Speaking at a lunch yesterday (17 November) hosted by the Baltic Exchange for the newly appointed Lord Mayor, Robert Finch, Mr Kerr-Dineen said:
"This year the contribution made by Baltic members will rise substantially as a result of enhanced conventional brokerage income, and the sharply increased volumes seen in the freight derivative markets, which have been pioneered by Baltic members."
Highlighting the significant role shipping plays in the development of the global economy, he added:
"But the significance of this direct fiscal contribution is only part of the story. These are exciting times for the shipping industry, which is increasingly recognised as a core constituent driver of the sustained growth in world trade, which is not only generating prosperity the like of which has never been seen before, but which is recasting the very foundations of the economic geography of the world."
The Baltic Dry Index, a key indicator of the cost of moving bulk commodities by sea, has risen dramatically in 2003, hitting an all-time high of 4560 points at the end of October.
In 2002 the Baltic Exchange contributed £322 million in overseas earnings to the UK economy.
Click here for a full copy of the speech .
