(www.MaritimeCyprus.com) The Central Bank of Cyprus has published the results of the Ship Management Survey for the first half of 2020. This Survey is conducted biannually and it was launched initially in March 2009 and covers residents of Cyprus who provide ship management services to ship owning companies registered both in Cyprus and abroad.
According to the central bank survey, revenue from ship management in the second half of 2020 declined to €430 mln, down 11% from €484 mln in H1 2020 and 26% less than in H2 2019.
Revenue from ship management for the full year 2020 amounted to €914 mln, compared with €1.104 bln in 2019, a 17% year on year drop; 2019 was a record year for the industry, according to Financial Mirror estimates.
These changes represent almost exclusively a decline in the passenger ships segment of the industry. Concerning the merchant ships segment (e.g. dry bulk carriers, tankers, containers, LNG carriers) the impact was significantly smaller.
The gradual recovery in economic activity that is currently taking place since the beginning of 2021, as well as, the global rebound in international seaborne trade should be expected to also benefit the ship management sector in subsequent periods.
The main exporting destinations for the services of the ship management industry are Germany, Greece, Singapore and Malta.
For more details, click below to download the full report:
Source: Cyprus Central Bank
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