Dublin could be set to become one of the world’s elite shipping ports. A new report suggests that the planned International Shipping Services Centre (ISSC) could catapult Dublin into rivalling London, Hamburg, and Singapore as one of the world’s most important shipping locations.
The report was undertaken by the Socio-Economic Marine Research Unit (SEMRU) at the National University of Ireland, Galway. The report said that the centre would be a “major development” within Ireland’s marine commerce sectors.
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“Building on the experience from the International Financial Services Centre (IFSC), and on Ireland’s success in aircraft leasing, the ISSC plan aims at developing a hub for international ship finance in Dublin to establish Ireland as an international maritime centre such as London, Hamburg and Singapore,” the report notes.
The plan for a shipping finance centre was first revealed in 2013 and the company behind the project – ISSC Dublin – is backed by billionaire Denis O’Brien. The Irish Marine Development Office is also been working on a similar plan.
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It is thought that plan could create up to 6,000 jobs and could capture 5 percent of the entire global market. This news comes as Dublin Port revealed yesterday that they’re on track for a record year.
Meanwhile. a €230m project to extend the capacity of Dublin Port is to start “within months”. The new project is designed to double the amount of container traffic coming in to Dublin in the long-term.
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As part of the development, the port will also be opened up to larger cruise and shipping vessels. The depth of the river will also be increased. Currently, the bigger ships have to reverse up the Liffey and access is restricted by tides.
Work is due to commence in October, subject to further consents from the Department of the Environment and the Environmental Protection Agency.
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