London retains top position

London remains the leading centre worldwide in the supply of a range of business services to the international maritime community.

The new edition of IFSL's Maritime Services report highlights London's position in key sectors. With 23% of premiums in the international marine insurance market, London is the leading centre in the face of fierce competition from Japan, the USA and Germany. London is also the largest centre in the management of protection and indemnity insurance, with P&I clubs operating in the UK accounting for 65% of the global market. In ship finance, the loan book of $49bn provided by commercial banks in London accounts for 18% of the world book. London's 400 shipbroking firms match ships and cargoes for 50% of the tanker and 30-40% of the dry bulk chartering business. They are also involved in the sale and purchase of over half the world's new and second hand tonnage.

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