Cyprus Mail

Small drop in ship management revenue

By Stelios Orphanides

The ship management sector saw its revenue drop to €438m in the first half of 2016 which is 5.2 per cent below that of the second half of 2015 and the corresponding period of last year, the Central Bank of Cyprus (CBC) said.

Total ship management revenue, in the first six months of the year, as a share of period’s economic output dropped to 5.2 per cent from 5.4 per cent, the CBC said in its ship management survey on its website on Tuesday.

The breakdown of revenue by country of payment shows that the revenue drop was mainly on reduced earnings from Germany, whose share fell to 38 per cent in the first six months of the year from 41 per cent in the second half of 2015, reflecting a general slowdown in global trade, the bank said. The share of Switzerland and Singapore dropped in the first half of the year to 6 per cent from 8 per cent each compared to the second half of 2015 while Russia’s share dropped from 6 per cent to 5 per cent.

Greece’s presence in Cyprus’ shipping started to increase last year after the coalition of far-left and far-right populists came to power, causing economic chaos. This prompted Greek shipping companies to consider the island as a base for their operations, the country’s share of payments to ship management companies in Cyprus from January to June 2016 rising from to 5 to 6 per cent.

Also, in the first half of this year the share of “other” unspecified countries rose to 29 per cent, which is 8 percentage points more compared to the first half of 2015, the bank supervisor said.

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