Greek-British Shipping Forum 2011

The Greek-British Shipping Forum 2011 took place on Tuesday 29 November at the British Ambassador’s Residence in Athens. This is the latest in a series of maritime-related events under the auspices of the British Embassy. Organised jointly by UK Trade & Investment and Maritime London, the Forum brought together experts from the UK and Greece to discuss common challenges and the solutions that London can offer as a Global Maritime Centre. Over 100 companies attended the sessions.  

Forum themes included debt restructuring and refinancing, environmental challenges in the shipping industry and legal and insurance aspects of piracy and BALTEX (the Baltic Exchange’s new electronic marketplace).

In his address the British Ambassador Dr David Landsman referred to Greek-British relations and close maritime connections, from Navarino to Newcastle and beyond. He highlighted the UK and the City of London’s leading position in maritime services and explained how Britain’s global outlook was ideal for global industries such as Greek shipping.

The Ambassador said:
“My message to you today is that the British Government wants to be an active supporter. UKTI is the most responsive it has ever been.   More importantly, we have a Government, from the Prime Minister down, who fully understand the importance of trade for our prosperity, and want to support it to attract business to Britain and to help it flourish. We know that we have a huge task to rebalance our economy and bring down our deficit. We have clear plans to do so. And Lord (Stephen) Green, Minister for Trade and Investment, brings his banking background, personal reputation and “can do” approach to the heart of Government.

Our Ministers are well aware of the potential that business with the Greek shipping industry can bring.   Following a number of contacts in the UK and Greece, Lord Green recently met with Maritime London and has asked for an early chance to meet representatives of the Greek industry. We’re working on this. I know, from my own time in industry, that it’s easy to be cynical about what Governments can deliver, but I believe there’s really an opportunity for a genuine exchange of views, and a positive and realistic common approach.  

Mr Doug Barrow, Chief Executive of Maritime London, spoke about the Greek/UK axis in shipping and highlighted the advantages of London as a Global maritime centre. He noted that :

• London remains the centre of marine insurance with 20% of the global market with Lloyds as the core.
• The UK  is the largest centre for P&I insurance with 62% of the global market share in 2010.
• Over half of the world’s tanker fixtures and 40% of the dry bulk fixtures are carried out by the 200 UK based shipbroking firms. Baltic Exchange members are responsible for over half of the S&P market.
• London has always been a significant centre of ship finance and in 2010 still represented about 15% of the world orderbook.
• English law continues to be the norm in the shipping industry. It is well respected, impartial, robust and globally trusted.

Doug Barrow said:
“The Greek / UK axis not only exists, but is flourishing. It is of critical importance to the maritime business services sector and that is why we are here today to demonstrate our ongoing determination to ensure the relationship not only remains, but is strengthened.  I can assure you that the maritime community of the UK is working with our government to demonstrate that, in the words of our Prime Minister - Britain is open for business and may I add that it is particularly open for your business!”

• Summary of panel discussions
• Introductory speech by Doug Barrow, Chief Executive, Maritime London

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