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Ship registry growing at the rate of knots

The Isle of Man Ship Registry has delivered another very good year. Recently released statistics by Clarkson’s, which monitors world shipping fleets, show that the Isle of Man has now moved into 14th place in the table of world registers by tonnage, which places it ahead of Germany for the first time in its history.

The Isle of Man register has grown by 7.4 per cent in tonnage terms, which is more than twice the rate of growth of the world fleet at 3.6 per cent.

This is a significant increase not only in tonnage terms but also in the increasing global influence of the Isle of Man’s register.

The maritime sector has become very important to the Isle of Man and now employs around 600 people.

Dick Welsh, director of the Isle of Man Ship Registry, said: ‘These statistics confirm that the Isle of Man is punching above its weight.

‘Furthermore it proves that the Isle of Man remains an attractive option for ship owners and operators looking for high quality and levels of service from their Flag State and yet which comes at a very competitive price.

‘The Isle of Man attracted new owners in 2013, some of which are choosing the Isle of Man as a single flag choice for all of their vessels and new building programmes.

‘Together with our valued existing clients, these owners believe the relationship with the Ship Registry and the high levels of service and attention they receive on a day-to day-basis are what sets us apart from other registries.’

As recently as 2010, the Isle of Man did not feature in the world’s top 20 registers, but this current position shows the significant growth of the fleet over the last few years as word spreads of the benefits of registering vessels in the Isle of Man and the high quality associated with the Registry and local industry.

The fleet is now truly international. For example, more than 40 per cent of the tonnage on the Manx register is Asian-controlled as new clients are welcomed from this important maritime region.

Howard Quayle MHK, Political Member with responsibility for the Isle of Man Ship Registry said: ‘I am delighted with the growth and success of the island’s Ship Register.

‘Dick and his team put a lot of effort into creating an environment and service which attracts owners of high quality ships and superyachts to register here.’ Its commercial yacht register also continues to perform very well with over 100 of the world’s most prestigious yachts registered in the Isle of Man.
Source: IOM Today