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UK Net Overseas Earnings of Maritime Services Exceed £900m in 2000 According to Report by IFSL Report
Jul 17, 2001

Net Overseas Earnings of Maritime Services Exceed £900m in 2000. From Report By International Financial Services London (IFSL).

Net overseas service earnings of the UK’s international maritime community were £909m in 2000, slightly down on the £930m recorded in 1999, according to a survey by International Financial Services, London.

Employment in these maritime services, which include insurance, shipbroking, legal services, banking and ship classification, also eased slightly to 13,800 in 2001 from 14,200 the previous year.

Duncan McKenzie, Director of Economics at IFSL, said “Despite the drop in activity, maritime services continue to make a substantial contribution to the UK economy, underpinned by the broad range of services largely based in central London.”

The Baltic Exchange remains the largest contributor to overseas earnings, with a £11m rise to £304m in 2000. Lloyd’s Register’s overseas earnings also increased by £3m to £50m. Law firms and insurance brokers, the next biggest contributors, suffered a drop, each to £150m in 2000, the result of £20m and £10m declines respectively. Overseas earnings of other activities including banking, P&I Clubs, Lloyd’s Register, publishing and barristers were stable.

The UK shipping industry generated net overseas earnings of £1.2bn in 1999. If this was sustained in the following year, the combined overseas earnings of maritime services and the UK shipping industry would have totalled over £2bn in 2000.

The largest employers of maritime services remain shipbroking, with 4,000 people, insurance (3,500), legal services (2,300) and ship classification (1,700).

The report is available at:

http://www.bi.org.uk/research/index.html

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