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Marine insurers stay busy year in, year out, providing the 118,000 vessels in the world fleet with all classes of cover, principally P&I and H&M. However, the Russian invasion of Ukraine in 2022 and the fighting between Hamas and Israel is providing ample work for war risk insurers too

The ubiquity of English law and London arbitration makes the UK a natural centre for barristers and solicitors specialising in shipping, although the US and Asia also play leading roles

Of course there are viable alternative routes. But simultaneous widespread disruption would be a strain on much of the shipping industry, not to mention the global economy

The majority of the elite group of shipmanagers have continued to advance fleet profiles over the past 12 months, as shipowners increasingly look to the sector’s services and value proposition to run vessels on their behalf; meanwhile, the merger of OSM Maritime and Thome helps relative new player Seacon make its rankings debut

Shipbroking majors have been faced with considerable challenges brought about by the Ukraine war, having to avoid transactions that could ultimately be connected to sanctioned trades. At the same time, shipping markets and vessel asset prices have proved volatile, as both vessel supply and the shipping markets have become increasingly affected by geopolitics