Revenue from ship management in Cyprus in the first half of 2020 amounted to 484 million euros, which is 16.7% less than half a year earlier. The decline is attributed to the negative effects of the coronavirus pandemic on the shipping industry.

According to the Central Bank of Cyprus, the revenues of the ship management industry amounted to 4.8% of the country’s GDP. Shipping was severely affected by blockades, suspension of business operations and travel restrictions imposed to curb the spread of the pandemic. Passenger traffic suffered the heaviest losses, while commercial shipping was relatively easy to hit.

The Regulator notes that despite the continuing uncertainty in the economic environment, the industry should expect to recover from the lifting of coronavirus restrictions.