Modest growth and positive performance indicators for IOM Registry in 2012
The Isle of Man Ship Registry has published its results for 2012. Whilst its growth figures are not in keeping with an impressive 2011, key industry performance indicators remain very positive.…
In the publication of its 2012 performance the Isle of Man Ship Registry has recorded an eight per cent year-on-year tonnage increase, surpassing the 15 million Gross Registered Tonnes mark. The number of registrations has not exhibited the same growth however, remaining consistent at 1,054. Yacht registrations (416) make up around a fifth of this total.
The registry’s director, Dick Welsh said “2012 was another very good year for the registry, which continues to thrive, despite the very difficult economic times which our operators and the shipping industry in general continue to face.”
The Isle of Man retained its position among the world’s most respected registries, a feat recognised by the publication of the International Chamber of Shipping’s annual Flag State Performance Table. The registry was one of only 12 to be given top marks. It also continued its status as a low risk flag state among Paris MoU states for PSC inspections. This status is awarded to registries that sit in the top third of the Paris MoU whitelist.
Whilst the eight per cent growth in tonnage and registration plateau failed to meet the previous year’s performance, Minister for Economic Development, John Shimmin said that the breadth of the registry’s offering was encouraging, whilst that ensuring the provision of favourable conditions for superyacht owners would remain a priority:
“I am pleased to see that the registry’s client base has grown in recent years and this year is no exception, particularly into new areas in the Far East. In 2012 we have welcomed a great deal of new tonnage…now operated out of the key Asian shipping centres. The registration of ships continues to provide a great introduction to the Isle of Man and helps spread the word of our can-do approach to business.
“I will continue to support the Ship Registry to ensure its success continues into the future. I will also look to see where the Isle of Man can provide further cost effective solutions yacht owners, and operators to provide a one-stop-shop for all of their needs.”
The registry’s director, Dick Welsh said “2012 was another very good year for the registry, which continues to thrive, despite the very difficult economic times which our operators and the shipping industry in general continue to face.”
The Isle of Man retained its position among the world’s most respected registries, a feat recognised by the publication of the International Chamber of Shipping’s annual Flag State Performance Table. The registry was one of only 12 to be given top marks. It also continued its status as a low risk flag state among Paris MoU states for PSC inspections. This status is awarded to registries that sit in the top third of the Paris MoU whitelist.
Whilst the eight per cent growth in tonnage and registration plateau failed to meet the previous year’s performance, Minister for Economic Development, John Shimmin said that the breadth of the registry’s offering was encouraging, whilst that ensuring the provision of favourable conditions for superyacht owners would remain a priority:
“I am pleased to see that the registry’s client base has grown in recent years and this year is no exception, particularly into new areas in the Far East. In 2012 we have welcomed a great deal of new tonnage…now operated out of the key Asian shipping centres. The registration of ships continues to provide a great introduction to the Isle of Man and helps spread the word of our can-do approach to business.
“I will continue to support the Ship Registry to ensure its success continues into the future. I will also look to see where the Isle of Man can provide further cost effective solutions yacht owners, and operators to provide a one-stop-shop for all of their needs.”
M/Y Ulysses became the first Isle of Man-flagged superyacht to achieve MLC compliance when it passed an inspection in October 2012.
The full report can be downloaded here.Profile links
ISLE OF MAN YACHT AND AIRCRAFT REGISTERS
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