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UK wants to challenge Singapore's shipping hub status

By way of a tax reform, the UK means to challenge Singapore's status as shipping hub, writes Financial Times. The newspaper reports that Britain is working on a plan to increase the number of UK-flagged ships by attracting oil rigs, among other measures.

British oil industry expects significant investment decline

Investments could drop by up to 30 percent in the British oil and gas sector during 2020, industry association predicts, as a result of the coronavirus and a dramatic drop in the oil price. The sector is in a "paper-thin" position, CEO says.

Johnson's Brexit plan faces doubters in Brussels and Westminster

UK Prime Minister Boris Johnson presents the latest Brexit divorce settlement proposal to both the EU Commission and the House of Commons today, Thursday. The question of an Irish border continues to be a central contentious issue, with new lines being drawn along the Irish Sea. Even so, Downing Street has softened its rhetoric from the recent "final offer" stance to a broader, negotiable platform.

Security firms pulling British guards from the Gulf

The detainment of a UK-flagged tanker vessel close to the Strait of Hormuz now makes security firms pull their British employees from ships in the area. "We are advising our clients do the same," co-founder of major security firm tells Financial Times.

UK sends another navy vessel to Hormuz

Yet another British Navy warship has arrived at the Strait of Hormuz to guard the country's merchant fleet in the region following Iran's detention of a UK-flagged Stena vessel a few weeks back.

Khamenei warns UK's seizure of Iran tanker will not go unanswered

Following the UK's seizure of an Iranian supertanker at the Strait of Gibraltar due to suspicion of its oil cargo having been bound for a Syrian refinery, Supreme Leader Ayatollah Ali Khamenei vows to retaliate to the UK's vessel seizure, which Khamenei calls "piracy".

UK tightens climate target in new maritime plan

By 2050, the UK shipping sector must be emission-free, and starting 2025, new ships built for UK waters should be able to sail without emitting any GHG, according to a climate action plan set forth by the British government. Subsidies are also on the table.

Logistics companies struggle with Brexit expenses

Sliding profit margins pose difficulties for logistics companies in paying for Brexit preparations, concludes a new report from the UK's Freight Transport Association. 37 percent of companies participating in the survey have not yet taken steps to prepare.

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