Cyprus' coffers gained $1.14bn (EUR1.04bn) in 2018 from the ship management sector after a strong second half of the year. In the July - December half second half the revenue from the sector was $591m up from the $556m registered in the first six months.
The Cyprus Shipping Chamber (CSC) described 1 March as "an historic day" as it marked the first anniversary since the island’s stand-alone Deputy Ministry for Shipping was established.
The growing appeal of Cyprus as a shipping hub is apparent when one looks at the numbers.
Columbia Shipmanagement has opened a new high-tech Performance Optimisation Control Room in Cyprus.
The Cyprus ship management industry in the first half of 2018 generated revenue of EUR506m ($571m), or 5.1% of the island nation's GDP, the highest level in five years. The result consolidated Cyprus ship management as the world¹s third largest hub while the maritime cluster contributes around 7% to the island¹s GDP.
Quality over quantity is the message from Cyprus Shipping Deputy Minister to the President, Natasa Pilides, when it comes to growing the country’s vibrant maritime cluster.
Ship management company Uniteam Marine has been singled out for its contribution to the growth of Cyprus’ economy, winning the country’s 2018 Invest Cyprus International Investment Award.
Making her debut appearance at Posidonia earlier this month was Natasa Pilides, Cyprus’ Deputy Minister of Shipping, who was appointed to the newly created post in March.
Maritime communications provider Globecomm is strengthening its presence in Greece and Cyprus with the appointment of a new representative J&E Papadopoulos.