NYMAR is a member-based association of maritime companies in the greater metropolitan New York area whose goal is to promote the benefits of the region as a maritime business center in order to attract more businesses to share in the opportunities available in this robust area. NYMAR hosts an annual seminar, and participates in many area conferences and events.
The reasons for doing business in New York are many. Taking a page from New York’s own David Letterman, here are the Top Ten Reasons for Doing Business in New York:
1. Abundance of capital: Maritime public companies—in all sectors, from bulk and tanker to cruise and container—have a market capitalization of over $100 billion.
2. Abundance of liquidity: Over $300 billion of public shipping stocks traded in 2007.
3. The two largest stock exchanges in the world (NYSE and NASDAQ) combined with vibrant media coverage, including at least three 24 hour financial news television stations that regularly feature maritime CEOs and other luminaries from the New York shipping community, create a global pulse unmatched anywhere in the world.
4. A dynamic and prosperous private equity community that has completed over $3 billion of transactions in the industry in the past year.
5. Over 250 shipping companies, including many of your peers, who have already reaped the benefits of the New York area’s transactional business climate (such as OSG, General Maritime, Genco Shipping, Navios, Eagle Ocean, Eagle Shipping, TBS, and many more). As “they” say “If you can make it there, you’ll make it anywhere...”
6. Over 100 law firms with a maritime practice including ship finance, securities, litigation, risk management, environmental compliance and more.
7. Over 20 leading investment banks and 20 commercial lenders covering the sector. These bankers make capital accessible and efficient.
8. Abundance of maritime professionals (P & I Clubs, Classification Societies, ship brokers, insurance brokers, maritime academies, etc.)
9. Excellent, affordable and efficient arbitration capabilities with top-notch, seasoned arbitrators.
10. The best pizza in the world!
New York also boasts an economy larger than most countries, an internationally diverse population, more Fortune Global companies than any other international business center, and is one of the world’s cultural capitals. Home to the two largest stock exchanges in the world, New York is where shipping and transactional executions meet.
The New York Maritime Cluster is home to over 250 shipping companies, who are continually reaping the benefits of the area’s extensive resources and infrastructure (banks, lawyers, insurance and arbitration). New York is also the world’s best tax haven for a foreign shipping company to base its operations if it qualifies for exemption under US tax laws or a US treaty.
Call us today and take a bite of the Big Apple. As heard on Broadway: “New York, New York it’s a helluva town!”