(www.MaritimeCyprus.com) 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.
Key points:
Cyprus’s ship management revenues increased to €916 million during the second half of 2024 (2024H2), which corresponds to 5,3% of Cyprus’s semi-annual GDP as turnover (Chart 1). The level of revenues increased above the €900 million threshold, which is considerably higher than the average level of revenues observed during the period 2019-2021.
During 2024H2, 33% of the companies managed to generate revenues in the range of €2 - €20 million each, while 25% of the companies managed to generate revenues more than €20 million each.
Germany remains the top trading revenue source (32%)
Full management services still lead at 49.4% of total revenues
Top 25% of companies account for 89% of total revenue.
Ship management expenses climbed to €827 million, mainly driven by crew and technical costs.
Cyprus continues to prove its strength as a trusted hub for global ship management.
Cyprus is a leading hub for global ship management, and its reputation for reliability and expertise continues to grow. The island nation provides a stable and trusted environment for shipping companies worldwide.
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Source: Cyprus Central Bank
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