Cyprus Moves Towards €150 Million Israeli Naval Deal

by · Greek City Times

Cyprus is preparing to acquire another Israeli-built offshore patrol vessel under a proposed deal reportedly worth €150 million, as Nicosia and Jerusalem deepen their defence cooperation.

Cyprus Defence Minister Vasilis Palmas confirmed the planned acquisition in an interview with state broadcaster CyBC on October 23, saying the new vessel would be similar to the Commodore Andreas Ioannides, which is already in service with the Cypriot Navy.

Palmas indicated that the contract was expected to be signed the following week, although no completed signing had been announced at the time of reporting.

The €150 million valuation was reported by Israeli financial newspaper Calcalist. The minister did not independently confirm the price.

Read more: Israeli Firms Near €150 Million Naval Deal with Cyprus

Separately, Israeli defence companies Israel Shipyards and Rafael are reportedly nearing a major agreement involving naval vessels and advanced weapons systems, potentially expanding the scope of defence cooperation between the two countries.

The developments reflect closer strategic ties between Israel and Cyprus, amid growing security concerns across the Eastern Mediterranean, where both countries have overlapping interests in maritime security and regional stability.

Image: Cypriot patrol vessel Commodore Andreas Ioannides. Credit: U.S. Navy

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