Shipping Contributes $164bn To European Economy, Says ECSA

The European Community Shipowners’ Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping industry which highlights the industry’s contribution to the Eu economy based on new data.

The study shows the overall contribution of the European shipping industry in 2013 to have been €147bn ($164.2bn). For every €1m the European shipping industry contributes to GDP itself, it creates another €1.6m elsewhere in the European economy.

As an employer, the industry provided work for an estimated 2.2m people both on vessels and ashore in the wider maritime cluster.

Moreover, the ultimate ownership or control of 40% of the world’s gross tonnage lies in an EU country. Between 2005 and 2014, the EU-controlled fleet grew by more than 70% in tonnage terms.

The new figures were presented as part of European Shipping Week, which Ecsa has organised to coincide with the consultation process the EU has called on the future of shipping policy, and the findings of the study will be used in discussions between owners and policy makers.

“We want to bring stakeholders together with policy makers to discuss the priorities for the shipping industry and the politicians,” said Ecsa secretary-general Patrick Verhoeven.

“Shipping policy as we know it today was shaped in 2009 in a strategy paper from the [European] Commission that dealt with three or four key issues, including the competitiveness of the European shipping industry compared with the rest of the world; skill and competences, and the promotion of the maritime cluster; and the sustainability and environmental dimension.”

The policy was developed at a time when the industry was doing relatively well, Mr Verhoeven said. “Then the crisis hit, so the main purpose of the review that Europe has embarked upon is really to see if all these targets that were still valid today.

“We have also had environmental rules put in place and the establishment of [the Sulphur Emission Control Area], so this was a big stocktaking exercise to see whether the priorities are still right or whether policy in Europe should be changed.”

For more maritime news see Lloyd’s List

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