Cyprus Ship-Management Companies Keep on Substantially Supporting the Economy

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Cyprus Ship Management Report

14 December 2021
Nautical

Cyprus Ship-Management Companies Keep on Substantially Supporting the Economy

The Cyprus 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 January 01 – June 30, of this year, 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 this year (H1), Cyprus’s ship management revenues increased to the amount of EUR447 million or 4,1 percent of Cyprus’s GDP (as turnover), which is higher than the respective percentage recorded during 2020 (four percent).

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.