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IoM Shipping Registry Catching The Pack

by Robert Lee, Tax-News.com, London

28 February 2014


The strong performance of the Isle of Man's shipping registry in 2013 was praised in the Isle of Man's latest budget.

In 2013, the Ship Registry grew at twice the rate of the world's fleet – a performance that has elevated the Isle of Man to 14th place in the table of global shipping registers by tonnage. Just three years ago, the Isle of Man did not feature on the list of the world's top 20 registries.

A significant portion of the registry's growth is due to interest from Asian nations. 40 percent of the fleet registered in the Isle of Man comes from owners in the Asia Pac region.

Praising its contribution to the local economy, the Department of Economic Development said: "The aircraft and ship registers are both forecast to continue to grow and so aid further economic growth. The Isle of Man's registries continue to provide world class service to their growing global client base and help to generate substantial revenues for our financial and professional services businesses."

TAGS: marine

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