U.K. shipping revenue surges 146% since 2002

U.K. shipping revenue surges 146% since 2002    The United Kingdom’s revenue from ocean shipping in 2005 was '11.6 billion ($21.6 billion), a 146 percent increase compared to '4.7 billion in 2002, according to figures produced by the Office for National Statistics.
   Shipping beat air transport for the second straight year and remains third behind financial services and travel in terms of export earnings at '9.4 billion ($17.5 billion), up 16 percent over 2004 and by 100 percent since 2002.
   The overseas income of the U.K. shipping industry outstripped the nation’s overall expenditure on shipping by '1.8 billion ($3.4 billion) in 2005. This contrasts with a current deficit of '3.5 billion ($6.5 billion) for air transport and with the average deficit for shipping over the 10 previous years of '443 million ($826 million).
   Shipping’s net direct contribution to the U.K.’s balance of payments was '3.3 billion ($6.15 billion), slightly down on 2004.
   “These spectacular results are a clear indication of the success of the government’s maritime policy, founded on the tonnage tax adopted in July 2000,” said Maurice Storey, president of the Chamber of Shipping.