Speaking at a recent press conference hosted by the FSC, Capt Sallah explained that the move will entail some radical changes to the way the BVI’s shipping registry operates.

“It means that the Shipping Registry and, especially, overall maritime administration in the BVI must be so developed that we will have the capacity to ensure the safety and environmental fitness of vessels on our register,” he commented.

In essence, the upgrade from BVI’s current status as a Category Two registry will mean the implementation of and strict compliance with international maritime conventions dealing with ship safety, the health and welfare of seafarers, environmental protection and international and domestic maritime security.

However, Sallah believes that these obligations will be compensated for through spin-off benefits to both the public and private sector in the areas of legal, company registration, asset management and other corporate services in the jurisdiction.

“This is something that the entire Territory will be proud of achieving," he observed.

The Red Ensign Group is a British-based network of registries regulated under the auspices of the UK government’s Maritime and Coastguard Agency.