BREXIT could have a positive impact on the tanker market in terms of movement of oil products between the UK and EU countries, say Poten & Partners shipbrokers, reports London's Tanker Operator.
Given the short-haul nature of the UK/EU crude oil and product trades, any changes in trade-flows as a result of Brexit could be positive for tonne/mile demand particularly for product carriers, said the New York broker.
Figures on product exports over the last 10 years from the UK to countries in the European Union showed that they were slowly decreasing, primarily as a result of the decline in crude oil production and exports, it said.
In the first quarter of 2005, the UK exported 7.8 million tonnes of crude oil to other EU countries, representing 69 per cent of total exports by volume.
By the first quarter of 2016, crude oil exports were down to 5.1 million tonnes.
The short-term economic and political impact as a result of the heightened uncertainty and the long-term implications will only become clear when new trade agreements are being negotiated, which could take several years, Poten & Partners said.
In April, the IMF ranked the UK as the world's fifth largest economy after the US, China, Japan and Germany and, as an island and former global empire, shipping has traditionally been an important part of its economy.
The UK Chamber of Shipping said that the government should establish a new Free Trade Commission, working across the Department for Business and the Foreign Office.
Its purpose would be to train trade negotiators to begin the process of establishing new trading ties around the world and be ready for the negotiations with the remaining members of the EU.