Nicosia: Ship management revenue in the first half of 2025 reached pound 978 million, recording a 6.7% increase compared with the second half of 2024, according to a Ship Management Survey published on Monday by the Central Bank of Cyprus.
According to Cyprus News Agency, this revenue corresponds to 5.5% of Cyprus’s semi-annual GDP as turnover, surpassing the pound 950 million threshold and exceeding the average levels observed from 2019 to 2021. During the first semester, 31% of companies achieved revenue between pound 2 million and pound 20 million each, while an equal percentage generated more than pound 20 million each. The industry is largely dominated by a small number of large companies, with the top 27% accounting for 85% of the total revenue.
Full management services continued to be the primary revenue source, with its share increasing slightly to 49.8% of total ship management revenue in 2025H1. Crew management services also saw an increase, rising from 43.5% in 2024H2 to 48.4% in 2025H1. However, the share of technical management services declined to 1.8% in 2025H1 from 7% in 2024H2.
Ship management expenditure was pound 896 million, marking an 8.3% increase relative to the second half of 2024. Crew expenses constituted the majority of expenditure but decreased slightly to 66% of the total amount in 2025H1, compared with 68% in the previous period. Payments to non-EU seafarers made up 43% of these expenses, while administration expenses were 2%. Expenses on ship management materials like spare parts, lubricants, and dry-docking increased from 27% in 2024H2 to 32% in 2025H1.
Germany remained the primary trading partner, contributing 30% to the industry’s revenues, although its share, along with Greece’s, fell slightly in the first semester of 2025. Switzerland’s and Singapore’s contributions remained stable at 12% and 4%, respectively, during the same period.