Top of the ship-man­age­ment rank­ings

Financial Mirror (Cyprus) - - FRONT PAGE -

Ever since Cyprus re­alised the po­lit­i­cal, eco­nomic and so­cial im­por­tance of ship­ping, as early as 1963, the is­land’s reg­istry has boomed and to­day ranks tenth among in­ter­na­tional mer­chant fleets - with 1,857 ocean go­ing ves­sels of a gross ton­nage ex­ceed­ing 21 mln – and is con­tin­u­ously up­grad­ing its ser­vices in or­der to of­fer a high stan­dard of sup­port to in­ter­na­tional ship­ping and a rep­u­ta­tion of a “Flag of Progress”, ac­cord­ing to the Depart­ment of Mer­chant Ship­ping.

Cyprus is a lead­ing ship-man­age­ment cen­tre with 60 com­pa­nies based on the is­land. Sev­eral of th­ese com­pa­nies rank among the largest in their cat­e­gory Cyprus also ranks among the top five coun­tries in the world with the largest num­ber of third party ship-man­age­ment com­pa­nies. Among the ship-man­age­ment com­pa­nies based in Cyprus, 87% are con­trolled by Cypriot and EU in­ter­ests. They em­ploy 40,000 sea­far­ers out of whom 5,000 are EU na­tion­als.

The share of the fleet man­aged from Cyprus in the world ship-man­age­ment mar­ket con­sti­tutes an­other in­ter­est­ing as­pect – ac­cord­ing to gov­ern­ment es­ti­mates, the to­tal fleet man­aged from Cyprus rep­re­sents 20% of the world third–party ship-man­age­ment sec­tor (out of 10,000 ships in the world ship-man­age­ment mar­ket).

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