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

Finance

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

U.S. Drillers Add Rigs Despite Crude Collapse

U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,

News

Missing Person Rescued Near Brackettville

On July 31, Border Patrol Search Trauma and Rescue (BORSTAR) agents and CBP Office of Air and Marine rescued a man who was reported missing the previous morning.

Ross is Fleet Manager, Heidmar

Heidmar announced the promotion of Duncan Ross to Fleet Manager. Duncan joined Heidmar’s London office in 2012 as vessel manager.  Prior to joining Heidmar,

Fire Aboard USS Mount Whitney

A fire broke out on board USS Mount Whitney (LCC 20) while the ship was in Viktor Lenac Shipyard (Rijeka, Croatia) July 31, 2015. There were no personnel injuries in the fire,

Yachts

Maritime Museum Christens San Salvador Replica

The Spanish ship San Salvador is the embodiment of California’s origin story. The ship’s voyage in 1542, with Juan Rodríguez Cabrillo at the helm, established California

Super Yachts Give Boost to NZ Economy

New Zealand Customs Minister Nicky Wagner says mid-winter marks the end of another successful yacht season, with many of the remaining international yachts departing at the end of last month.

Four Rescued from Boat Fire in California

U.S. Coast Guard and firefighter crews helped rescue four people from a boat fire Tuesday afternoon in Alameda, Calif.   Coast Guard Sector San Francisco Command

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | 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: 0.1205 sec (8 req/sec)