This is the lowest level since 2010, the Central Bank of Cyprus said in its semi-annual ship management survey published on its website today.

“Nevertheless, the size of the industry as a percentage of GDP remained at 5%, due to a parallel reduction in the semi-annual gross domestic product”.

While shipping revenue remained “relatively stable” between March 2013 and May last year, data indicated a significant reduction in June 2014, the central bank said.

As a country of payment, Germany, remained by far the most important source with 54% of overall revenue, followed by Vietnam, Russia and Singapore, the statement said.

Around four fifths of overall revenue was generated from management services while 10% was generated by charter fees and 11% by other fees, the Central Bank said, which added that the island’s ship management industry is specialising on crew management services that made out 41% of the revenue.

As full management contracts, which made out almost half of overall revenue, “encompass both technical and crew management services, the total amount of revenues derived from crew operations increased,” the Central Bank said.

According to the survey, 29% of the ship management companies generated 84% of total revenue.

Source: Cyprus Mail