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Cypriot ship management companies substantially support the economy

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Cypriot ship management companies are essentially supporting the economy

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The Chamber welcomes the positive results of the Survey of Ship Management Companies which was just published by the statistical department of the Central Bank of Cyprus, covering the period 1 January 2021 – 30 June 2021, which show an increase in industry revenues from Ship Management companies in Cyprus first half of 2021, marking a gradual recovery from the Covid-19 pandemic and the relative decline in economic activity observed in 2020.

The results of the Survey show that for the first half of 2021 (2021H1), revenues from ship management in Cyprus increased to € 447 million which is 4.1% of the GDP of Cyprus (as turnover), which is higher than the corresponding percentage recorded in the second half of 2020 (4.0%).

The encouraging results of this Report demonstrate once again the resilience of the Cypriot Shipping in times of crisis and the fundamental need to ensure the viability of the sector, in order to further strengthen its substantial contribution to the Cypriot Economy.

Source: www.philenews.com

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