Brexit: Threat And Opportunities For The Shipping Industry

Author:Giambrone Law ILP

London has historically been the pivotal centre for the shipping business for hundreds of years. Although there are now not as many docks as in the past, London still holds its crucial position in the shipping industry.

The Brexit referendum and rivals such as Singapore are seriously threatening Londons status in the industry. It is however to be specified that London position was suffering even before the referendum, but the uncertainty stemming from a possible post-brexit environment could mean London will lose its top position. 

As suggested by David Balston, director of policy at the UK Chamber of Shipping, Londons main concern would be to make the city as competitive as possible in maritime terms as to make the UK offering on all sectors and industries as attractive as possible in a post-Brexit scenario.

For instance, Singapore, who has historically looked up at London as the leading city for the shipping industry, has offered lucrative tax breaks for companies who decide to relocate there, in order to steal Londons top position, which proved to the be a catalyst for the industry development.

The industry has however drafted a host of requests for the government to implement promptly....

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