Impact of BREXIT on key stakeholders of the maritime industry in Asia

• Main Author: Eng, Esther Cai Yun
• Other Authors: Lum Kit Meng
• Format: Final Year Project
• Language: English
• Published: 2018
• Subjects: DRNTU::Engineering::Maritime studies
• Online Access: http://hdl.handle.net/10356/74245
• Institution: Nanyang Technological University

The purpose of this research is to identify the impacts of BREXIT on the key stakeholders of the maritime industry in Asia from 2016 to present, as well as include predicted impacts for the future. Survey questionnaires were sent to industry professionals to gather their opinions, and interview sessions were conducted to obtain detailed perspectives from industry professionals. Findings have revealed that BREXIT has brought about some impacts for the various stakeholders in the maritime industry of Asia, of which, some of these impacts are positive while some are negative. Some of the key impacts would be the effect on shipping demand, port throughput, maritime labour, maritime services and formation of free trade agreements. These will impact the stakeholders, which are mainly shipping lines, port operators, ship owners, seafarers and maritime professionals. The impacts will however, vary according to the different BREXIT scenarios, mainly a soft BREXIT and hard BREXIT. Given the potential impacts, it is recommended for Asian maritime companies to ensure sufficient cash flow to meet new tariffs demand, as well as to start looking for relocation choices for their offices in the UK or the EU. Asian seafarers can also look to improving their skillsets to increase chances of employment on the UK or the EU vessels. Overall, this paper hopes to allow the maritime stakeholders of Asia to fully understand the impact of BREXIT on their businesses, allowing them to better prepare for the future of BREXIT.