London still leads as maritime centre

The maritime industry contributes nearly £14bn to the UK economy, including £1.5bn from the support services London provides to the industry, including law, insurance and finance. However, the report also warns of the serious challenge London faces to its crown from rival centres such as Hong Kong, Singapore and Dubai.

According to TheCityUK’s report, maritime business services generate tax revenues of £385m and net exports of £2bn for the economy. The industry also employs 12,000 people across the UK. The UK’s maritime business services sector plays a vital role in facilitating world trade through the financing and insuring of ships. More than a fifth (21%) of international marine insurance premiums are written through London, and around 40% of the global chartering market takes place in London. Furthermore, English law is the law most widely applied to shipping disputes, while London is globally dominant in terms of its share of arbitration cases.

TheCityUK is the independent, cross-sector voice for UK financial and related professional services and champions the international competitiveness of the sector Chris Cummings, its CEO said: “The maritime industry makes a significant contribution to the UK economy. It’s not difficult to see why. London boasts a unique blend of maritime business services including shipbroking, derivatives, insurance, ship finance, ship classification, education and legal services, meaning it remains the number one destination for global shipping activity.

“However, there are a number of other maritime centres fighting to take London’s crown, including Hong Kong, Singapore and Dubai. Because of our history and expertise in this industry, not to mention its contribution to the UK economy, it is vital London retains a vibrant and successful maritime sector.”