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Marshall Islands Registry To Target Offshore Sector

by Mary Swire, Tax-News.com, Hong Kong

03 December 2012


The Vice President of the Marshall Islands shipping registry Charles McHardy has announced that the registry will target growth in the offshore drilling sector to build upon its world-leading market position in this area.

New figures released by the Registry show that gross tonnage surpassed 87 million gross tons at the end of October 2012, with 2,780 ships registered. Growth in the Registry's mobile offshore fleet has been particularly marked, McHardy highlighted, attributing the 71% expansion seen over the past five years to the Registry's specialist industry knowledge. The Marshall Islands has retained its place as the world's third largest shipping register this year, behind Panama and Liberia.

McHardy said that the registry's placement of representatives in key markets had been important for unlocking new business. “The Registry’s dedication to its growing offshore customer base is apparent through its expanding presence in key offshore sectors [in Asia, the Middle East, and South America],” said McHardy. “This provides owners and operators local access to regulatory and technical assistance for offshore operations."

The Registry will in particular focus on Singapore, according to local representative, Shawn Tan, who said: “Singapore is a hub for the offshore industry in the region and home to a growing number of owners as well as technical and financial companies focused on oil and gas operations. For the Registry, it is important to continue supporting the specialized needs of offshore clients in Singapore, a country whose owner and operator base maintains a significant segment of the Registry’s fleet."

According to data published by the United Nations Conference on Trade and Development in November, the Marshall Islands-registered fleet in deadweight tonnage (DWT) terms has leapt from 21.86m DWT in 2002 to 122.86m DWT in 2012. Oil tankers and bulk carriers make up the majority of this amount (57.8m DWT and 45.4m DWT, respectively). The Marshall Islands fleet accounts for 8% of the world fleet, 11% of oil tankers, and 7% of bulk carriers.

TAGS: marine | Marshall Islands

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