Posted on: 22 April 2016
UK maritime trade promotion body Maritime London has welcomed the findings of research published today by the City of London Corporation which show that the UK is the world’s leading maritime business services hub. According to the report, UK based companies offering marine insurance, shipbroking, legal services and education contribute £4.4bn to the economy and employ over 10,000 people. An estimated 80-85% of its business comes from outside the UK.
The UK’s Global Maritime Professional Services: Contribution and Trends report, produced by PricewaterhouseCoopers (PwC), finds that the UK has a 35% share of global marine insurance premiums; 26% of global shipbroking revenue and that 25% of the world’s maritime legal partners are based in the UK. The report outlines the UK maritime clusters strengths and threats that it faces to its pre-eminent position.
A full copy of the report can be found here.
Welcoming the report’s findings, Maritime London Vice-Chairman and Partner at Norton Rose Fulbright, Harry Theochari said: “With a history of more than three centuries in maritime business services, we at Maritime London are not surprised to see that the UK remains the undisputed global leader in this sector and we are well aware of the huge contribution that maritime business services make to the economy of the UK. The [Maritime Report] re-enforces the findings of the recently published Mountevans Report and, again, highlights the importance of implementing the recommendations outlined in the Mountevans Report. With the maritime industries facing the worst recessions in living memory, this is a pivotal time for everyone involved in the maritime industry and it is clear that the United Kingdom and the City of London, through their maritime professional services capability, are exceptionally well placed to assist and serve the maritime industry through these very challenging economic times and to continue to build on the excellence and expertise that has been developed over such a long period of time.”
Maritime London Chief Executive Doug Barrow commented: “Maritime London is delighted to be associated with this report that has been commissioned by the City of London. Again, it demonstrates the impact of maritime services to the UK’s economy and to the City. We would like to thank the many companies that have contributed data to enable the authors to produce such an informed report. The long awaited report now provides us with evidence in support of our promotional efforts clearly demonstrating the importance of our maritime services. This report states where we are today and gives some pointers for the future. Our job now is to support the growth of our maritime services and ensure they have an increasing share of global business.”
