Ship-management companies contribution to the Cyprus Economy further increases

The Chamber welcomes the results of the newest “Ship Management Report”, published by the Statistics Department of the Central Bank of Cyprus, for the second half of 2018, which covers the period 1 July – 31 December. The results indicate that industry revenues from Ship-management companies further increased during the second half of 2018, reaching €528 million, recording an increase of €22 million when compared with the first half of 2018, a percentage of 5% of Cyprus’s GDP. This percentage remained similar to the one recorded during the first half of 2018, since there was a simultaneous increase in the GDP of Cyprus.

The main exporting destinations for the services of the ship management industry include Germany, Switzerland, Singapore and Malta. These services concern primarily technical (mechanical) ship operations and crew management services.

These significant results prove once again the contribution of Cyprus Shipping, as it remains one of the most important “blood donors” of the Cyprus Economy with tangible prospects for further development. In addition, it is worth mentioning that, in a very few other maritime nations, the economic contribution of the local shipping industry reaches such high level.


Read the full report on the link below: