Revenue from shipmanagement in Cyprus has grown to EUR 538m ($591m) in the second half of 2018.
This is up from EUR 506m in the first six months and is 5% of the island's GDP.
The GDP figure for the first half of 2018 was 5.1%, however, the Central Bank of Cyprus announced.
The slight dip was due to a simultaneous increase in economic output in the second six months, the bank said.
German shipowners accounted for 44% of the revenue, down from 47% in the first half.
The share from Singapore companies doubled to 6%.
Norway's OSM announced this week it would carry out full technical management in the country, with tankers and bulkers already on its books there.
