shipping sector

Cyprus ship management revenue hits , €638 million

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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.

Cyprus battles EU sanctions on Russian LNG export tankers, part of new package

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Cyprus battles EU sanctions on Russian LNG export tankers, part of new package

The European Union is considering a new package of sanctions against Russia, including a ban on exports of Russian liquified natural gas. Some member states, such as Cyprus, Greece, and Malta, are skeptical of these measures, believing they could lead to negative consequences in the shipping industry. On the other hand, other countries view the proposed energy sanctions as a step forward. This would be the first time the EU officially targets Russia’s natural gas products. Cyprus has been directly impacted by Russian sanctions in the past, particularly in the administrative services sector.

Limassol Boat Show set to dazzle with impressive lineup

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Limassol Boat Show set to dazzle with impressive lineup

The Limassol Boat Show 2024 will take place from May 23 to 26 at Limassol Marina, featuring impressive yachts, diving and fishing equipment, cars, and various marine services. The event aims to establish Cyprus on the maritime map and develop the local shipping sector.

Cyprus committed to path of sustainable shipping

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Cyprus committed to path of sustainable shipping

President Nikos Christodoulides emphasized the important contribution of shipping to the economic development of Cyprus and stated that his administration will continue to work towards the sustainable development of Cypriot shipping.

House Speaker pledges support to Cypriot shipping industry

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House Speaker pledges support to Cypriot shipping industry

House Speaker Annita Demetriou met with a delegation from the Cyprus Shipowners’ Association to discuss problems and challenges facing the Cypriot shipping industry. Discussions included issues such as the policies of the European Union regarding pollutants, the future of shipping, and the necessity to bolster the Cypriot register. The meeting also explored the potential resolution of the Cyprus problem for the benefit of both communities.

Shipping minister attends Cyprus Forum London

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Shipping minister attends Cyprus Forum London

The inaugural Cyprus Forum London was held at the Cyprus High Commission’s premises in central London. Shipping Deputy Minister Marina Hadjimanoli opened the conference and highlighted the growth in new ship registrations in Cyprus, which have increased by 5.5% in the last six months, positioning the Cypriot registry among the top globally.

Shipping industry to gather in Athens

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Shipping industry to gather in Athens

The Poseidonia 2024 World Expo will take place in Athens, Greece from June 3 to 7. Many Cypriot shipping companies and professionals will attend the event.

Shipping Deputy Minister in China for ship naming ceremony

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Shipping Deputy Minister in China for ship naming ceremony

Fact: Shipping Deputy Minister Marina Hadjimanolis traveled to Guangzhou, China to attend the naming ceremony of the cargo ship ‘AAL Limassol’, owned by AAL Shipping, a subsidiary of Schoeller Holdings.

New approach needed for maritime hub

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New approach needed for maritime hub

Singapore has been declared the world’s premier shipping center in the sixth Leading Maritime Cities survey. Cyprus, specifically Limassol, needs to improve its shipping infrastructure to be included among the top 50 cities in the future. Cyprus has made progress in improving its shipping sector, but more efforts are needed in areas such as research, technology, green transformation, and competitiveness to become a leading maritime center.

Services sector records strong growth in 2023

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Services sector records strong growth in 2023

– The services sector in Cyprus performed well in 2023, with significant improvements in various key areas.
– Accommodation and catering services saw an increase of 18.9%, administrative and support services grew by 15.5%, professional, scientific, and technical activities by 2.7%, and information and communication by 2%.
– Tourism sector showed improvement in 2023, with tourist arrivals reaching 3,845,652, approaching pre-pandemic levels of 2019.
– The UK had the most tourist arrivals in Cyprus in 2023, followed by Israel, Poland, and Germany.
– The Shipping sector transported 98% of raw materials and essential goods in Cyprus in 2023, contributing about 7% of GDP.
– Oev undertook various initiatives in 2023, including research on digital skills, Innovation Awards, and promoting digital skills and AI adoption.
– Oev also organized a Business Mission to Greece, Information Day on dispute resolution methods, and supported the newly established Tourism Promotion Agency.