Report: UK Marine Industry has £6.2b Impact

Posted by Eric Haun
Wednesday, July 16, 2014

The full economic impact of the U.K. marine industry and spend associated with boating participation was estimated to total £6.2 billion in 2012/13, according to a new report released by the British Marine Federation (BMF). Latest industry trends results also announced by the BMF show encouraging signs of an upward trend for this key contributor to the U.K. economy. The two reports are announced in a week when the U.K. leisure, superyacht and small commercial marine industry came together at the BMF’s annual conference in Liverpool.

In addition to highlighting the impressive £6.2 billion contribution, the BMF’s Economic Benefits of the U.K. Boating Industry also revealed expenditures are estimated to support approximately 141,000 full time (FTE) jobs and more than £5.3 billion of Gross Value Added (GVA) in the U.K. economy, taking into account all direct and indirect effects. The estimates in this report include associated manufacturing, repair, servicing, distribution, retail, finance activities and other consumer and business activities as well as wider tourism activities and spend.

According to the BMF’s Industry Trends Report (November 2013 – May 2014) the sector is healthier than a year ago and future expectations for the marine industry are also more promising. Almost half of the respondents have experienced an increase in overall marine business activity over the last six months and profit levels are now reporting the most positive trend since pre recession.

Hit hard by the downturn, the leisure market is now improving steadily and new build activity is seeing uplift over the last six months ago compared to last year. In the superyacht and small commercial sectors, both of which are still performing ahead of the leisure sector overall, the most significant improvement is being seen in the aftermarket/ refit markets.

Howard Pridding, Chief Executive of the British Marine Federation, said, “This economic benefits report now completes the picture and we can appreciate the full economic impact of the marine industry; £6.2 billion is a significant total. It’s also great news that latest indicators from our members really do show that the industry is moving forward.

“We’ve seen the sector experience two consecutive years of positive growth and BMF membership numbers recently reach 1,601, the highest since pre recession. Many marine companies reported good sales at our two last boat shows – PSP Southampton in September and London in January - and it is very positive that interest is high for the forthcoming PSP Southampton Boat Show, with 97% of space already sold.

“This progress and positivity for the industry was also evident at our annual conference in Liverpool this week. With a theme focusing on growth, many members came together to share best practice and discussed ways to develop both businesses and the industry.”

The BMF Annual Conference took place in Liverpool as part of the International Festival for Business 2014. Former John Lewis Partnership customer service specialist Andrew McMillan addressed the group as its keynote speaker this year. Andrew spent over 20 years with John Lewis and is widely recognized for developing the retailer’s much admired sales and service culture – consistently held up as an example of best practice.

britishmarine.co.uk
 

Maritime Reporter March 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Sea Star Continues Puerto Rico Investments

Sea Star Line, LLC has entered an agreement to on-hire another barge to add to its current service package for shipments from Jacksonville to Puerto Rico.   The

Rand Logistics Announces Debt Refinancing

Rand Logistics, Inc. announced today that it has closed a $170.0 million revolving loan facility which refinanced approximately $102.0 million of the company's

Baltic Sea Freight Index Edges Higher

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Monday as rates rose for vessels across all segments.

News

WOW at USMMA

The United States Merchant Marine Academy Hosts 7th Annual Women on the Water Conference. Last week, The United States Merchant Marine Academy (USMMA) in conjunction with the U.

Methanol Powered Ferry Launched in Baltic Sea

Swedish ferry operator Stena Line has announced that it has converted the Stena Germanica to run on methanol, an industry first.   The company spent $24 million on converting the ship to methanol.

U.S. Oil Train Traffic mostly from Midwest to East Coast

U.S. oil trains delivered more than 13.5 million barrels of crude oil from the Midwest to the East Coast in January, according to government data that gives a first

Yachts

American Boat Leads in Volvo Ocean Race Leg 5

As the six-strong fleet Volvo Ocean Race continued to endure a helter-skelter ride toward Cape Horn in the Southern Ocean, the American boat Team Alvimedica took the lead, reports AP.

3D Machining Puts Wind in the Sails

With ESPRIT CAM software, Armor Mécanique has the wind in its sails; 50% time savings, better quality and new markets thanks to 3D machining Established in 1984

Yachting Malta PPP Sets Sail

Yatching Malta Ltd (YML) - a new public private partnership (PPP) between the government and the Royal Malta Yacht Club (RMYC) was formed with the aim of putting Malta on "the global yachting map".

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1038 sec (10 req/sec)