This week, hundreds of top leaders from the global maritime sector — think shipping, cargo, ports, and logistics — are coming from all over the world to convene in London.
While it might sound niche, it shouldn’t. The timing and location tell us something important about London, the UK, and our standing as a maritime nation.
Even the most passive observer of the news will have noticed that global shipping is going through some pretty choppy waters.
From wars to changing tariffs regimes; piracy to mounting fuel and energy costs, life has been tough for those who move goods around the world by water.
As an island nation, that has a big impact on us with around 95% of UK trade being transported by ship. These Big Numbers can sometimes fall into the abstract, so think about it this way: the product you are reading this on and the coffee or tea you are drinking will have been shipped in; as were many of the other things currently around you. The cost, complexity, and challenges of doing so are on the up.
So, that London is the location for this discussion is testament to both the draw of the capital, but also its significance as a port city. We remain the undisputed global leader in maritime business services including insurance, law, and dispute resolution.
And while recognised globally, the Port of London might be something of a forgotten treasure closer to home; especially when you consider it is the UK’s biggest port, as well as its busiest inland waterway, and is growing.
A thriving economy needs thriving ports and so as well as looking at the global context, and drumming up interest for trade and investment, the Port of London Authority will be waving the flag for London and the UK economy, its importance for growth, and the wellbeing of the tidal River Thames.
That is because, unusually, the Port of London has no shareholders. Meaning the money it makes is put back into local businesses, communities and the river – cleaning it, caring for it, championing it. Last year, that equated to more than £2m being pumped back into community and environmental benefits.
So this isn’t niche, it is essential. That a global sector, which is vital to the UK, gathers in London to shape the industry’s future, wrestling with issues like decarbonisation, AI, and cyber security, it represents an opportunity, an endorsement, and a window to showcase how London is good for business; and business is great for London.