With the UK’s departure from the EU now complete and COVID-19 restrictions soon to ease, the UK is facing a new era in its maritime history. There will be plenty of challenges and opportunities along the way and Arkle Finance can aide UK businesses with finance solutions against a wide range of commercial vessels.
The UK is the fifth-largest economy in the world by GDP, yet the 78th largest by land area. Part of the reason for this variation is that as an island nation, surrounded by 12,500km of water, we became a prolific seafaring nation and this shaped our trading routes, naval power and influence around the globe. Today that empire, sustained by sea trade and warships, has been redefined as our nation-state has transformed within the global economy. Our exit from the EU will bring a new era in our maritime history where we can trade with global reach. If we approach this future with confidence, due diligence and strong government leadership there will be plenty of opportunities to build a bright future.
Arkle Finance has a specialist marine finance team that supports UK companies - including those in the maritime sector - with funding for a wide range of commercial vessels. Vessels are typically valued up to £1m and include coastal workboats, harbour tugs, pilot boats, commercially operated pleasure boats, small passenger ferries, fishing vessels, environmental and scientific vessels, windfarm support vessels, bulk barges and a wide range of other coastal and river craft.
As the economy rebuilds, some sectors will enjoy pent-up demand that will help speed up a return to profitability. It is important to carefully manage cashflows as demand builds and asset finance is worthy of consideration to help business grow sustainably.
Offshore renewable energy
Offshore renewable energy production continues at pace and the UK had installed the largest offshore wind power capacity in the world. Boris Johnson has proclaimed that the UK could become the ‘Saudi Arabia of wind’. Arkle can consider funding UK-based coastal windfarm servicing and crew transport vessels, with vessels values typically ranging from £100,000 to £1m.
Port and riverway support vessels
As we have left the EU our exports around the world will increase and with 95% of import & exports, by volume, handled through our ports, there will no doubt be greater shipping requirements and a resultant growth to our shipping support operations across many of our ports and riverways. There are wide ranges of workboats, tugs, pilot vessels and barges and Arkle can help with asset finance for UK based vessels typically valued from £100,000 to £1m.
It is too soon after Brexit to know exactly how each sector of the UK fishing market will fare but UK fishing boats will continue to gain a greater share of fish from its waters. Annual negotiations with the EU will continue and we can look to other export markets and perhaps we’ll be eating more produce from our seas too. Arkle can consider funding for UK coastal fishing boats typically valued from £150,000 to £750,000. It is important to have specialists involved to ascertain the value of these vessels and their fishing licences.
Private and commercial leisure boats
A final mention in this article goes to commercially operated leisure and small passenger boats. The time is thankfully coming when the COVID-19 restrictions will ease and then so many of us will want to enjoy the outdoors. We will likely have ongoing limitations around overseas travel and social distancing but those leisure activities that cater well for the new rules will no doubt benefit from plenty of demand. Arkle can fund pleasure vessels for private and commercial use and with a wide range of options, we encourage you to get in touch and talk to a marine specialist.
What else can Arkle Finance fund?
Marine finance is a small part of what we do. Arkle is a funder specialising in a wide range of asset finance and leasing products to support UK businesses and consumers. We help businesses large and small, as well as private individuals, to obtain business assets, such as equipment and vehicles, as well as more specialist assets like boats and planes.
Please contact us if you have any asset finance enquiries and our team will ensure you are looked after. Call 01933 304899 or contact us online.