Cyprus’ ship management revenues reached €978 million in the first half of 2025, marking a 6.7% increase compared with the second half of 2024, according to the Ship Management Survey published by the Central Bank of Cyprus (CBC) on Monday.

These revenues correspond to 5.5% of Cyprus’ semi-annual GDP, based on turnover figures provided by the CBC. The revenue level surpassed the €950 million mark, remaining significantly higher than the average revenue observed during the 2019–2021 period.

During the first half of 2025, 31% of companies recorded revenues between €2 million and €20 million each, while another 31% generated revenues exceeding €20 million. The report highlights that a small number of large companies continue to dominate the industry, with the top 27% of companies accounting for 85% of total sector revenues during the period.

Full ship management services continued to represent the main source of revenue. In the first half of 2025, their share slightly increased to 49.8% of total ship management income.

Meanwhile, the share of crew management services rose from 43.5% in the second half of 2024 to 48.4% in the first half of 2025.
Conversely, the share of technical management services declined sharply to 1.8%, compared with 7% in the previous half-year period.

At the same time, ship management expenses climbed to €896 million, representing an 8.3% increase compared with the second half of 2024.

The majority of expenses were related to crew costs, which slightly decreased to 66% of total expenditure, from 68% in the previous period.

Most crew-related payments concerned seafarers from non-EU countries (43%), while administrative expenses accounted for 2% of total costs.

The share of ship operations-related expenses (such as spare parts, lubricants, and dry-docking) increased from 27% in the second half of 2024 to 32% in the first half of 2025.

According to the CBC, Germany remained the main commercial partner of Cyprus’ ship management sector, representing 30% of total revenues.

The combined contribution of Germany and Greece, the two leading partners, slightly decreased to 30% and 13% respectively during the first half of 2025.

In contrast, the shares of Switzerland (12%) and Singapore (4%) remained relatively stable during the same period.