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Manx Ensign Promoted In London

by Jason Gorringe, Tax-News.com, London

30 October 2012


The Isle of Man's Ship Registry has recently held an event in London to highlight the importance of the relationship between the Manx maritime industry and the City of London, and to raise awareness of the benefits of registering vessels in the Isle of Man.

For the Isle of Man, the City of London remains a key market as one of the world's premier centres for shipping and ship finance. The Registry highlighted that links between the City and the Isle of Man continue to be vitally important especially in terms of shipping business.

Alex Downie, the island's minister responsible for the aerospace, shipping and aircraft registries as well as e-Gaming, led a local business delegation, and addressed attendees on the advantages of registering under the Isle of Man ensign. He highlighted that, in this economic climate, the island presents considerable opportunities for operators of larger vessels in particular, to achieve cost savings. The forum brought together representatives from leading British law firms, ship owners and managers, yacht brokers, financiers and insurers.

Downie commented: "Hosting such an event provides an ideal networking opportunity for both existing and new clients. It is also a means of strengthening links with the City to ensure the Isle of Man is showcased as a jurisdiction in which to conduct business. This sentiment was endorsed by the end of the evening with an existing client’s confirmation of increasing their tonnage under the Isle of Man flag."

Dick Welsh, Director of the Isle of Man Ship Registry said: "It is essential we maintain and develop relations with clients old and new on a regular basis. The register has always prided itself on the level of service it provides and such functions keep the eyes of the shipping world focused on the quality of the Isle of Man Ship Register in the face of some very aggressive positioning by its competitors."

The Manx Ship Registry has posted steady double-digit growth in recent years despite the financial crisis, and most recently it announced that it had appointed several external auditors to cope with interest being received from markets further afield. Despite its relative infancy, the island's Register is now one of the top fifteen worldwide in terms of Gross Registered Tonnage (GRT). A total of 139 vessels were added to the register in 2010, growth of 15%. During 2011, the Register grew by a further 12%, from 12.36m GRT at the start of the year to 13.84m GRT.

TAGS: Isle of Man | marine

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