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IoM Ship Registry Hits 15m Tonnage Milestone

by Jason Gorringe, Tax-News.com, London

14 January 2013


The Isle of Man's Shipping Registry has confirmed that Gross Registered Tonnage surpassed fifteen million for the first time in its history following the registration of one of the world's largest vessels, ore carrier Berge Neblina in the early hours of January 4.

The Registrar at the Ship Registry, Muriel Sweetman, worked late into the evening to allow the registration of the vessel, at a minute past midnight, to coincide with a ceremony being held in the Far East. "This is a service we offer, which very few of our competitors can match but is really appreciated by our clients," she said.

The Chinese-made vessel is some 361 meters long, with a Gross Tonnage of 184,000 and Deadweight Tonnage of 388,000, representing a major addition to the registry.

The addition of the Berge Neblina comes following a marketing push by the Registry kicked off in 2010 to target emerging markets in Asia. During 2010, the Registry attended a number of events to expand its network of contacts in the region and create awareness of the Registry. Following a substantial increase in business received from Asian clients, the Registry appointed local surveyors to represent the Registry in 2011, and trained and appointed third-party auditors in 2012.

The Manx Shipping Registry is among the world's fastest growing, with double-digit growth seen in tonnage terms in both 2010 and 2011, rising from 12m in 2010 to the current level of 15m.

The Isle of Man passed the Merchant Shipping (Registration) Act 1984 in order to encourage registration of ships on the island. There is a zero-tax regime for ship management companies based on the Isle of Man.

However, in March 2009, the Isle of Man Ship Registry announced its intention to introduce an annual registration fee for the first time in its history. For merchant vessels, the initial registration fee has been set at GBP730 (USD1,180), and the ongoing annual re-registration fee is GBP1,000. Unlike other registries, the fee is not to be dependent upon ship size or type. In addition the IoM Registry grants discounts for multi-vessel owners registering with the flag.

TAGS: Isle of Man | tax | marine | offshore

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