Ship management revenues in Cyprus rose to €978 million in the first half of 2025, marking a 6.7 per cent increase compared with the second half of 2024, according to the Central Bank of Cyprus (CBC).  

The figure corresponds to 5.5 per cent of Cyprus’s half-year GDP, keeping the sector well above its pre-pandemic average between 2019 and 2021. 

During the period under review, 31 per cent of companies generated revenues between €2m and €20m, while another 31 per cent exceeded the €20m threshold.

The CBC noted that a small number of large firms continue to dominate the industry, with the top 27 per cent of companies accounting for 85 per cent of total revenues. 

Fully managed services remained the primary source of income. The share of full management services edged up to 49.8 per cent of total revenues, while crew management increased from 43.5 per cent in the second half of 2024 to 48.4 per cent in early 2025.  

In contrast, technical management fell sharply to 1.8 per cent, down from 7 per cent in the previous survey. 

Meanwhile, ship management expenses climbed to €896m, an 8.3 per cent rise compared with the second half of 2024.

Most costs were linked to crew expenses, which accounted for 66 per cent of total spending, slightly lower than 68 per cent in the previous period. 

The CBC said that 43 per cent of crew payments concerned seafarers from non-EU countries, while administrative expenses remained modest at 2 per cent.  

The share of operational costs, such as spare parts, lubricants and bunkering, rose to 32 per cent, up from 27 per cent in late 2024. 

In terms of trading partners, Germany retained its leading position, contributing 30 per cent of total revenues, followed by Greece with 13 per cent.  

Both countries’ shares, however, declined slightly compared with the previous period.  

By contrast, Switzerland (12 per cent) and Singapore (4 per cent) maintained relatively stable contributions to the sector.