Maritime is one of the most important pillars of the Cypriot Economy, with its contribution reaching 7% of the Gross Domestic Product, exceeding € 1 billion. Cypriot Shipping is currently following an upward trend, as new support measures / actions and flexible mechanisms have been implemented by the Cypriot Government as well as the Shipping Industry. These help to ensure that Cyprus is well positioned to remain a viable shipping centre with tangible prospects for further development. Since the establishment of the Cyprus Shipping Deputy Ministry in March 2018, the Undersecretary of Shipping has advanced a plan for restructuring the former Department of Merchant Shipping. This was aimed at making Cypriot Maritime Administration even more modern, efficient and flexible in services provided to Shipping companies.