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Double-Digit Growth For Manx Shipping Registry

Thursday, January 12, 2012

The Isle of Man Ship Registry has reported that Gross Registered Tonnage has increased by 12% over 2011, from 12.36m GRT at the start of the year to 13.84m GRT, evidence that vessel registration in the Isle of Man continues to be in high demand.

With registered tonnage at record levels, the Isle of Man is now among the top fifteen ship registries in the world in terms of registered tonnage. This demonstrates significant growth in terms of the registration of larger vessel types, given that the register topped 10m GRT for the first time in its history in April 2009.

The Ship Registry reported that the Isle of Man has in particular seen increased demand from companies in the Asia Pacific region, notably Japanese and Singapore-based corporations.

Dick Welsh, Director of the Isle of Man Ship Registry, said:

"The growth in numbers shows that we are well placed to provide a more cost effective solution for registration without any compromise in quality or service for ship operators and owners.”

"Having just recovered from the global crisis of 2008, ship owners are bracing themselves for another rocky year in 2012. An oversupply of ships together with the global economic downturn is keeping freight rates down and making it difficult to keep vessels operating profitably in many sectors.”

"The uptake on the flag registration has been encouraging. We are seeing an increased level of enquiries for vessels under construction or in-service which are planning to register, or change to Isle of Man registration. This hopefully will translate to an increased level of activities for us over the next two to three years especially across the Asia Pacific region.”

Alex Downie, the Department of Economic Development political member with responsibility for shipping, said:

“2011 was another very successful year for the Ship Registry, despite continuing global economic pressures. These figures demonstrate that, due to its world class service and support, the Isle of Man Ship Registry continues to be a flag of choice for merchant ships. I would like to congratulate the team at the Registry on this success and for continuing to provide a high level of customer service throughout this growth period.”

“The ship registry’s high quality and service levels combined with a low cost fee structure are continuing to attract larger corporations involved in wet cargo (oil and gas) as well as dry bulk trades. The cost savings offered by the Isle of Man Ship Registry are significant, especially for their larger vessels.”

Concluding, the Registry said that maintaining the quality of the fleet and the Isle of Man’s results in the world’s port state control statistics and other quality benchmarks is paramount to its success. This year once again, the Isle of Man was recognized by the US Coast Guard and shared top place on the annual Flag State Performance Table issued by the industry bodies.

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The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees




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