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Displaying items by tag: Lloyds of London

#LloydsofDublin? - The option by Lloyd’s of London according to The Irish Times in setting up a subsidiary in Dublin is actively been examined, as it finalises its plan to deal with the move to Brexit.

The insurance market is due to bring a proposal to its members next month to establish a subsidiary in an EU country to safeguard its access to European markets and Dublin remains on the shortlist as the final decision approaches.

The arrival of Lloyd’s, the insurance market with a history stretching its origins in marine insurance back more than 300 years, would pose particular issues for the Central Bank. Lloyd’s members would have to agree to inject new capital into the venture, to create a fully-fledged subsidiary.

However the structure of Lloyd’s, with risk taken on by various syndicates of members, rather than the company, would require a different regulatory oversight to a normal insurance operation.

Lloyd’s was one of the first major city companies to say it would move part of its operations out of London in the wake of the Brexit vote. Its chairman, John Nelson, said that London’s status as a global insurance hub was at risk after the referendum vote. Lloyd’s quickly started looking for a base for an EU subsidiary and it was reported in December that five centres were on the shortlist. Malta is also thought to be on the list.

For more click here and an opinion piece on Afloat.ie of Dublin's Docklands as a relocation base for sectors of the London banking scene leading to potential spin-off of maritime based activity on the Liffey based mostly on moored craft.

On a related note to London's River Thames is where MBNA Thames Clippers (see newbuild orders) is operated by one of the UK's largest credit card issuers, MBNA.

Published in News Update

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!