Brexit has opened the floodgates for the UK Ship Register (UKSR) – in the wrong direction. At the beginning of the year, the UK-flagged fleet stood at around 16.5m gt. Today, it stands at 10.9m gt.
As the UK’s Brexit process plunges into deep uncertainty P&I insurers are choosing different methods to ensure smooth trading in the event of the country leaving the EU.
In a damage limitation exercise the UK government today reached an out-of-court settlement with Eurotunnel over the latter’s challenge to the legality of the £108m worth of contracts awarded by the Department for Transport (DfT) for extra freight ferry services in the event of a no-deal Brexit.
The growing appeal of Cyprus as a shipping hub is apparent when one looks at the numbers.
Lawyers from Reed Smith liken the raft of uncertainties facing shipowners and charterers in their charter contracts relating to compliance with the IMO’s 2020 sulphur cap to that of the UK with Brexit.
At a time when Europe is “experiencing turbulence such as Brexit”, Greece, with oceangoing shipping and its management as the cornerstone of a development plan can become "a pole of attraction for many shipping businesses and maritime activities”, says Union of Greek Shipowners (UGS) president, Theodore Veniamis.
One of the most dysfunctional episodes in the UK government’s planning – or lack thereof – for Brexit seemingly came to an end over the weekend when the Department for Transport announced it was cancelling its award of a £13.8m contract to UK start-up company Seaborne Freight for a new ferry service between Ramsgate and Ostend.
Prepared or not prepared? That’s quite a question. According to a survey on preparedness for Brexit by Odgers Berndtson, only 16% of about 100 UK ports and harbour authorities have made any ‘significant or practical’ plans for Brexit, but 59% expect a negative or strongly negative impact.
As the UK looks set to crash out of the EU with a no deal Brexit on 29 March mutual insurer North P&I has confirmed plans to continue its European business from Ireland.