Research by Maritime London member HFW, analysing data from 13 major maritime institutions around the world, has found that London accounts for more than 80 percent of global maritime activity. London handled approximately 1,500 maritime arbitrations in 2017, compared to around 140 in Singapore and just over 100 in Hong Kong.
In addition, English law is the most commonly chosen law in arbitrations globally across all sectors, including maritime arbitrations. English law was the applicable law in 85 percent of all LCIA arbitrations in 2017.
Craig Neame, partner, HFW said: “There has been a lot of debate about whether London will lose business as a result of Brexit. Our research clearly shows that, when it comes to shipping disputes, London is still the clear market leader, and we see nothing to suggest that will change in the foreseeable future. Singapore and Hong Kong will continue to be attractive to companies operating in Asia, and Dubai and the Nordic countries will develop a larger arbitration caseload once EMAC and NOMA become more established. But English law will remain a popular choice among those in the shipping industry and we expect London to continue to attract most maritime arbitrations.”
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