A new report by PriceWaterhouseCoopers has come up with 36 ways in which London can grow its maritime services offering.
London-based marine insurance, shipbroking, legal, finance and classification industries are worth $6bn to the UK economy each year, in a global market estimated to be worth $20bn.
The 'Catching the Wave' report, commissioned by trade body Maritime London, includes 36 recommendations on what can be done to enhance the city's maritime services offering.
These recommendations include growing the UK’s base of international shipowners and charterers; extending leadership in technology, supporting green ship finance activities and increasing the UK’s talent pool.
"The global market for professional maritime services is worth $20bn and is growing. We must work together to enhance the UK’s leading position as the world’s top maritime services cluster," said Lord Mountevans, chairman of Maritime London.
"Changing trade patterns, new vessel types, digital technologies and green solutions all offer us the opportunity to grow our market share, expand our businesses and increase our contribution to the UK economy.”
Key among the report's recommendations is ensuring that UK-based maritime services firms retain their access to skilled staff.
The report recommends that post-Brexit visa and immigration rules must be such that UK firms can still recruit the best international staff.
Ensuring access to talent from abroad will also help increase the number of merchant officers; improve diversity and further internationalise the UK’s maritime colleges, the report said.
Elsewhere, the report recommends that the government should appoint a ‘shipping czar’ to drive a campaign to attract more shipowners and charterers to the UK.
The report also gives recommendations on how London's ship finance market could be revived, having been weakened following the exit of RBS and Lloyd's Bank.
This could be achieved by putting in place dual listings of large shipping companies on the London Stock Exchange; developing London as the leading offshore centre for RMB-based ship leasing and greater outreach to the deep pool of UK-based institutional investors, the report said.
The UK maritime sector could improve its adoption of digital technologies by creating of a government- and industry-backed fund focused on supporting innovation.
The maritime industry could also be designated as a priority sector within existing government technology and innovation schemes, the report said.
The UK should deepen its lead in specialist segments by leveraging its lead in maritime disputes and insurance, the report said.
To strengthen its position, legal frameworks for artificial intelligence (AI) could be developed, as well as for autonomous vessels and carbon emissions, according to the report.
