Home CSN news Cyprus ship management companies keep on substantially supporting the economy

Cyprus ship management companies keep on substantially supporting the economy

The Shipping Chamber welcomes the positive results of the recently released “Ship Management Report”, which is published by the Statistics Department of the Central Bank of Cyprus, covering the period 1 January 2021 – 30 June 2021, which indicate that the ship management sector marked a gradual recovery from the COVID-19 pandemic and the associated decline in economic activity observed during 2020.

The Report shows that for the first half of 2021 (2021H1), Cyprus’s ship management revenues increased to the amount of €447 million or 4,1% of Cyprus’s GDP (as turnover), which is higher than the respective percentage recorded during 2020 (4,0%).

The encouraging results marked in this Report prove once again the robustness of the Shipping sector in moments of crisis and the fundamental need to safeguard a sustainable growth for Shipping in order to further enhance its concrete contribution to the Cyprus Economy.

Read the full report on the link below:

https://www.centralbank.cy/images/media/pdf/SMS%202021H1_EN.pdf