November 11, 2019

2019 Ship Management Report

On 6 November 2019 the Central Bank of Cyprus published the results of its Ship Management Survey for the first half of 2019, which is conducted twice a year since 2009. It concentrates primarily on residents of Cyprus who provide ship management services to ship owning companies registered both in Cyprus and abroad. Cyprus’s ship management revenues during the first half of 2019 closed at EUR523mln and continue to correspond to ca. 5% of Cyprus’s GDP.

Important developments constantly reshape the shipping industry, which ultimately adapts to the new requirements. Particularly given the uncertainty of the future, the relevant players need custom-made, long-term solutions for their commercial operations.

The Survey collects the following data from a representative sample on the financial transactions carried out between resident ship management companies and non-residents of Cyprus:

  • Revenues by type of service provided to non-resident ship owning companies
  • Revenues received from non-resident ship owning companies, by country from where the revenue is derived
  • Revenues by country of flag registration of the ships, whose management is performed by the resident ship management companies
  • Revenues by country of residence of the ship owner, whose ships are managed by the resident ship management companies
  • Payments made by the resident ship management companies, by country of residence of the recipient

In addition, the Survey analyses the following:

  • Size of the ship management industry as a percentage of Cyprus GDP
  • Level of concentration in the industry
  • Size of the client portfolios of the ship management companies
  • Percentage of resident ship management companies which operate in different countries
  • Magnitude of total expenses in the industry
  • Identification of countries which offer market opportunities for further revenue growth

The financials of maritime operations are facing significant challenges, given international recent events that affect prices and transport routes in the shipping sector, ranging from the switch to low-sulphur fuels, speed limits and trade tensions.


You can find the Survey at the following link: https://bit.ly/2KcgGSP


Cyprus has long been a fundamental, geostrategic location in the Mediterranean crossroads of Europe, Asia and Africa. Organisations ranging from private or family businesses, startups and multinationals establish headquarters in Cyprus. The coastal business centre of Limassol is a well-regarded and long-established ship registration, finance and management centre. It is home to numerous prestigious shipping companies, agents, distributors and managers. In fact, Limassol caters for more than 200 companies related to shipping ranging from ship ownership, management, insurance, finance, brokerage, bunkering, chartering and maritime training, amongst others.

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K. A. Kourtellos & Co LLC is regulated by the Cyprus Bar Association
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