NYMAR, and its partners, has assembled a series of articles to help illuminate the many benefits of New York. Ranging from the accessibility of capital, to legal support, tax issues, arbitration, insurance and more, the contents of this booklet are intended to provide new insights into the ways in which New York rightly claims pre-eminence as a center for conducting international maritime business.
New York IS the World Capital for Shipping
New York has unsurpassed access to finance and investment services, one of the largest and most diversified ports in the world, extensive legal and insurance capability, a robust and effective arbitration system, a community of brokers covering every discipline, is a center for maritime education, seagoing and technical expertise — and more. PLUS, it is the home to one of the globe’s most sophisticated information and arts centers, offering every possible choice of residence, lifestyle and interest.
In today’s turbulent maritime world, many are looking for a safe harbor. New York offers stability, growth potential, a highly educated professional workforce, and unparalleled global connections— in other words, all the resources that the world’s leading shipping companies need to run efficient and successful operations. New York’s legendary energy and drive promise high returns to all who come here.
NYMAR (New York Maritime Inc.) has assembled a series of articles to help illuminate the many benefits of New York. Ranging from the accessibility of capital, to legal support, tax issues, arbitration, insurance and more, the contents of this booklet are intended to help you gain new insights into the ways in which New York rightly claims pre-eminence as a center for conducting international maritime business. It is no coincidence that the industry’s main service providers such as major ship registries, P&I clubs, brokerage and law firms all have a substantial presence in New York.
New York is considered the premier place for the shipping industry and reinforces what we know— an industry as global and demanding as shipping can only thrive in the city that never sleeps. New York truly is the Capital for Shipping!
We welcome you to New York, and hope to see you here soon!
New York Maritime, Inc. (NYMAR) was created over 10 years ago to help promote New York and its environs as the optimal venue for shipping interests to do business. Unlike other like-minded entities in other global maritime centers, NYMAR is nearly exclusively volunteer driven by maritime professionals who are successfully plying their trade and productively adding value to the international maritime industry from their base in the New York maritime center.
NYMAR is supported in its efforts by a myriad of professional organizations and we are grateful for their willingness to join us to highlight the attributes of New York. Our thanks go to the Association of Ship Brokers and Agents (ASBA), the Connecticut Maritime Association (CMA), the Marine Society of the City of New York, the Maritime Association of the Port of New York/New Jersey, the Maritime Law Association of the United States (MLA), Metropolitan Waterways Alliance (MWA), New York City Economic Development Corporation (NYCEDC), New York Shipping Association (NYSA), Society of Maritime Arbitrators (SMA) and the Working Harbor Committee.
As has been said in other contexts, “It takes a village”—and New York is an extremely large village. When this project began, a group of committed and passionate individuals assembled and mapped out the goals for this book, and the pathway for achieving it. They are:
Mary Grace Collins
Many thanks to all who helped demonstrate that New York IS the Capital for Shipping!!
Table of Contents
• New York: The Optimal Global Business Center
New York City is a vibrant and growing global city and business hub. NYC residents benefit from access to global markets, an international population and high quality of life. There exists a market of 8.4 million customers within City limits, and more than 25 million in the metro area. The readily available access to economic opportunities, diverse culture and reliable infrastructures makes this an exciting time to live and work in NYC.
• New York: The Port as Gateway to America
In the year 1542 Giovanni da Verrazano became the first European explorer to see what would one day be called New York Harbor. He entered in his log, “We have found a beautiful harbor.”
Today, almost 500 years later the Port of New York/ New Jersey is still welcoming ships and commerce into our great harbor.
• New York: The World’s Financial Center
Shipping executives know a thing or two about the world. They know the best place to register their vessels, the best place to incorporate their headquarters, the best place to build bulkers or tankers, to buy bunkers and to go on holiday. As their companies reach a critical mass and seek growth through new vessel orders or meaningful acquisitions, they must locate a new commodity: risk tolerant capital.
• New York: Maritime Litigation- Fair and Cost Efficient Dispute Resolution
Most maritime litigation in New York takes place in the nation’s oldest and some would say its most important and most prestigious trial court -- the United States District Court for the Southern District of New York. Other litigation takes place in New York state court and in federal court in Brooklyn, which is in the Eastern District of New York. However, the vast majority of cases are filed and litigated in the Southern District, which is sometimes known as “the Mother Court.”
• New York: A Center of Excellence for Marine Insurance
As a center of excellence in the practice of marine insurance, New York concedes nothing to its global rivals. The range of coverages available, both mainstream and highly specialist, together with the professional capabilities which support the underwriting of maritime risk, are at the leading edge of international standards of accomplishment.
• New York: Where Maritime Arbitration Began
In March 1656, Andrew Kilvert brought suit against Jan Geraerdy in the Court of Burgemeesters of the colony of New Netherland, demanding the release of his vessel, which had been arrested to obtain payment for the sale price of Kilvert’s ship. The Court ruled as follows: “… the case is found to be somewhat obscure… and, in order then not to be troubled with a long and weary lawsuit at the expense of a stranger, the Court orders… that the matter shall be disposed of by four arbitrators.”
The practice of arbitration of maritime matters in New York, therefore, has its beginnings in Dutch law.
• New York: Tax Advantages as a Maritime Jurisdiction
New York is world-renowned for many things—a center of finance, a cultural mecca and the best pizza in the world (sorry, Chicago). New York is also world-renowned for high taxes. But you might be surprised to learn that for international shipping companies, there is no better place to do business than New York.
• New York: Ship Brokerage in the U.S.
The U.S. is one of the world’s leading producers of a wide range of commodities that include oil, oil products, grain and coal. In 2015, the U.S.A. was the second largest exporting economy. At the same time, the U.S.A. imported even more than it exported. While trade with Canada and Mexico occupy top spots, China, Japan and Europe are also major trading partners. The New York and U.S. ship broking community is the vital link that facilitates this trade not only via their involvement in the import and export of commodities through multinational trading houses and industrial companies but also as the broker of choice given worldwide recognition of their professional standing.