Insider Economy Revenue from ship management climb to €528 million in H2 2018

Revenue from ship management climb to €528 million in H2 2018

Revenue from the Cypriot ship management industry climbed to €528 million in the second half of 2018, marking an increase of 4.34% compared with the first half of 2018 and 11% compared with the respective period of 2017, according to the Ship Management Survey compiled by the Central Bank of Cyprus (CBC) and issued today.

Ship management revenue in the second half of 2018 recorded the fifth consecutive increase starting from H1 2016, marking the upswing pushing the sector, while its contribution to Cyprus’ GDP remained steady at 5% due to GDP expansion.

On the global shipping industry’s prospects, the CBC points out that shipping is currently in a transition state following a series of consolidations, corporate restructures and state funding schemes in key maritime markets, while the container and dry bulk shipping markets in particular are currently going through a period of stagnation due to increasing fuel prices, a weakening of global trading conditions and the uncertainty surrounding the US-China trade negotiations. On the upside, conditions are improving in the ship building market, as new orders are being placed in key ship building industries, and the over-capacity observed during the previous years is gradually being reduced, the CBC added.

In H2 2018 revenue from ship under the Cypriot flag tripled amounting to 33% of the total ship management revenue compared with 10% in the first half of the year and 6% in the second half of 2017.

The share of ship management revenue from ships under other registries declined to 67% of total ship management revenue from 90% in the first half of 2018, according to the CBC data.

Germany remains the industry’s biggest market with its share accelerating to 44% in H2 2018, marking a reduction of 3 percentage points compared with H1 2018, followed by Switzerland with 8% from 6% in H1 2018. Ship management revenue from Greece amounted to 6%, while revenue from Singapore climbed to 6% of the sector’s total revenue from 4% in H1 2018.

The sectors expenditure in the second half of 2018 declined by 19 million to €416 million. The majority of ship management spending, namely 64% concerned crew expenses (seafarers wages and training), while 20% of total spending was distributed to administration expenses and the remaining 16% in ship management expenses, the CBC added.

(Cyprus News Agency)

Read more:

Top Stories

Meghan loses latest court battle with UK tabloid newspaper

Meghan, Britain's Duchess of Sussex, has lost the latest skirmish in her privacy lawsuit against a tabloid newspaper, after London's High Court ruled on...

Armenia’s defence ministry says warplane shot down by Turkish F-16 fighter jet

A Turkish F-16 fighter jet shot down an Armenian SU-25 warplane over Armenian territory on Tuesday, killing the pilot, an Armenian defence ministry spokeswoman...

Greek, Italian and French officials to hold talks with Petrides during visits

Greek Minister of National Defence Nikos Panagiotopoulos, accompanied by the Chief of the Hellenic National Defence General Staff Konstantinos Floros, Chief of Defence Staff...

Employers – clients determine working time of 74% of workforce in Cyprus

In 2019, the employer, organisation or clients mainly decided on the working time of almost 118 million of the 194 million employed people aged...

Syllouris expresses solidarity and support to the Armenian people

Cyprus House President Demetris Syllouris expressed feelings of sincere solidarity and fraternal support to the Armenian people during a telephone conversation he had on...



Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...