The Cyprus Shipping Chamber (CSC) has welcomed the continued growth of the island’s ship management industry, highlighting its increasing contribution to the Cypriot economy.

In a statement issued this week, the chamber expressed its “distinct satisfaction” with the findings of the Central Bank of Cyprus’ (CBC) ship management survey, which showed a significant increase in the sector’s performance during the first half of 2025.

The chamber said that ship management revenues reached €978 million between January and June 2025, equivalent to 5.5 per cent of Cyprus’s half-year GDP.

It added that this marks a 6.7 per cent increase compared with the second half of 2024, describing the result as proof of the sector’s resilience and strategic importance.

“The ship management sector remains one of the most dynamic pillars of the Cypriot economy, creating value, jobs and international prestige for our country,” the chamber said.

The CBC’s ship management survey offered a detailed snapshot of the sector’s financial health and structure for the first half of 2025.

According to the CBC, the €978 million in revenues kept the industry well above its pre-pandemic average between 2019 and 2021.

The central bank’s findings showed that fully managed services remained the main source of income for the sector, accounting for 49.8 per cent of total revenues.

At the same time, crew management saw very strong growth, rising to 48.4 per cent, up from 43.5 per cent in the previous period.

The CBC also highlighted the concentration of revenues within the sector. A small number of large companies continue to dominate, with the top 27 per cent of firms accounting for 85 per cent of total revenues.

The CBC reported that 31 per cent of ship management companies generated revenues between €2 million and €20 million, while another 31 per cent exceeded the €20 million mark.

Overall, the results underscore the strength and international reach of Cyprus’s maritime industry, which continues to weather global economic challenges while expanding its economic footprint.