Cyprus Central Bank - Ship Management Survey 2017


( The Ship Management Survey is conducted biannually by the Statistics Department of the Central Bank of Cyprus and concentrates primarily on transactions between resident ship management companies and nonresident ship owning/shipping related entities.

The survey collects data from a representative sample on the financial transactions (revenues and expenses) carried out between resident ship management companies and non-residents of Cyprus. In particular, the survey requires, among other things, the submission of:

  1. Revenues by type of service provided to non-resident ship owning companies.
  2. Revenues received from non-resident ship owning companies, by country from where the revenue is derived.
  3. Revenues by country of flag registration of the ships, whose management is performed by the resident ship management companies.
  4. Revenues by country of residence of the ship owner, whose ships are managed by the resident ship management companies.
  5. Payments made by the resident ship management companies, by country of residence of the recipient.

The results of the survey include additional economic analysis, such as:

  • Size of the ship management industry as a percentage of Cyprus GDP.
  • Level of concentration in the industry.
  • Size of the client portfolios of the ship management companies.
  • Percentage of resident ship management companies which operate in different countries (analytically by country).
  • Magnitude of total expenses in the industry.
  • Identification of countries which offer market opportunities for further revenue growth.

The most recent survey, which covers the second half of 2017, was published on April 27 2018. Its main findings are:

  • Ship management revenues increased to €476 million during the second half of 2017. This was an increase of €4 million compared with the previous assessment period, but was slightly lower than general gross domestic product growth during the same period.
  • The main export destination for ship management industry services was Germany, which accounted for 37%. This was followed by Russia (8%) and Singapore, Malta and Switzerland (6% each).
  • The sector's payments abroad – which comprised mainly crew wages, crew training expenses, engineering expenses and general administrative expenses – fell by 3% compared with the first half of 2017.

To view the reports on the 1st and 2nd half of 2017, click on the individual images below.

Report for the first half of 2017


Report for the second half of 2017



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