Cyprus ship management takings rise

Revenue from Cyprus’ ship management industry continued its upward trend in the second half (H2) of 2022, reaching 648 million euros, up 25.6% year-on-year.

Throughout 2022, revenue from ship management amounted to €1.22 billion.

According to the ship management survey compiled by the Central Bank of Cyprus, the industry’s revenue in H2 of 2022 marked an increase of 12.9% compared with the first half of the year, showing that ship management is continuing on its recovery course following the disruption of the Covid-19 pandemic.

“This is the fourth consecutive increase in the total revenues of the industry since the recovery of global trade from the pandemic and the decline in economic activity,” the CBC said.

By country of payment, Germany remained the industry’s biggest market with a 41% share of total revenues for H2 of 2022. Other notable share contributions during the same period include Greece (16%), Malta (5%), Switzerland (5%), the US (4%) and Singapore (4%). Crew management services amounted to 49%, followed by full management services with 47.1%, while technical management amounted to 3.9%.