Ship management revenue in the first half of 2025 reached €978 million, recording a 6.7% increase compared with the second half of 2024, according to a Ship Management Survey published by the Central Bank of Cyprus.
This amount of revenue corresponds to 5.5% of Cyprus’s semi-annual GDP as turnover. The level of revenue increased above the €950 million threshold, which is considerably higher than the average level of revenues observed during the period 2019-2021.
During the first semester, 31% of the companies managed to generate revenue in the range of €2 - €20 million each. The same share of companies managed to generate revenue more than €20 million each. According to CBC, there is a small number of large companies that dominate the industry. During 2025H1, the top 27% of the companies accounted for 85% of the industry’s revenue.
Full management services remain the main source of revenue. In particular, in 2025H1 the share of full management services increased slightly to 49.8% of the total amount of ship management revenue while crew management services increased from 43.5% in 2024H2 to 48.4% of the total revenue in 2025H1. The share of technical management services to total ship management revenue fell to 1.8% in 2025H1 from 7% in 2024H2.
On the other hand, ship management expenditure settled at €896 million, marking an increase of 8.3% relative to the second half of 2024. Most of the main types of expenditure associated with the industry has to do with crew expenses, which decreased slightly to 66% of the total amount in 2025H1 compared with 68% in 2024H2. The majority of payments are directed to non-EU seafarers (43%) while administration expenses accounted for 2%. The share of ship management expenses (e.g. spare parts, lubricants, dry-docking, etc.) to total expenses increased from 27% in 2024H2 to 32% in 2025H1
According to the survey, Germany remained the main trading partner with a share of 30% in the industry’s revenues. Germany’s and Greece’s contributions, the main trading partners for the industry, decreased slightly to 30% and 13%, respectively in the first semester of 2025. In contrast, Switzerland’s (12%) and Singapore’s (4%) contribution remained relatively stable during the same period.
(Source: CNA)
