By Paul Tugwell and Sotiris Nikas (Bloomberg) -- The Greek government wants to persuade shipowners and shipping-insurance companies based in London to move their European Union headquarters to Greece as the U.K. prepares to exit the bloc. “We’re in contact with five large ship-insurance brokers who are considering various EU member countries for the transfer of their … [Read more...]
Brexit: No Deal Means No Trade for the UK, Economists Say
By Alexander Whiteman (The Loadstar) - Economists have warned that trade is likely to come to a halt if the UK fails to negotiate a deal in leaving the European Union. Contrary to claims from Theresa May on her campaign trail that “no deal is better than a bad deal”, the chief economist and director of policy at ADS Group, Jeegar Kakkad, said no deal would be the … [Read more...]
U.K. Post-Brexit Economy Needs Energy Market That’s a Mess
By Mathew Carr and Kelly Gilblom (Bloomberg) -- Relying on natural gas to fuel Europe’s second-largest economy was never going to be easy for the U.K., even before Brexit. Britain’s once vast North Sea gas fields are fading, and even after a decade of trying, the island nation hasn’t replicated the fracking boom that turned the U.S. into the world’s largest producer. Gas … [Read more...]
Post-Brexit Customs Checks Seen as ‘Catastrophe’ for UK Shipping
By Kylie MacLellan LONDON, April 12 (Reuters) - The introduction of physical customs checks following Brexit would be a catastrophe for British ports and shipping and would likely reduce the volume of trade, the head of the sector's UK industry body said on Wednesday. Prime Minister Theresa May has said she wants a customs arrangement with the European Union which allows … [Read more...]
Brexit Prompts Ship Insurers to Look at Luxembourg, Cyprus Bases
By Jonathan Saul and Carolyn Cohn LONDON, Feb 24 (Reuters) - U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say. Britain dominates the global marine insurance market and losing access to … [Read more...]
Choo-Choo! New China-Europe Rail Link Set to Steal Air and Sea Freight Volumes
By Alex Lennane (The Loadstar) - 2017 will be the year that China-Europe rail services shift supply chain patterns. As the first train from China rolled into London today, having left on new year’s day, the CEO of Kazakhstan’s dry inland port, Khorgos Gateway, told The Loadstar the services would eat into sea and air freight volumes. “We now have two trains per day, … [Read more...]
After Brexit Blow, Wind Parks at Sea Undermine Carbon Prices
By Mathew Carr (Bloomberg) -- In shallow waters off the Dutch coast, you’ll soon see why the world’s biggest carbon market is struggling with slumping prices. Dong Energy A/S plans to build two offshore wind parks there supplying as many as one million homes. The cost of the projects is about 60 percent cheaper than average rates estimated only a year ago by Bloomberg New … [Read more...]