(www.MaritimeCyprus.com) The Central Bank of Cyprus has published the results of the Ship Management Survey for the first half of 2018. The main developments concerning the transactions of resident ship management companies, are summarized as follows:
- Ship management revenues increased to €506 million during the first half of 2018, recording an increase of €30 million when compared with the second half of 2017.
- The main exporting destinations for the services of the ship management industry include Germany, Russia, and Malta. These services concern primarily crew management services and technical (mechanical) ship operations.
- The industry’s payments decreased by €1 million during the period under review and comprised mostly of crew wages and crew training expenses (59%).
The Ship Management Survey is conducted biannually by the Central Bank of Cyprus's Balance of Payments Section, which is part of the Statistics Department. The survey was launched in March 2009 and covers residents of Cyprus who provide ship management services to ship owning companies registered both in Cyprus and abroad.
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.
To view the report on the 1st of 2018, click on the image below.
Source: Central Bank of Cyprus