Cyprus Shipping Revenues Continued its Upward Trend as CBC Reports

Cyprus’s ship management revenues increased further to €648 million during the second half of 2022, which corresponds to 4,6% of Cyprus’s 6 months GDP as turnover. This is the fourth consecutive increase in the total revenues of the industry, since the recovery of global trade from the COVID-19 pandemic and the associated decline in economic activity.

The Cyprus Shipping Chamber welcomes the positive results of the newest “Ship Management Report”, published by the Statistics Department of the Central Bank of Cyprus, which covers the period of July until December of 2022.

The results indicate that industry revenues from Ship-management companies further increased during that period. Specifically, during the second half of 2022, 31% of the companies managed to generate revenues in the range of €1 – €30 million each, while 27% of the companies managed to generate revenues in excess of €30 million each.

The Ship Management Survey shows that Ship management expenses increased further to €629 million (or 4,4% of Cyprus 6 months GDP as turnover), marking the fourth consecutive increase since the first half of 2021.

The Survey also depicts the main types of expenses associated with the industry. Historically, the industry exhibits a relatively stable structure of expenses. The majority of these concern crew expenses, which accounted for 64% of the total amount in second half of 2022. Most of these payments were directed to non-EU seafarers (47%). Administration expenses dropped to 5% while ship management expenses (e.g., spare parts, lubricants, dry-docking, etc.) increased to 31% of the total amount in the same period.

By country of payment, Germany’s contribution (the main trading partner for the industry) increased from 39% in the first half of 2022 to 41% in the second half of 2022. Other notable share contributions during the same period include: Greece (16%), Malta (5%), Switzerland (5%), the USA (4%) and Singapore (4%).

The Ship Management Survey (SMS), which was launched in March 2009, is conducted biannually by the External, Economic and Government Finance Section of the CBC’s Statistics Department and is addressed to resident ship management companies who provide relevant services to ship owning companies, both resident and non-resident.