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Cyprus: Ship management revenues increase marginally in 2nd half of 2011

Ship management revenues increased marginally to 4,9% of Cyprus GDP Ship management revenues increased marginally to 4,9% of Cyprus GDP, during the first half of 2011 despite the economic crisis.According to Ship Management Survey, released on Monday by the Central Bank of Cyprus, the majority of revenues came from Germany (57%). There were also significant contributions from Switzerland (11%) and Latvia (7%).These figures do not represent the countries of the beneficial ship owners whose ships are managed by companies based in Cyprus. They merely represent the countries from where the payments were transferred to Cyprus.Most companies in the sector generate revenues within the range of 1 million - 10 million euro, but there are a few very large companies with revenues exceeding 27 million half-yearly. As a result, the sector is relatively concentrated with 24% of the companies generating 83% of the sectors total revenues.Total ship management revenues from non resident ship owning companies for the first half of 2011 were 431 million euro, which corresponds to 4,9% of Cyprus GDP. There was a marginal increase in revenues during the first half of 2011 from 431 million to 432 million euro.Despite the economic crisis, the ship management sector continued its ...

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ISS Offers Management of Pollution Response in China

The intermediary service is available on a per call basis Inchcape Shipping Services (ISS), the world's leading maritime services provider, yesterday announced the launch of an intermediary service for ships calling at ports in China. The move is in response to new pollution prevention and control regulations introduced by Chinese regulators and the service is already fully operational.The Prevention and Control of Marine Pollution from Ships directive, issued by China's Maritime Safety Agency (MSA) requires full compliance from shipowners and managers by 1 March 2012. From this date, all ships carrying polluting or hazardous cargoes, or those over 10,000gt, have to enter into a contract with an approved Ship Pollution Response Organisation (SPRO) before entering port. From 1 January, these regulations have already been implemented in all major coastal sea ports except Ningbo and Zhoushan where they are likely to be applied following Chinese New Year which falls on 23 January.The new ISS service eliminates the need for shipowners to manage contracts and multiple transactions with SPROs at their various ports of call in China. Instead, based on the MSA's list of approved vendors, ISS will manage the entire process, often in tandem with its other agency and crew logistics ...

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