InsiderBusiness€581m revenue from ship management in 2nd half 2019

€581m revenue from ship management in 2nd half 2019

Cyprus’ ship management revenues increased to €581 million during the second half of 2019 (2019H2), which corresponded to 5.2% of Cyprus’ GDP (as turnover), according to a ship management report published by the Central Bank on Thursday.

During the three previous periods, the revenues corresponded to merely 4.9% of the
country’s GDP.

This is in line with the relatively good performance of the industry during the period 2018H1 – 2019H1, which on average exhibited higher revenues per period compared with 2016 and 2017, it said.

The Ship Management Survey (SMS), which was launched in March 2009, is conducted biannually by the External, Economic and Government Finance Section of the CBC’s Statistics Department and is addressed to resident ship management companies
who provide relevant services to ship owning companies, both resident and non-resident.

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