The UK’s maritime services sector is globally renowned for its expertise and professionalism. Maritime UK report estimates that the sector supported 468,900 jobs and generated a £22.2bn gross value-added contribution to UK GDP in 2013, the latter is equivalent to around 1.4% of total economic output created in the UK.
UK maritime services – key statistics:
- 3,582 new maritime disputes were referred to arbitration in London and more than 584 awards were published in 2014 (source: London Maritime Arbitrators Association)
- 30-40% of all dry bulk fixtures are transacted by UK based shipbrokers (source: the Baltic Exchange)
- Lloyd’s Market Association members managed a gross premium income of £26bn in 2015 (source: Lloyd’s Market Association)
- 90% of P&I cover for the global fleet is handled by 13 major international P&I clubs all of which maintain offices in the UK
- 80% of maritime related cases heard in UK courts involve one or both parties based outside UK
The UK sits at the heart of the international shipping industry and its professional expertise is called upon by shipowners and charterers worldwide.
Key strengths of UK maritime services sector
- Expertise – Shipping is a niche and highly technical sector which requires specialist knowledge to succeed. The pool of expertise available in the UK is second to none. Whether former seafarers or financial, broking or insurance experts, the UK-based workforce has a huge range of shipping industry specific skills available.
- Quality – UK based firms are renowned for the quality of their work. The framework provided by key institutions such as the Baltic Exchange, Lloyd’s of London, the Admiralty and Commercial courts and Financial Services Authority delivers a high degree of security and confidence.
- Variety – The breadth and depth of UK maritime service providers means that any requirement however large or small can be handled. The interaction between the various professions is a key advantage, enabling quick and expert solutions to shipping related problems.
- Experience – UK-based firms have been providing maritime related services for over 300 years and continue to be at the cutting edge of new developments
2015 Maritime UK reports:
The economic impact of the UK maritime services sector: Combined
The economic impact of the UK maritime services sector: Shipping
The economic impact of the UK maritime services sector: Ports
The economic impact of the UK maritime services sector: Business Services
The economic impact of the UK Maritime Services Sector in Scotland
London is home to the London International Shipping Week, a biennial gathering of the global shipping industry heralding the UK’s position as the world’s leading maritime services centre. First held in 2013, it has grown and will next be held 11 – 15 September 2017. With over 100 events, ranging from flagship conferences and industry seminars to board meetings and receptions. Delegates from at least 50 countries attended in 2015, with events throughout the week amounting to over 300 hours of discussions. Please see the LISW 2015 hightlights here.