Copenhagen has the potential to become the "capital of the ocean," according to the Danish Shipowners' Association.

In its annual report detailing business developments over the past twelve months, the association highlighted several areas where Copenhagen has the potential to become a major sea-going hub and attract investment interest from several of the world's major countries.

According to the report, the Danish shipping industry is currently on course to achieve record foreign currency earnings of close to DKK200bn (USD39.5bn) this year.

The report states: "The data relating to the industry’s international position shows that the Danish government’s ambition of developing the country as a leading shipping nation is well founded."

In 2006, Minister for Economic and Business Affairs, Bendt Bendtsen, outlined an action plan for the further development of Denmark as a maritime nation. It contained almost 60 measures in various areas of action.

The report goes on to observe that: "The measures included the abolition of special technical rules, an international effort in support of a liberal shipping policy, an adjustment of the industry’s economic framework conditions, and so on. Most of the initiatives have already been implemented, confirming the authorities’ support of the industry.

"It was also highly positive that, in the late spring of 2007, the Danish Parliament passed various amendments to the tonnage tax system to bring it more into line from a competitive point of view with countries elsewhere in Europe and the Far East. Besides a positive development in key data for the industry, it should be noted that international attention is increasingly turning to Denmark as a shipping hub."

Last year, an increasing number of international maritime conferences have been held in Copenhagen, and it is believed that two major Japanese shipping companies are considering locating new offices in the Danish capital.

Currently, Danish shipping has major significance for the Danish economy. Danish shipowners also maintain an impressive international position; they own a total of 3% of the world merchant fleet and represent 5% of international new building orders.