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Positive 2012 For Manx Shipping Registry

by Jason Gorringe, Tax-News.com, London

10 April 2013


The Manx Shipping Registry continued to thrive in 2012, finishing the year on a new high of 15 million Gross Registered Tonnes (GRT), an increase of over 8% year-on-year, according to its annual report.

The Isle of Man is home to one of the world's fastest growing registries, averaging tonnage growth of 11% over the past few years. Although the total number of vessels on the register has remained relatively static for the past few years, at approximately 1,050, the workload for registrars has increased significantly, dealing with around 10 new registrations each month, and various other filings.

The Registry has seen significant growth from Asia in particular. Since 2009, more than 20 vessels operated from Singapore have registered under the Isle of Man ensign, representing around 12% of Manx GRT (1.7m). Recognizing Singapore as a strategic location for the Registry, in April of 2012 the Isle of Man established a representative office in Singapore, and exhibited for the second time at the Singapore Yacht Show, as well as at events in China and Japan.

Other key highlights for the Registry in 2012 included that it retained its important ISO 9001:2008 accreditation with flying colours in November. The Registry hit all its quality targets in respect of the fleet performance during the year, maintaining white list positions on the Paris and Tokyo memoranda of understanding for Port State Control, and its accreditation under the United States' Coast Guard's Qualship 21 program which recognizes "quality" states.

The International Chamber of Shipping’s Flag State Performance Table for 2012 recognized the Isle of Man as continuing to have positive indicators in all categories, positioning it as one of twelve flag states, of a total of 111, to have achieved a "clean sheet."

For the Registry, 2012 saw the final steps taken to achieve compliance with the Maritime Labour Convention 2008 (MLC). The Registry announced that it is now close to concluding the necessary legislative amendments to the island's regime to have an appropriate regulatory framework in place when the Convention enters into force in August 2013.

By the end of 2012 the Registry had carried out 10 MLC inspections on Isle of Man registered vessels and most of the Ship Registry’s office-based surveyors are now qualified to carry out MLC inspections. The Registry has acknowledged that with 530 MLC inspections yet to be completed, 2013 is shaping up to be a busy year both for shipowners and Isle of Man surveyors.

TAGS: Isle of Man | tax | marine | law | international financial centres (IFC) | offshore | regulation

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