Shipments – a promising sector

The increase in shipments of Cypriot companies by two percentage points over the next three years is an achievable goal, as suggested by the American billionaire Wilbur Ross.
Cyprus need to increase the share of the world fleet from 4% to 4.8% in order to increase the contribution of shipments in gross domestic product by about 9% from 7%. It is quite feasible for Cyprus, said the vice-chairman of the Bank of Cyprus Wilbur Ross, who pertains to business of shipping. Cyprus has structural and geographical advantages, “you just need to work more on promotion,” says Ross.

Revenue from ship management in the first half of 2015 rose to 464 million euros (421 million euros in the second half of 2014), equivalent to 5.4% of GDP, according to the Central Bank of Cyprus. Among companies managing ships on the island, such as Bernhard Schulte Shipmanagement Cyprus Ltd., Columbia Shipmanagement Ltd. and Interorient Navigation Co Ltd. Minister of Transport, Communications and Works of Cyprus Marios Demetriades said that the government plans to more actively develop the shipping business, in particular by strengthening the regional offices of shipping centers such as New York, Rotterdam and Piraeus, he said, as reported www.sigmalive.com

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