Shipping Brexit considerations

Shipping Brexit considerations

Maritime Cyprus

Now that the UK has voted to leave the EU (Brexit) there are a number of business issues which will affect many industries, including shipping.

These include the following:

General market conditions

  • Immediately after the Brexit result the GB£ fell to its lowest level against the US$ in 31 years. The GB£ also fell against all major trading currencies although it has since rebounded slightly.
    • The Brexit vote also had a knock on effect (albeit smaller) on the Euro/US$ exchange rate.
    • This will impact positively on British and European Shipowners and Charterers as they repatriate funds normally received in dollars into local currency.
  • Since the vote, a decline in demand for goods/services both from consumers and companies has been seen, reflecting their concerns about the impact of Brexit.
    • Although conversely the slide in the GB£ may benefit UK exporters.
    • According to National Institute of Economic and Social Research there is…

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