Ship-management revenues as a turnover amounted to 5.2% of Cyprus’ GDP.

Germany by a long margin has the biggest both in terms of beneficial owner as well as payments with 46% (47% in H1 2015) and 41% (47% in H1 2015) respectively. Greece’s share rose to 8% from 6% in H1 2015.

In terms of market share, Curacao comes second with 8% followed by Marshal Islands, the US and Switzerland with 5% each. Greece, Singapore and Norway follow with 4% each

A total of 49% of the revenues came from full management contracts (that is crew and technical management) whereas the share of crew management services fell to 38% compared with 41 in H1 2015. Technical management contracts attracted 13% of total revenue.

The industry’s expenses dropped to €411 million in the second half of 2015, of which 62% concerned crew wages mostly paid to non-EU citizens, mainly from the Philippines and Ukraine. A total of 45% of the expenses were paid in Cyprus.

Source: Famagusta Gazette