Faststream’s Maritime Employment Review – Autumn 2008

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October 22, 2008

Despite the declining shipping markets, global maritime recruitment firm Faststream says that it is experiencing strong demand from its shipowning, broking and commodity clients for commercial shipping candidates.

Writing in the company’s new quarterly Maritime Employment Review published today (20 October), managing director Mark Charman notes:

“Our clients are telling us that they expect to continue hiring people in the New Year. Driving this is the huge growth of the global merchant fleet which continues to expand at a relentless pace and needs a wide range of skilled professionals to service it.”

Focusing on chartering and shipbroking roles, the Faststream Maritime Employment Review reports that as many companies did not recruit during the poor shipping markets of the 1980s and 1990s, a generation of shipping people have reached the traditional retirement age, but continue to work.

The report notes:

“If in the long term freight markets return to the levels of pre-2003, then we predict a flight of shipbroking and chartering experience.”

Faststream notes that the average length of service within a company is now between three and five years and companies are focusing on offering better packages.

“We are seeing companies offering more flexible hours, improvements in the work environment, free lunches and other initiatives.”

The report also reveals that this year’s changes to the UK’s “non-dom” tax regime whereby UK resident but non-domiciled individuals are taxed on their overseas earnings has not as yet led to a flight of commercial shipping to Athens, Geneva and Monaco.

The full copy of the report can be found HERE.

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