Shipping register update

Opportunities for the Isle of Man in the area of global shipping are currently being explored and exploited where possible.

Senior Registrar of the Manx shipping register Anne Blythe and Quintin Gill, MHK, have been to Oslo and Bergen, checking the position in the wake of the Norwegian government's plans to introduce a retrospective tax for the last ten years.

The proposal caused something of a stir in Norway and resulted in ship owners casting their eyes about for possible alternative places to register.

Manx government representatives held a meeting with the Norwegian Shipowners' Association at which the Treasury’s Chief Financial Officer, Mark Shimmin, highlighted the benefits of using Isle of Man tax vehicles. He also promoted the recently signed clutch of tax agreements with the Nordic Council.

Several shipowners with vessels already registered in the Isle of Man were also visited during the trip to Scandinavia, as were law firms and financial institutions so an update could be given on the latest developments in the Manx Shipping Registry. Assessor of Income Tax Dr Malcolm Couch was at some of the meetings and was able to set out the Island’s tax strategy.

Director of the Ship Registry Dick Welsh (pictured) has travelled to the Far East to establish links with his counterpart in Singapore and to promote the Isle of Man flag to the rapidly expanding number of ship management companies operating out of the country.

The visit attracted press coverage in the Singapore Business Times and the international shipping publications of Lloyds’ List and Fairplay, all of which will help to put the Island on the map as a high quality ship register and shipping centre.

Mr Welsh describes it as a very important starting point to establish links and promote the register in the Far East. He says: 'The Island’s ship register needs to look to markets outside Europe and none is more influential than Singapore.'

There has also been a trip to Hamburg and, closer at hand, Newcastle which is establishing itself as a vibrant major shipping centre with many ship managers and owners relocating there. They are attracted by the human resources locally available. Legal firms which support the industry are moving to the same area.