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Proposed International Shipping Services Centre to be Based in Cork Docklands

22nd December 2017
A key development in the Irish maritime sector is the proposed International Shipping Services Centre (ISSC) to be based in Cork Docklands. Above berthed at the city's quays are a pair of general cargoships that called in recent years. They are the Fri Wave and astern, Avalon alongside on the South Jetties. A key development in the Irish maritime sector is the proposed International Shipping Services Centre (ISSC) to be based in Cork Docklands. Above berthed at the city's quays are a pair of general cargoships that called in recent years. They are the Fri Wave and astern, Avalon alongside on the South Jetties. Photo: JEHAN ASHMORE

#ShippingCentre -According to Irish Maritime Development Office, there is a proposal to create a world-class cluster of international shipping services orientated companies (ISSC) based in Cork Docklands.

The proposed maritime cluster would also be a major urban regeneration scheme led by a group of individual and well-established property developers who plan to provide appropriate commercial, residential, and cultural amenities within the ISSC.

Technology is the number one FDI employer with over 14,000 professionals employed in the sector in Cork city. It is evident that technology is both transforming and disrupting financial services. The central role which technology will play in finance over the next decade is demonstrated by the decision by international bank State Street to partner with University College Cork and Zhejiang University to set up a Fintech Research and Development facility in Cork.

More recently there have been several developments in the area of alternative asset management and international private equity and this is an area of tremendous potential, given the success of these initiatives.

BNY Mellon also opened a business focused on mutual fund administration in 2007. Later they were also joined by Apex Fund Services, Hedgeserv and IPES, all establishing related operations. Other small clusters have built around expertise in investments and insurance. Davy, Investec and Blackbee all having a presence while in banking Bank of Ireland and AIB both provide a full service Corporate Banking offering in the region to FDI companies.

In leasing, Ardmore Shipping Corporation, an international operator and owner of a fleet of product and chemical tankers are engaged in worldwide trade. Ardmore have their principal operations office based in Cork (see related Bantry Bay ship story). All of the Big 4 (Deloitte, EY, KPMG and PWC) professional services firms have full offerings in the city.

With a working age population of over 400,000 within a one hour commute of the city, there is clearly large capacity for tremendous expansion. Underpinning all of this success is a favourable cost base and excellent quality of life metrics.

The new centre will bring employment, investment and a new lease of life to the Cork Docklands and will continue to grow Cork city as a new financial hub in Ireland.

 

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