Filenews 17 April 2022 - by Theano Thiopoulou
Cyprus' income from ship management during the second half of 2021 amounted to €516 million or 4.2% of Cyprus' GDP (as turnover), marking a steady recovery from the COVID-19 pandemic and the accompanied decline in economic activity observed during 2020. Data released by the Central Bank show that the sector's incomes are segregated by country of payment and there are some variations.
Germany's contribution fell from 45% in the first half of 2021 to 43% in the second half of 2021. The contribution of the shares of Norway (7%), Switzerland (4%) and the United Kingdom (4%) increased. In contrast, Singapore, Japan and the United States of America showed a decrease.
During the second half of the year, 37% of the companies managed to generate revenues in the range of €1 - €20 million each, while only 22% of the companies managed to record revenues in the range of €20 - €50 million. 32% of the hierarchically larger companies accounted for 96% of the industry's revenues.
The figures show that the share of full-time management services has fallen to 43% of the total amount of income. Similarly, crew management services decreased from 49% in the first half of 2021 to 43% of revenues in the second half of 2021. Nevertheless, Central Bank notes, these percentages are similar to the levels observed during the second half of 2019. In contrast to the previous period, the share of income generated by the provision of ship management services to foreign-flagged ships increased to 93% of total income in the second half of 2021. Regarding ship management costs, they increased to €457 million in the second half of the year. The majority relates to crew expenses, which accounted for 63% of the total amount for the second half of 2021. Most of these payments related to the remuneration of seafarers of non-EU origin (46%). Administration costs accounted for 12% and ship management costs (e.g. spare parts, lubricants, ship docking, etc.) 25% of the total amount.
TheanoThiopoulou
