Smooth Transition at Larnaca Port with CPA and Kition Collaboration

The Cyprus Port Authority (CPA) continues its efforts to regain full control of Larnaca Port, having assumed its management from midnight on Monday, following the termination of the concession agreement with Kition Ocean Holdings for the €1.2 billion investment.

So far, as stated by the President of the CPA, Zenonas Apostolou, everything is progressing smoothly, and there is a collaboration with Kition to ensure uninterrupted service provision and the smooth operation of all vessels. “There are some pending issues that the company is handling until they fully vacate the premises,” Apostolou noted, adding that one of these is the ‘Amalthea‘ aid initiative and, specifically, the servicing of a ship bound for Gaza.

“It’s an American ship that is being loaded. We estimate that the ship will depart tonight. Amalthea is currently being handled by Kition, and once the ship leaves, it will be under the full control of the Port Authority,” he said.

Transition and Reinforcement

The CPA has already started procuring services from private companies, as the equipment belongs to Kition. Additionally, the existing CPA staff in Larnaca Port has been reinforced with personnel transferred from the Nicosia headquarters and Limassol Port.

“Where we identify a need for further reinforcement, we will bring in more staff from Nicosia and Limassol. However, there was already CPA staff at the port, including a director,” he added.

Apostolou further indicated that the CPA will work towards attracting new cruise ships to the port, noting that preparations are underway for the upcoming arrival of a cruise ship on May 31.

The government’s decision to terminate the concession reportedly stemmed from delays and disagreements with Kition. This move brings Larnaca Port back under state control.

The Cyprus Port Authority has regained control of Larnaca Port after terminating the concession agreement with Kition Ocean Holdings
The Cyprus Port Authority regained control of Larnaca Port from Kition Ocean Holdings due to unmet contractual obligations by Kition, including delays in development projects and failure to meet financial commitments. This decision aims to ensure the ports strategic and economic interests are safeguarded.

Can the Cyprus Port Authority maintain smooth operations at Larnaca Port after regaining control from Kition Ocean Holdings?

Send a request and get a free consultation:

Business Cyprus News, Digging Deeper: Unraveling the Employment Agreement

August 2026
Cyprus Economic Growth Indicator Stable in June Amid Lease Trends
The year-over-year growth rate of the Cyprus Composite Leading Economic Index remained stable in June. This stability is attributed to opposing trends within the economic indicators. The University of Cyprus noted these findings in their monthly report, highlighting the importance of lease agreements in the market.
Tourism Sector Sees Growth with New Hotel and Entertainment Leases
A surge in investment for tourism development, including hotels and entertainment venues, is underway. Efforts focus on upgrading staff, food, and service quality. Tourist arrivals have increased by 8% annually, supported by favorable planning policies. Leasing opportunities are also expanding.
Businesses in Cyprus Seek Lease Adjustments Amid Heatwave Challenges
A major tech firm has signed a 10-year lease for a new office space in downtown San Francisco. The move aims to accommodate the company's expanding workforce and foster innovation. This strategic decision reflects the firm's commitment to growth and its confidence in the city's business environment.
Hellenic Bank Loans
Hellenic Bank offers a range of loans tailored to various needs, including home loans, car financing, personal loans, educational loans, and professional loans. With flexible repayment options, competitive rates, and easy application processes, these loans help meet your financial goals.

Understanding employment contracts

  • Contract basics
  • Template examples
  • Sample agreements
  • Negotiation tips
    Thanks for the apply!
    We will get back to you within 1 business day
    You can schedule a call time at your convenience now:
    In the meantime, you can get a free consultation
    with our AI-assistant