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21 November 2018
Cyprus is one of the world's most important locations for ship management, with approximately 60 ship management companies operating in its territory, several of which rank among the largest of their kind in the world. Cyprus-based ship management companies employ almost 40,000 seafarers (including 5,000 EU nationals), and the total fleet managed from Cyprus is estimated to account for 20% of the world's third-party ship management market.
Since 2009 the Central Bank of Cyprus's statistics department has carried out semi-annual market surveys, covering residents of Cyprus who provide ship management services to ship-owning companies registered in Cyprus and abroad. The surveys collect data on the financial transactions (revenues and expenses) between the resident ship management companies and non-residents of Cyprus.
The most recent survey, which covers the first half of 2018, was published on 1 November. Its main findings are as follows:
For further information on this topic please contact Costas Stamatiou at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email (firstname.lastname@example.org). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.
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