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Ship-Management Companies Contribution to the Cyprus Economy Increases

The Cyprus Shipping 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 July 01 –December 31, 2018.

The results indicated that industry revenues from Ship-management companies further increased during the second half of 2018, reaching EUR528 million, recording an increase of EUR22 million when compared with the first half of 2018, a percentage of five percent 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, in a very few other maritime nations, the economic contribution of the local shipping industry reaches such high level.