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Monday, October 21, 2019

Maritime Logistics Professional

July 2, 2016

Brexit – What Does it Mean for Shipowners' Club?

Photo: UK Chamber of Shipping

Photo: UK Chamber of Shipping

 “Uncertainty” has been a very well used word over the past week, following the result of the EU Referendum. The uncertainty that exists in British and European politics is only matched by the uncertainty that exists in British and European economics.

 
What we do not yet know is quite how the UK and EU passporting/trade agreements will be settled following the UK’s exit from the EU. We also do not yet know how regulation will apply post exit.
 
With so many unknowns, it is no surprise that it is extremely difficult to predict what the impact will be on the Shipowners’ Club and our affected Members and their brokers.
 
However, what we do know is that we have the advantage of being a Luxembourg domiciled Club, with a strong presence in the UK (as well as our Singapore and Hong Kong branches), which leaves us extremely well placed to be able to respond as greater clarity emerges in the coming weeks and months.
 
For now, it is very much business as usual. Our Emerging Risks Working Group coupled with our Group Audit and Risk Committee will be monitoring developments on an ongoing basis, such that we will be well placed once the fog begins to clear.
 
It does not matter how much uncertainty is out there – through our renowned high quality service and financial strength, Shipowners’ will continue to provide security to our small and specialist vessel Members.
 
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