Maritime London, the UK shipping promotional body, has been frustrated at the lack of progress from the London Stock Exchange in getting more into shipping.
“We have been totally left behind by the NYSE,” Harry Theochari, global head of transport at law firm Norton Rose told delegates attending a Maritime London event held at Trinity House as part of London International Shipping Week. Theochari said that Maritime London had been lobbying the LSE for three years to no avail.
London’s ship finance capabilities have come under scrutiny of late with news Royal Bank of Scotland (RBS) is exiting ship finance, a development that drew severe criticism from Splash columnists Clay Maitland and Dagfinn Lunde recently.
Nevertheless, the British capital still tops many polls when it comes to ship finance. A report by Menon Business Economics in May which included a survey of 200 industry experts from 33 countries stated London is the world’s leading city for maritime finance and law. Similarly, another recent survey carried by the Baltic Exchange with Chinese state media organ Xinhua placed London first for maritime business services.