For two hundred years Britain has been one of the great maritime nations of the world. While its shipping and shipbuilding industry no longer hold first place, its maritime financial and legal shipping services do, with London the world?s undisputed maritime capital.
- In Maritime London, shipowners from all over the world find a one stop shop where they can buy services such as insurance and brokering, ship finance and legal services. Click here
- Lloyd’s Register of Shipping, for example, is the leading classification society, which gave the world the phrase A1 at Lloyd’s and ensures that ships are built and maintained to an acceptable standard.
- The Baltic Exchange is the world’s largest institution matching ships to cargoes and is also the largest market for the buying and selling of ships.
- Shipowners who require arbitration, wherever in the world the incident occurs, favour London as the place to settle.
- Maritime London is worth almost A?1bn to the UK economy, in addition to the shipping contribution.
- In other parts of the country, marine equipment manufacturers and shipbuilders are buoyant and also make an important contribution.
- Even if a ship is built abroad, UK manufacturers may supply the fittings, from stabilisers to the night club on a cruise ship. Some of Britain’s shipyards, no longer competing directly with Asian yards, have carved out a niche as leading ship repairers.
- Britain has four world renowned nautical colleges at Glasgow, Fleetwood, South Tyneside and Warash near Southampton.
- Click here In addition to training British seafarers to the highest standard, these colleges receive hundreds of overseas students every year.
- Other universities, such as John Moores in Liverpool, the University of Wales in Cardiff, Plymouth, Southampton and London’s Guildhall and City Universities supply nautical expertise in particular fields.
‘The UK owned merchant fleet is one of the most efficient and diverse in the world’
July 2000 saw the historic enactment of a new taxation regime for British shipping, as part of a new, long-term strategy for this core national industry. It is not an exaggeration to say that, without this new policy, the millennium would have seen the demise of Britain as a world-class maritime nation.
The introduction of the tonnage tax has been vital to the recovery of the shipping industry. Since its introduction there has been a 250% increase in the UK registered fleet and a doubling of the UK based fleet. These changes have reversed a quarter of a century of decline and placed Britain at the forefront of international shipping. It is worth noting that the British flagged fleet is now second only to Greece within the EU.
The British Shipping industry is at the threshold of a new era. A comprehensive policy from the Government has put in place new taxation options which could transform the viability of many shipping companies.
Shipping Terms – A safe and thriving global shipping industry is vital to the UK economy. Domestic shipping and ports activities and strong global maritime influence help to protect the UK’s interest in this area by promoting a competitive, safe, efficient and sustainable environment for this trade to take place. Shipping Terms.
Overseas Shipping – When shipping a product overseas, the exporter must be aware of packing, labeling, documentation, and insurance requirements. It is important that exporters ensure that the merchandise is all taken care of. Overseas Shipping.