articles | 06 November 2020 | Cyprus Shipping Chamber

Shipmanagement Industry maintains its contribution to Cyprus Economy

The Shipping Chamber welcomes the results of the newest “Shipmanagement Report”, recently published by the Statistics Department of the Central Bank of Cyprus, for the first half of 2020, which covers the period 1 January – 30 June. 

Although the results indicate that industry revenues from Shipmanagement companies in Cyprus have slightly decreased compared to the second half of 2019, comparing the corresponding period in 2019 (January 1 - 30 June 2019), the contribution to the GDP of Cyprus remains almost the same with a fair decrease of 0.1%. Specifically, the contribution for the first half of 2020, amounts to €484 million and 4.8% of Cyprus’s GDP.

This research takes into account relevant information and data from the shipping markets, to measure the significant impact of the Covid-19 pandemic on the shipmanagement industry, as a result of travel restrictions and other measures but also the downward trends in production and the significant reduction in fares internationally.

According to the research, as a result on an international level, the passenger ship segment is the sector most affected by the pandemic, whilst with regards to the merchant ships segment of the industry (e.g. containers, dry bulk carriers, tankers, LNG carriers) the impact was smaller. Therefore, the impact is also reflected in the revenues of the various segments of the Cyprus Shipping Industry. Although Cyprus Shipping is being challenged, a recovery is expected as soon as international restrictions are lifted and is allowed operate uninterrupted.

Concluding, it is important to note that, despite the fact that the Ship Management companies in Cyprus operate under adverse conditions, they managed to maintain their significant contribution to Cyprus Economy, which is of utmost importance for the future of the country's economy. It is therefore, equally important, to receive the appropriate financial and operational support, to deal with the effects of this pandemic crisis, keeping world trade and maritime transport moving.

Read the full report here.

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