Revenue from ship management in Cyprus in the first half of 2017 increased by 3% year on year, reaching €472, according to the Ship Management Survey compiled by the Central Bank of Cyprus.
According to the CBC, income for the first half of the year marked the highest level of revenue recorded since 2010.
In terms of turnover, the revenue corresponds to 5.2% of GDP, which is 4 percentage points higher compared with the second half of 2017.
Germany remains the main source of revenue for the ship management industry with 39%, unchanged since H2 of 2016. Russia follows with the second highest market share with 10% (up from 7% in H2 2016), Singapore with 8%, whereas Switzerland’s share declined to 5% from 7% in H2 2016.
Cypriot ship management remains a globalised industry as foreign-flagged ships contributed to 89% of the revenue, while 11% came from Cypriot flagged ships. However the provision ship management services to ships carrying the Cypriot flag declined to the lowest point since 2013.