Tax-News.Com Archive

Sponsored by: PEARSE TRUST
Independent advice on corporate and trust structures

ARCHIVE ROOT | TODAY'S NEWS | LOWTAX

Huge MOL Ship Joins Cayman Shipping Registry
by Philip Morton, Investors Offshore.com

16 June 2008

The Aquamarine Ace, a 200-metre ship designed as a 6,400-unit pure car/truck carrier (PCTC), built for Mitsui OSK Lines (MOL) in Japan, has recently been added to the Cayman Islands Shipping Register (CISR), it was announced on Wednesday.

Built at the Kobe Shipyard in Japan, the vessel, the first of two identical PCTCs, embodies environmentally friendly measures such as low fuel consumption and equipment to reduce ocean pollutants, according to Mitsubishi Heavy Industries (MHI).

Both the sides and the bottom of the ship’s fuel tanks are covered by triple-bottomed ballast water tanks as a measure to prevent ocean contamination.

Powered by an MHI UE diesel engine, the vessel has a speed of 20 knots, weighs 60,143 gross tons, and consumes about 20% less fuel oil than conventional ships of the same class.

The Cayman Islands Shipping Registry was established in George Town in 1903, and today has over 1,700 vessels on its books.

Cayman is a Category 1 member of the prestigious Red Ensign Group under the United Kingdom.

The CISR has a global network of services to accommodate its multinational client base, including a Representative in Tokyo, Yoshinori Uno.

The Aquamarine Ace joins other Japanese vessels on the Cayman Register, including the Matsuura, a 228-metre coal carrier, and the 203-metre Pro Grace, a woodchip carrier. Both are also owned by MOL.

.

 


IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.