Cyprus ship management revenue hits , €638 million
Cyprus witnessed a marginal rise in ship management revenues in the latter half of 2023, reaching €638 million. These earnings accounted for 4.1% of Cyprus’ GDP over six months. Germany contributed 40% of the sector’s revenues, with Greece contributing 17%, Switzerland 10%, and Malta 5%. 31% of firms generated revenues between €2m and €30m, while 27% exceeded €30m. Crew management services now represent 51.1% of total ship management revenue. Ship management expenses decreased to €546m in the second half of 2023, with most costs covering wages for seafarers from non-EU countries.
