Insider Economy Cyprus ship management revenue declines in H1 2020 due to Covid-19 pandemic

Cyprus ship management revenue declines in H1 2020 due to Covid-19 pandemic

Cyprus ship management revenue declined to €484 million in the first half of 2020, reflecting the negative effects of the coronavirus pandemic to the shipping industry.

According to the ship management survey conducted by the Central Bank of Cyprus, revenue from ship management declined by 7.5% (€39 million) compared with the first half of 2019, with the reduction amounting to 16.7% (€97 million) compared with the second half of 2019.  Ship management revenue amounted to 4.8% of Cyprus GDP.

Global shipping was severely affected by lockdowns, suspension of business operations and travel restrictions imposed with a view to containing the spread of the pandemic. Passenger ships took the heaviest blow, while the impact was relatively smaller on merchant shipping.

“Accordingly, this negative development is also reflected in the revenues of the various segments of the Cyprus shipping industry,” the CBC said, adding that even though uncertainty remains in the economic environment, a rebound should be expected once restrictions have been removed.

Germany, which is traditionally the ship management’s largest market, increased its share of ship management revenue to 47% in the fist half of 2020, while revenue from Greece also rose to 9% with Singapore ranking third with 8% of the total revenue. Revenue from Switzerland declined to 4% of total revenue compared with 1% in the second half of 2019.

Revenue from ships registered in Cyprus rose to 42% in the fist half of 2020, compared with just 3% in the second half of 2019, while revenue from ships registered in other countries amounted to 58%, the survey said.

The industry’s expenses in the first half of 2020 amounted to €423 million marking a reduction of 4.3% compared with the fist half of 2019 and by 0.9% in the second half of 2019.

Crew expenses amounted for 54% with 22% of expenses channelled to administrative expenses and 24% for ship management expenses.

(CNA)

Top Stories

234 new PCR cases announced on Monday

The Health Ministry also announced 234 new Coronavirus cases out of 5,167 PCR tests on Monday 23 November and another 70 out of 5,665...

Mobile emergency medical unit in Thessaloniki

The General Staff of the Army is proceeding with the creation of a mobile emergency medical unit in the courtyard of the 424 General...

State Health Organization: 170 nurses hired

The State Health Services Organization (OKYpY) noted that so far 170 nurses have been asked to sign contracts. This was said in reply to...

Negative record of confirmed COVID-19 cases from rapid tests in Fanagusta

Famagusta seems to have a negative record of confirmed COVID-19 cases found by antigen rabid tests, compared to other towns. From 16 November, when the...

yprus trade deficit declines in January – August 2020, affected by Covid-19

Cyprus’ trade deficit for the period of January – August 2020 declined by an annual 11.5%, with trade affected by the coronavirus pandemic. According to...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...