The chairman of the International Chamber of Shipping Masamichi Morooka claims London is "still the shipping capital of the world".

He commented that London, as a maritime centre, doesn't have a rival city it can compare to or compete with.

Speaking for shipowners across the world at London International Shipping Week, Mr Morooka also stated that more should be done to ensure the city maintains its strong position within the industry.

He stated that London proves a large concentration of ship owners is not necessary for success but this would only work for a limited period of time. He warns that foreign companies are dedicated to staying put.

A globally-recognised maritime centre, he argues, would need to offer everything in one place, including expertise and support services.

Mr Morooka also credited London's history for inventing maritime insurance as well as being the worldwide financial capital and housing the Baltic Exchange.