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Cyprus Shipping Chamber – Increase of ship-management companies’ contribution to Cyprus Economy

The Chamber welcomes the results of the newest “Ship Management Report”, published by the Statistics Department of the Central Bank of Cyprus, for the second half of 2019, which covers the period 1 July – 31 December. The results indicate that industry revenues from Ship-management companies further increased during the second half of 2019, reaching €581 million, a percentage of 5,2% of Cyprus’s GDP (as turnover), as opposed to €523 million and 4,9% of Cyprus’s GDP (as turnover), during the first half of 2019.

According to the report, the present study does not include information on the effects of the pandemic Covid-19 on the shipmanagement industry, since the outbreak started in 2020. The Central Bank of Cyprus will present an analysis in a future edition of the report, as more information and data from the shipping markets become available.

The contribution of Cyprus Shipping to the Cyprus Economy, is reflected once again in the results of this report, demonstrating its robustness and the tangible prospects for its further development. In addition, it is worth mentioning that, in a very few other maritime nations, the economic contribution of the local shipping industry reaches such high level, so it is important to receive the appropriate financial and operational support, to deal with the effects of this pandemic crisis, keeping world trade and maritime transport moving.

Read the full report on the link below:

https://www.centralbank.cy/images/media/pdf_el/SMS%202019H20004.pdf