No upgrades planned for Larnaca port

The budget of the Cyprus Ports Authority (CPA) features no spending on expansions or upgrades at Larnaca port, it emerged in parliament on Monday.

MPs were reviewing the CPA’s balance sheet for 2026 – with expenditures at €84 million and projected revenues at €65 million.

The only budgeted spending for the Larnaca port involves funds for temporary management.

Anthimos Christodoulides, director of the CPA, said the organisation has put forward its own proposal for Larnaca port, which provides for “mild development”.

This includes investing in infrastructure, machinery and human resources.

Christodoulides said they’re waiting on the government to decide what to do with the port. For its part, the CPA is ready to undertake the job.

Back in May 2024 the government terminated the port and marina concession agreement with a company by the name of Kition. At the time, Transport Minister Alexis Vafeades said Kition had violated a material condition of the contract.

The government accused Kition of having refused to pay a requisite financial guarantee for the project’s operation and maintenance. The overall project contract was worth €1.2 billion.

After that, the government entered talks with the Cyprus Marine and Maritime Institute, who would undertake management of the marina as a stopgap until a new operator could be found to take over the stalled development project.

At the moment, the port itself is being managed by the CPA, and the marina by the transport ministry.

Also on Monday, Vafeades said studies are underway to determine the future development model for the port and marina following the termination of the Kition contract.

Last month, the minister presented development options for the city’s port and marina, prompting criticism from local authorities who say the plans fall short of the city’s expectations.

A technical study prepared by the Hellenic Superfund, with input from Dutch experts, outlined three development options each for the port and the marina.

The study focused exclusively on maritime infrastructure, with no reference to the commercial or urban use of adjoining land areas.

Vafeades stressed that any chosen option would require active state involvement and public funding.

“We want development that we can control,” he said at the time.

“Larnaca cannot afford another failure. The solution must meet market needs, be sustainable and minimise risk.”

This year, the CPA has budgeted €33 million for investments in port-related projects – chiefly relating to expanding the harbour facilities at Vasiliko, and expansions/upgrades at the port at Latchi.

According to the CPA boss, at the end of 2025 the organisation posted a net profit of €24 million, compared to €10 million in 2022.