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IoM Registry Cuts Fees For Eco-Friendly Shippers

by Jason Gorringe, Tax-News.com, London

07 April 2014


The Isle of Man Ship Registry on April 1, 2014, began offering new incentives to ship owners who adopt energy efficient ship designs to reduce fuel consumption and air pollution.

For vessels that qualify, there will be a 25 percent reduction in the cost of a Certificate of Registry for new registrations, and a 10 percent discount on annual registration fees for vessels already registered in the Isle of Man.

Since the International Maritime Organisation (IMO) formalized an international system for determining the energy efficiency of ships, it is now possible to compare energy efficiency across ships of different types and sizes. This system forms the basis of the Isle of Man's "green ship" incentive scheme.

To qualify for the fees reduction, ship owners must submit a copy of the International Energy Efficiency (IEE) Certificate or pre-verification report to demonstrate that the ship's attained Energy Efficiency Design Index (EEDI) reduction factor exceeds the IMO's EEDI reduction factor requirements for that particular vessel ahead of the IMO's implementation dates.

Dick Welsh, Director of the Isle of Man Ship Registry said: "Shipping is a global industry and requires an international solution to the problem of air pollution caused by ships. It is fair to say that the shipping industry is the first to tackle emissions on a global scale."

"This 'green shipping' initiative is an important part in our drive to reduce emissions from ships and is welcomed by our clients. We are delighted to be able to reward owners and operators who employ ship efficiency measures ahead of the international implementation dates."

"The Isle of Man is proactive in pursuing green technologies and is establishing a reputation as a jurisdiction to which 'Clean Tech' businesses are choosing to relocate."

TAGS: Isle of Man | Energy | business | marine | mining | energy | fees

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