 2014, the increase in capacity increased by 0.7%.
At the same time, although the number of registered ships has fallen and in 2016, scoring a streak of six years. However, the reduction rate between 2016 and 2015 is significantly lower than it was in the period between 2015 and 2014. Specifically, the number of registered ships up to the end of 2016 reached 1,663, in comparison to 2015 when there were 1,704, indicating a decrease of 2.4%. While in the period between 2015 and 2014, the decrease had reached 3.7%.
The large increase in ship capacity is clearly due to the attraction of larger ships. Bulk carriers are the largest part of the fleet with 305 vessels and 12,377,205 gross tonnage. In 2015 the bulk carriers added up to 294 and reached 11,710,091 tons. The biggest contribution to the increase of the capacity of the Cyprus Register is actually made by the oil tankers, whose capacity reached 147,289 tons in 2015 and 2,131,535 tons in 2016.
In 2016, Cyprus retained its 11th place in ship capacity worldwide. Meanwhile, Panama still holds the first place, followed by Liberia, the Marshall Islands, Hong Kong, Singapore, Malta, the Bahamas, China, Greece Japan.