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Cyprus Ports Authority Forecasts €18.8m Deficit Due to Investments

Published March 16, 2026, 14:16
Cyprus Ports Authority Forecasts €18.8m Deficit Due to Investments

The Cyprus Ports Authority is forecasting a cash deficit of €18.8 million for 2026, which is attributed to significant investments in port infrastructure rather than increased operating expenses. The 2026 budget includes total revenues of €65 million and expenditures of €84 million, with the deficit covered by the organization's reserves. Investments primarily focus on upgrading and expanding port facilities, with emphasis on the port of Vasilikos, where €15 million is allocated for the first phase of a major expansion project, for which €19 million has already been secured from a European program. Additionally, a significant expenditure of €15.5 million is planned for the expansion of the Latchi port, aiming to increase mooring capacity and enhance the region's tourism product. The design for the Latchi project is complete, pending approval from the Department of Environment to proceed with the tender process. Simultaneously, the Vasilikos port project is in the process of tendering for consultants to undertake the project's design. Regarding the Larnaca port, no additional projects are included in the budget due to its temporary management, however the Ports Authority has already submitted a proposal for its mild development and is ready to take over its management if the state decides so. The budget also includes investments for infrastructure upgrades, enhanced facility security, and the development of digital systems. Finally, the General Manager of the Ports Authority stated that there has been no decrease in ship visits to Cypriot ports, and instead, an increase in import volumes is being recorded, particularly at the port of Larnaca, where cargo volumes increased from approximately 1.7 million tons to 1.96 million tons in 2025. The development of the Vasilikos port is expected to further contribute to the increase in volumes.