PRESIDENT’S FOREWORD


I believe that 2011 and 2012 will prove to have been key years for the future of UK shipping and indeed for the Chamber as an organisation.


Shipping has been a major source of growth for the UK economy over the last decade, with a dynamic revival of the UK fleet, and our sector’s contribution to GDP and employment more than doubling. We are a high-productivity industry – 16 per cent higher than average. And our employment growth over a five- year period has averaged 10 per cent compared to an economy-wide average of 0.3 per cent. These continue to be extraordinary times. The


UK industry – like others – has faced enormous pressures from the banking crisis, threats to the Eurozone economies and the slow-down in world trade. The resilience of shipping companies has meant little change to the size of the UK fleet, but we do not underestimate the challenges individual companies are facing. In such times the role of the Chamber becomes critical, as the potential impact of policy decisions and developments can be crucial to a company’s viability and success.


4 PRESIDENT’S FOREWORD My presidential year has focused on four areas.


First, the business climate – this year saw a clear threat to the fiscal regime which has driven the fleet revival. New questions over the eligibility criteria for tonnage tax caused uncertainty for several companies. The Chamber worked hard with HM Revenue & Customs and the Treasury to correct these, resulting in a clear commitment to maintain the original rules. These changes were announced in November


2011 by Justine Greening (then Economic Secretary to the Treasury and now Secretary of State for Transport) and the Chamber strongly welcomes her assurance of ‘the government’s commitment to providing a stable and predictable tax regime and ensuring that we work with the shipping industry to ensure that the UK remains an attractive location for maritime investment’. My second focus has been the employment


and training of UK seafarers. Perhaps the most challenging issue in this area is the funding for the training of UK seafarers for the future. A strong flow of professional mariner skills is essential, not just for our companies, but also for the ability of the UK economy to compete internationally and remain a leading maritime centre. The Chamber has been closely involved in the recent review of the government’s Support for Maritime Training


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