Isle Of Man Ship Registry Growing

Spurred by tax incentives and new government laws designed to promote its maritime industry, the shipping registry of the Isle of Man is growing. According to Capt.

Geoffrey Davis, chief marine surveyor for the 1,000-year-old independent nation, much of the future growth is likely to come from U.S.

shipping companies, who are sizing up the nation's unique advantages.

As of late September, there were 53 ships registered to the Isle of Man, with a deadweight tonnage of 603,000. Conversely, in 1980, the only ships on the Isle of Man registry were ferries and local cargo ships, with no oceangoing trade vessels.

By the end of this year, the Isle of Man officials estimate that more than 700,000 dwt. will be on their register, and 1987 estimates show an increase to about 4,000,000 dwt. as planned registerations, with Shell U.K. (3,000,000 dwt.), are completed.

The Isle of Man offers complete shipping support which includes ship management, administration, dependable work force, and an active offshore banking center geared for the maritime trade.

Other factors affecting the sharp increase in the ship registry rise include the country's "freeport" or free trade zone, built around the shipping industry; a personal income tax of 20 percent, with no corporation, wealth, or capital gains taxes; low labor and operating costs; and excellent location in the Irish Sea.

For further information and free literature on the facilities and services offered by the Isle of Man, Circle 52 on Reader Service Card

Maritime Reporter Magazine, page 8, Dec 1986

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