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IoM Ship Registry Introduces Annual Fee

Wednesday, March 3, 2010

The Isle of Man Ship Registry is to introduce an annual registration fee for the first time in its 25-year history. Uniquely,

The fee has been set at GBP700 per merchant vessel (currently about USD1,000) which compares favourably with the cost of registration with competitor flags.

Unlike other registries, the fee will not be dependent upon ship size or type. In addition the IoM Registry will grant "substantial discounts" for multi-vessel owners registering with the flag. The Registry has also announced that it is cutting the costs of other fees for services and certification as a result of the introduction of the annual fee.

The Isle of Man’s Ship Registry last year withheld an increase in its fees and promised the industry it would produce a revised structure for fees in recognition of the tough times that many owners now face.

An IoM Ship Registry statement said: "After a long period of consultation with the leading flag users and other owners, it was apparent that regular income from ships on the register would provide a more equitable fee system which will be effective from April 2010. As the international obligations of running a register become more onerous, this new funding will narrow the Ship Registry’s operating deficit whilst maintaining its not-for-profit status – a key differentiator between the Isle of Man flag and other registries. A release from the Isle of Man emphasized that the fee restructure continues to be in line with this approach."

The new fee structure offers discounts for owners and operators of multi-ship fleets on a sliding scale of discounts up to 25%, for operators of fleets in excess of 50 ships under the Manx Flag.

Minister for Trade and Industry, David Cretney, commented: “The introduction of the fee has been done in co-operation with the Isle of Man’s shipping sector. I am very confident that its introduction will still enable the Ship Registry to continue to deliver the very high standards that its clients have been accustomed to.”

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

“We consulted widely, and this new fee system has been well received by our clients and potential clients. For the first time it provides owners with a direct comparison between our fees and those on offer from other flags where we believe we will come out favourably every time.”

“This has also allowed us to look at our other fees for services and certification, which we have been able to reduce accordingly. It is a new approach for us and we are delighted with the feedback we have received.”

“On a direct cost comparison basis with other flags, the Isle of Man still represents the best value for money for international owners seeking to place tonnage on a reputable, non-Flag of Convenience register.”