Cyprus’s revenue from ship management increased 9.3 per cent

Cyprus’s revenue from ship management increased 9.3 per cent in the first half of 2015 to €464m compared to the second half of 2014 as Cyprus became more attractive to Greek shipping professionals, the Central Bank (CBC) said.

“Germany remains the most important country in terms of revenue, despite a reduction in its share,” the CBC said in a statement on its website recently.

“Vietnam, Russia, and the Marshall Islands also demonstrate a similar trend, but to a lesser extent, while Singapore has increased its share. Greece on the other hand appears to be gaining a significant share in the list of revenue contributing countries”.

The ship management’s contribution to the gross domestic product rose to 5.4 per cent in January to June this year compared to 4.7 per cent in July to December 2014, the CBC said. While Germany’s share in ship management revenue fell to 44 per cent in the first half of the year from 50 per cent, the second half of 2014, the country’s contribution in absolute terms remained unchanged reports Cyprus Mail.

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