IoM Ship Registry Waives Annual Fee Increase

by Philip Morton, Investors Offshore.com

26 February 2009

In response to the slump in international shipping trade and the number of bulk vessel operators reducing their running costs to protect against the global recession, the Isle of Man Ship Registry has announced it is waiving annual increases across its schedule of fees.

The registry will maintain current fee levels until April 2010.

Dick Welsh, Director of the Isle of Man Ship Registry commented:

“With operators now bearing the brunt of the global recession, registry costs are coming under sharper scrutiny and it is increasingly important for the Isle of Man to stay in step with industry needs”.

“Our registry recognizes the financial imperatives facing owners and operators today and the need for real support and service, and we would be deeply concerned if, through financial pressures, operators felt they had no choice but to seek out a flag of convenience not recognized by international maritime bodies and offering little in the way of client care. We have grown steadily through word of mouth but want to ensure that more ship owners, managers and charterers become aware of our rare combination and how seriously we take our international obligations.”

According to the registry, some of the benefits of registering a vessel in the Isle of Man include:

  • A favourable taxation regime designed to encourage business;
  • The right to fly the "Red Ensign" and access the support of British consular services world-wide;
  • Flexibility in the requirements for registered owners including acceptance of Limited Partnerships;
  • The availability of Demise registry both "IN" and "OUT";
  • Low costs and no annual tonnage dues; and
  • Non-FOC status.

Minister for Trade and Industry, David Cretney, concluded:

“This unprecedented move should allow ship owners and operators to consolidate their position in these trying economic times and send a very clear message that the Isle of Man Ship Registry remains flexible and adaptable to changes affecting the global shipping industry.”

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