The Central Bank of Cyprus has today published the results of the Ship Management Survey for the first half of 2018. The main developments concerning the transactions of resident ship management companies, are summarised as follows:
- Ship management revenues increased to €506 million during the first half of 2018, recording an increase of €30 million when compared with the second half of 2017.
- The main exporting destinations for the services of the ship management industry include Germany, Russia, and Malta. These services concern primarily crew management services and technical (mechanical) ship operations.
- The industry’s payments decreased by €1 million during the period under review and comprised mostly of crew wages and crew training expenses (59%).