While so far managing to maintain a solid MPBS cluster even with a small shipowner base, the sector needs to encourage more owners and charters to locate in the UK, according to the report.

This could be achieved via the introduction of a so-called ‘shipping czar’ who would “coordinate between relevant departments, trade associations, and the MCA [Maritime and Coastguard Agency], and have the authority to represent [the] government to shipowners”. 

Alongside this new figure, the government should also look at re-evaluating existing targets and making Britain more attractive by introducing more tax and business cost incentives for a small number of flagship owners and charterers planning to relocate to the country. 

Recommendations also include improving the government’s current plans to grow the UK flag by adding a new comprehensive strategy review and a marketing strategy to compete internationally.

Through a joint effort between the government and the industry, the UK should leverage its existing leadership in specialist segments, including maritime disputes and more complex insurances. 

As the report suggests, this could be achieved by ensuring that Downing Street is “at the forefront of developing legal frameworks around areas such as AI, autonomous vessels, and carbon emissions which are likely to be important issues in future disputes and arbitration”.

Adding to this, strong emphasis should be put on developing standards around innovation by building strong relationships between the British IMO delegation and the Maritime Professional Services Forum. 

In addition, the UK’s already strong role in digital maritime technology could be enhanced through the creation of an industry and government-backed fund that would drive innovation in the sector. 

This segment also needs to become a top priority within some of the government’s most prominent support schemes such as Innovate UK and the London Co-Investment Fund. 

Lastly, the industry’s low visibility to technology specialists compared to competing centres is limiting the number of start-ups. In this sense, the sector should sponsor more MPBS-related hackathons and use Maritime 2050 activities to promote itself more extensively.  

The report identified ship finance as one of the weak spots of the MPBS sector, having acquired a rather marginal presence following the exodus from the market of lending leaders like the Royal Bank of Scotland and Lloyds.

Although the chances of matching previous standards remain unlikely, the report cited a number of measures that could help revive this sector. 

These include stricter cooperation between the government, the industry and the London Stock Exchange, a move that would help catalyse capital markets activity in the coming years.

In addition, London should become the leading offshore centre for RMB-based ship leasing and other forms of finance. 

Finally, green finance should become a pivotal focus area for the UK, which has the means to become a leader in this segment. On the industry’s end, this can be obtained by adopting more green finance products and strengthening Britain’s role in standards organisations, such as the Climate Bonds Initiative. 

As per the report, the government should also put in place “incentives such as export finance, public/private funds, and vessel residual value guarantees related to green technology” in support of these measures.

The UK’s imminent withdrawal from the European Union could mean stricter regulation on immigration, which will limit the industry’s access to international skilled staff. 

As a result, Maritime London says ensuring visa and immigration rules after Brexit will be pivotal in allowing firms greater access to non-British citizens. Educational institutions should also be kept open to global students. 

The sector should also work to promote diversity in the workforce and encourage more women to the work in MPBS through initiatives like the Women in Maritime taskforce. 

Finally, the report also encourages stakeholders and the Department for International Trade to further internationalise British highly successful marine colleges and increase training support towards cadetships and shore-based roles. 

The last set of recommendations from the report focuses on strengthening the so-called cluster effects of having multiple MBPS providers in one location. 

Maritime clusters are defined by the World Ocean Council as “concentrations of similar or related maritime firms […] that share common markets, technologies, worker skill needs, and are often linked by buyer-supplier relationships and operate in close interactions with another directly and through multiple networks”. 

The benefits linked to this business model include increased competition and information sharing, as well as the birth of new partnerships. 

Already proving successful in the British maritime sector, this effect could be further amplified through cooperation with the DIT, industry umbrellas and other European MPBS clusters, which would help create a ‘super-cluster’. 

Companies should also engage with developing economies like China to capitalise on their rapid expansion, while also exploring ways to create ‘virtual clustering’ “to improve collaboration and increase the visibility of maritime services in the UK”. 

Although some of these measures remain subject to Brexit developments, the report concludes: “strengthening the MPBS cluster should remain a core element of the Maritime 2050 strategy, reflecting MPBS’ importance as the jewel in the crown of the UK’s maritime sector”.