The Irish Exporters Association (IEA), today 22nd October 2008, launched its Trade and Transport Analysis 2008, publication sponsored by Matheson Ormsby Prentice in the law firm’s offices. The Minister for Transport, Noel Dempsey TD, officiated at the launch.

John Whelan, CEO of the Irish Exporters Association, stated in the opening address at the Launch;

“Services exports out of Ireland saw an upward swing to 17.1Billion euro in the second quarter of 2008, bringing total services exports for the first half of the year to 33.0Billion , which was an increase of 1.5 billion on the same period last year. The shipping industry has seen rapid growth and Ireland is now recognised as one of the attractive centres globally for ship finance and leasing. This sector has been one of the less well known providers of services exports from Ireland”.

Helen Noble, partner in Matheson Ormsby Prentice’s Banking and Financial Services Dept, and head of the firm’s Shipping Law Group, stated at the launch;

“Since the introduction of the highly competitive tonnage taxation system, Ireland has attracted international investment from global shipping companies and has developed its skills in ship finance and maritime law, to the point where it is now ranked in the top 15 international ship finance centres. In August 2008, there was further good news with seven Irish based shipping companies announcing investment of over $ 1 Billion in a two year fleet expansion.”

She went on to say;

“Difficult markets in themselves create opportunities, a declining market for certain aspects of the shipping industry can signal an upturn for other sector activity. For those with cash there will be some lucrative merger and acquisition opportunities. For exporters there is likely to be advantages in falling freight rates as ship capacity is now exceeding demand”.

She also went on to remind the sector of the Taoiseach’s recent comment;

“An Taoiseach, last Sunday in referring to the trade mission to China, said ‘We have to make sure Ireland continues with its very ambitious capital program - Ireland is open to business. Ireland however, in my view needs to continue to up its game if it is to remain an attractive location for inward shipping investment.”

Dr Constantin Gurdgiev, who provided the Analysis of Trade and Transport 2008, in speaking at the launch said;

“The broad trends, despite the current downturn in the EU and US, are continued demand long term for shipping services globally as Asian and BRIC countries continue their rapid growth. Over the last seven years, demand for sea freight shipping has grown at double digit rates annually, with shipyards struggling to satisfy demand for new and bigger ships.”

He went on to say;

‘’In Ireland as shown in The 2008 Analysis, there is huge imbalance in volumes of goods imported and exported and combined created a 6% year on year volume growth in trade in 2007. This is much higher than the value growth which totalled 3%.These figures point to the urgent need for much greater attention to our seaport and airport capacity development. It also points to the need to ensure that freight modes such as rail are utilised to the maximum in order to reduce the lack of capacity on the road systems to the ports.’’

For a copy of the Publication, please contact;

E-mail: GillianRyan@irishexporters.org

This is free to IEA members and costs 75 euro for non members.

For further information on this press release please contact;

John Whelan at jfwhelan@irishexporters.ie

or by phone> 01 6612182> mob. 087 9271243

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