Island gains maritime agreement with China
The 1996 Maritime Transport agreement between the People’s Republic of China and the United Kingdom has been extended to include the Isle of Man.
The news has been confirmed by the Isle of Man Ship Registry.
It will help the operators of ships on the Isle of Man’s international ship register, as the agreement bestows Most Favoured Nation status to Manx-registered ships.
Director of the Isle of Man Ship Registry Dick Welsh said it sets out the elevated status of the Island and 'significantly' reduces the port dues paid by Isle of Man registered ships in Chinese ports.
More than 60% of the total tonnage of ships on the IOM register are now owned or managed in Asia, with the continent being seen as a real growth area for the Island.
Mr Welsh believes the Most Favoured Nation status will be a boost for the Island and help make it even more attractive as a reputable 'flag state'.
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