Isle of Man: Ship Magnate Sets Sail For Europe´s Hidden Jewel

Last Updated: 28 August 2008

Norwegian shipping magnate, Lars T Ugland, and his wife, Geraldine, moved to the Island last September following the establishment of his latest venture, LT Ugland Bulk (IOM) Ltd. The new company has three 58.400 dwt Supramax bulk carriers being built under the Isle of Man flag in China's Tsuneishi shipyard near Shanghai. Each worth around US$50 million at current market prices, the carriers are due for delivery in November 2009 and January and October 2010 respectively.

One of the vessels, 'Atlas Manx', is destined for long-term charter to Danish Atlas Shipping, and 'Geraldine Manx' on a similar charter to Lauritzen Bulkers. The third vessel has not yet been chartered out. The three Isle of Man flagged Supramaxes are among nine new ships ordered by Ugland from China last year.

Leading client

'My family have been working with Tsuneishi Shipbuilding for around 30 years,' Lars explained, 'We have built 60 to 70 vessels from the same Japanese privately owned yard in Japan and in the Philippines. We are the yard's greatest client and the first foreign owner to build at their new yard in China. It's quite natural to go back to them.'

While few industries are immune from the global credit squeeze, shipping seems to be faring better than most: 'In the first three months of this year there were 50 percent fewer shipping loans granted by the world's biggest ship financiers compared to the same period in 2007. But the squeeze has not yet affected the shipping market in any noticeable way. The main reason for this is that the booming economies of China and India are continuing to drive the locomotive forward. Their business is compensating for the downturn in the USA, which was formerly the biggest player in the market.' China's ship builders had orders for 14 million CGT in 2007, accounting for 50 percent of the world's total.

The new Isle of Man operation is a tonnage supplier to well-established operators of Supramax bulk carriers. As such, it out-sources corporate management, chartering, supervision and technical management. The company aims to provide the same service to various other sizes of bulk carriers in the future. The company also works on sales and acquisitions.

Distinguished history

It's no exaggeration to say that ships run in the family's DNA. Lars comes from a long line of distinguished owners, builders, charterers and managers - his father, JJ, is still at the helm of the family business in Norway. Ugland is world renowned in global shipping and Lars' involvement as chairman, director or board member of the various companies has equipped him with knowledge of the industry that is second to none.

The company's new website sums up its traditional approach to business and the values that this encapsulates: 'From tug boats to barges, anchor handlers, crane ships, product tankers, bulk carriers and the most technically advanced shuttle tankers, Lars has been involved in their construction, management, chartering, operation, sale and purchase throughout his career. With his experience comes a deep personal commitment to continuing his family's fine traditions of integrity and sound judgement, together with an unflinching drive and motivation for the continued success of the company that bears his name.'

The choice of the Isle of Man as an operational base is a further manifestation of the company's commitment to business quality. Safety and environmental issues come high on the agenda, in particular support for guidelines set out by the International Maritime Organisation to promote cleaner seas.

Best choice for relocation

The couple had considered Switzerland and Jersey before settling on the Isle of Man for their new home. The Island's £100,000 personal tax cap to attract entrepreneurial investment and so further stimulate the Manx economy was a major consideration when set alongside the Isle of Man zero tax regime for business and other obvious operational benefits. But the Isle of Man's shipping industry was ultimately the determining factor.

'The primary reason was the fact that the Isle of Man has a thriving shipping industry with ship owners, managers, charterers and an active shipping association. I felt there would be a real shipping community – and I know now I made the right decision.

'What is so fantastic is that the government really sets out to see what it can do for you and your business – rather than the other way round, which can often be the case. The high standard of the Island's IT services, both in terms of quality and capacity, was also a major attraction for the new company. But there are so many positive things to say - it's a beautiful Island, very safe with little crime. All of these things add up.'

'We really love living in the Isle of Man,' adds Geraldine. 'The scenery is beautiful and there are wonderful walks. It's also very central for travel, as we have three daughters in Norway and a son and daughter and their families in England. Everyone is so friendly – and the government has really put itself out to make life as easy as possible for Lars' business settling in. 'It was particularly a great honour for us to be among the official guests at this year's Tynwald Day ceremony. In fact, we were included in three whole days of very enjoyable events and celebrations.'

The couple have also been fascinated by the Island's Viking heritage and its strong historic links with Norway, especially the many place-names that have strong links to Norway such as 'Snaefell and Langness.

It is abundantly clear that the couple are genuine in their delight for their new Island home – and feel they have only 'scratched the surface' of all the attractions the Isle of Man has to offer.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions