The Central Bank of Cyprus has today published the results of the Ship Management Survey for the first half of 2017. The main developments concerning the cross border transactions of resident ship management companies, are summarised as follows:
- Ship management revenues increased to €472 million during the first half of 2017, recording an increase of 3%, when compared with the second half of 2016.
- A large proportion of the services offered by the ship management companies concerned crew management services and technical (mechanical) ship operations and were provided to European companies and ships listed in foreign shipping registries.
- The industry’s payments abroad, which mainly comprised of crew wages and crew training expenses, declined marginally by 1%.