TUESDAY, 13 NOV 2018



Facebook Linked In Twitter
Invest Cyprus 30/04-30/03/2019

Christodoulides Expects Lute to Return to Cyprus

Lakkotrypis Calls for Promotion of Cyprus' Special Interests within EU Free Trade Agreements



brought to you by Barclays

Ship Management Generates 5.1% of Cyprus GDP in H1

Ship Management Generates 5.1% of Cyprus GDP in H1

The Cyprus ship management industry in the first half of 2018 generated revenue of EUR506m ($571m), or 5.1% of the island nation's GDP, the highest level in five years. The result consolidated Cyprus ship management as the world¹s third largest hub while the maritime cluster contributes around 7% to the island¹s GDP.

Income was up EUR30m in the January / June period compared to the same 2017 period as global shipping and freight markets continue to recover from the downturn since the global financial crisis, Seatrade Maritime reports.

A Central Bank of Cyprus (CBC) ship management survey, in absolute terms, revealed revenue for the six-month period of January ­ June 2018 saw an increase of 6.3% compared with first half of 2017, and 7.3% on an annual basis.

“The global shipbuilding industry is currently recovering from the strong downturn experienced during the financial crisis, as demonstrated by the gradual rise in vessel prices and the increase in order inquiries,” the CBC said.

Ship management steadily remains an international industry as 90% -- down from 94% in the 2017 period -- of the revenue came from ships with a foreign flag, thus the share of revenue from Cyprus-registered ships increased from 6% to 10%.

Germany continues to grow its share of the ship management industry, with its share at the end of June up to 47%, some 10% more than at the beginning of the 2018 first half.

Russia is second place with its share rising 3% to 7%, equalling Malta.

Revenue originating from Switzerland amounted to 6% (down from 8% in second half of 2017), followed by Greece with 5%, Singapore with 4% and Norway and the UK with 3%.

Ship management expenditure remained broadly unchanged running to EUR435m in the first six months, compared with EUR436m in second half of 2017, with 59% of the spending directed to predominantly non-EU seafarers.

Ship management expenses accounted for 21% of total spending while 20% was attributed to administration expenses.

“Stabilisation of expenses are expected to improve the financial health of the companies, in light of the uncertainty that is still surrounding the shipping sector globally, as recent sources of uncertainty include the rise of protectionism in global trade and the rising cost of oil,” said the CBC said.

The Cyprus Shipping Chamber welcomed the results as once again proving the contribution of Cyprus shipping, "as it remains one of the most important 'blood donors' of the Cyprus economy with tangible prospects for further development.” It added: “It is worth mentioning that in very few other maritime nations does the economic contribution of the local shipping industry reaches such high level.”



Ship Management Generates 5.1% of Cyprus GDP in H1

The Cyprus ship management industry in the first half of 2018 generated revenue of ...

Contribution of Ship-Management Companies to the GDP of Cyprus Rises to the Highest Level since 2013

The Cyprus Shipping Chamber has welcomed the results of the newest “Ship Management ...

Invest Cyprus Welcomes Blockchain Technology

Invest Cyprus has signed a memorandum of understanding with VeChain Foundation, a ...



4th International Funds Summit: Panel Discussion on Latest Examples of the Use of Cyprus in the Alternative Investment Funds

The 4th International Funds Summit took place today 12th of November at the Hilton Park Hotel in Nicosia, and welcomed leading fund managers and administration ...

Anastasiades to brief National Council on Lute-Akinci meeting

The National Council, the top advisory body to the President on the Cyprus issue, convenes this morning in Nicosia, under the President of the Repubic Nicos ...

Moody’s: CBC Directive on Shell Companies Improves Anti-Money-Laundering Practices

Moody’s rating agency says that Cyprus Central Bank’s (CBC) new directive on shell companies is credit positive for Cypriot banks, because the ...

Exectus Ltd: A Complete Solution for Accounting, Auditing and Other Financial Services

Exectus Ltd announces the commencement of its operations in Cyprus from November 2018. Exectus holds the General and Audit practicing certificates from the ...

Pound Falls as Brexit Uncertainty Rises

The pound has fallen against the dollar amid political uncertainty as Prime Minister Theresa May struggles to broker an agreement on Brexit with her cabinet. ...

Alibaba Singles Day Sales Frenzy Surpasses Records

Alibaba invented the occasion to celebrate the unattached as an antithesis to the romantically involved on Valentine's Day. It is now the world's ...

Anastasiades has Brief Contacts with World Leaders in Paris

President of Cyprus Nicos Anastasiades had a series of brief contacts with world leaders in Paris, at the margins of events commemorating the centenary of the ...

US Assistant Secretary of State for Energy Resources to travel to Jerusalem, Nicosia and Cairo

The US State Department announced that Assistant Secretary of State for Energy Resources Francis R. Fannon will travel to Tel Aviv and Jerusalem; Nicosia, and ...