The shipping registry of a European island rather smaller than Singapore is seeking to improve ties with reputable ship registers in Asia, particularly that of Singapore. The Isle of Man said that there is the potential for mutually beneficial relationships to develop in terms of joint lobbying at the International Maritime Organisation (IMO) level as well as to boost business for both flag states, according to registry director Dick Welsh yesterday. He was speaking to the media ahead of changes to the Isle of Man registry's ship registration process and fee structure from Monday. The changes will significantly cut the cost of placing tonnage on its flag, which the registry hopes will help attract more Asian ship owners to register their vessels in the island, which is a British crown dependency of just 572 sq km, situated between Britain and Ireland.
In particular, the island has removed the requirement for a costly pre-registry survey for ships that are less than 10 years old. This may be an incentive for Asian owners who will no longer have to fly surveyors from the Isle of Man out to Asia.
While obviously out to drum up business, Mr Welsh emphasised that he is not trying to compete with the Singapore Maritime and Port Authority (MPA). "We're not going after the tonnage that would naturally go to Singapore anyway," he told The Business Times. Instead, he is aiming at ships that are currently under the "open registers" of such places as Panama, Liberia and the Marshall Islands.
The area of parallel registration is also one that he would like to expand with the MPA. It currently has such arrangements with flag states like Germany, Denmark, Spain, the United Kingdom, Brazil and Venezuela. The MPA permits this kind of arrangement on a case-by-case basis.
"We believe there are areas of mutual benefit for both registries, particularly on demise charter and parallel registration and we are talking to the MPA about a closer level of cooperation on these and other issues," Mr Welsh said. If a parallel registration agreement is formalised, it would be the Isle of Man's first with an Asian flag state.
The MPA said that it had a cordial meeting with representatives from the Isle of Man where they raised possible areas of cooperation which it is currently studying. Other issues discussed included possible collaboration on common issues affecting flag states at the IMO to the benefit of both the Isle of Man and Singapore.
This is one key area where both the Isle of Man and Singapore, as non-European Union flag states, can work together. This was an important factor in countering the "politicisation" of the IMO where EU states tend to vote as a very powerful bloc, Mr Welsh said.
Mr Welsh also highlighted what he said were the registry's good service and competitive costs.
The registry has also has secured the services of maritime lawyers Stephenson Harwood which has offices in both Singapore and Hong Kong which will be able to receive ship transfer documents on its behalf, making transactions more convenient and timely for ship owners.
It is also investigating the possibility of opening up a ship surveying operation here.
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