Posted on: 30 November 2019
Maritime London annual IMIF dinner and seminar took place on 27 November at the Royal Automobile Club in Pall Mall this year.
The pre-dinner seminar examined the increasing use of sanctions and their impact on international trade and shipping. Talking about the application of the US Government’s unilateral sanctions, Daniel Martin, partner, HFW noted that initial scrutiny had focused mainly on banks but has now extended to other shipping areas.
Panel members speaking at the event widely criticised sanctions for their disruption, high cost and unfair application and all speakers concluded that utmost diligence was required to effectively manage risk. The best way to do this was to take advice from professional legal, insurance and finance experts, and Maritime London chief executive Jos Standerwick noted that London hosted the largest and most experienced community of these professions.
Speaking at the dinner, Maritime London chairman Lord Mountevans highlighted that progress had been on the subject of finance, which had been singled out as the one maritime services weak spot, in the Catching the Wave report authored by PwC and published by Maritime London during London International Shipping Week 2019.
Lord Mountevans highlighted that OECD base erosion and profit sharing reforms, designed to prevent tax avoidance by multinational companies, may have a significant impact on the UK’s maritime sector, specifically as tax liabilities shift from where the vessel is owned, to where the key functions of the owning entity are located.
The dinner was followed by a most entertaining after dinner speech from former Euronav CEO Paddy Rodgers in his new role as director of the UK’s Royal Museums Greenwich.
Speaking about the event, Jos Standerwick said: “It is great that we have been able to carry on the tradition IMIF annual seminar and dinner under the auspices of Maritime London, it is a mainstay of the London shipping calendar, and we were privileged to have many of the great and the good of the market present. I am also pleased to report the new venue of the RAC Club was met with universal approval.
“Paddy Rodgers regaled us with tales from his great career in shipping and brought us up to speed with the sterling work of Royal Museums Greenwich and the seminar provided a holistic view of the far-reaching implications of sanctions across the industry. I would like to thank Paddy, all the panellists, NYMAR (New York Maritime) who once again supported the dinner and of course all the Maritime London members and their guests who attended.