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At the end of March 2012, Isle of Man law firm Dougherty Quinn
("DQ") together with Döhle (IOM) Limited, Freeport
Trust Company Limited and the Isle of Man Ship Registry facilitated
the delivery, flagging and registration at the Isle of Man Ship
Registry of the first of nine 13,100 TEU container vessels being
built by Hyundai Heavy Industries in Korea, the largest shipbuilder
and shipyard in the world. At over 360 metres long and 48.2 metres
wide, these vessels are the largest to be registered in the Isle of
Man and some of the largest vessels currently in operation in the
world. To date three of the vessels (named Hanjin Sooho, Hanjin
Asia and Hanjin Europe) have been registered at the Isle of Man
Ship Registry.
The remaining vessels are scheduled to be delivered during 2012
and the first half of 2013. Each of these nine container ships is
owned by nine Isle of Man entities, all administered from the
Island by John Middleton of Freeport Trust Company Limited. Five
ships are directly chartered to Hanjin Shipping and the remaining
four are provided to the Döhle Group, who provide the ships to
Hanjin Shipping under charters which include the provision of
technical services. Hanjin Shipping is Korea's largest
container operating company and the ninth largest in the world,
managing over 3% of the world's container tonnage, in addition
to having a notable presence in the tanker and bulk carrier
sectors.
The transaction was structured and arranged by Crédit
Agricole CIB and the nine vessels were financed using a facility
provided by a number of banks, led by HSH Nordbank. Legal advice
outside of the Isle of Man was provided by Norton Rose and Ince
& Co from London acting for the banks and the builder
respectively. The flag registration for all nine vessels is being
coordinated by Eckhard Garbers and Luke Tippett from the Döhle
Group working together with the Isle of Man Ship Registry. Isle of
Man legal representation is provided by Mark Dougherty at DQ.
Mark Dougherty, director in DQ's corporate & commercial
department and head of the shipping team commented:
"DQ was delighted to work with such large names in the
shipping industry as well as with the Ship Registry itself in
facilitating the delivery and registration of these vessels. The
transaction highlights the enhanced reputation of the Isle of Man
as a leading location for ship financing and registration. I know
that all parties involved were impressed by what the Island had to
offer and further work will emanate as a result of this. We must
continue this support between the public and private sectors in
order to continue building the Island's name as a leading
jurisdiction within the global shipping industry."
The Isle of Man Ship Registry received no negative performance
indicators in the 2011 Shipping Industry Flag State Performance, an
annual exercise undertaken by the leading ship-owner groups. This
recognition enforces its continuing commitment to maintain the Isle
of Man as a leading international business centre renowned for
professionalism and a longstanding policy of positive engagement
with international standards.
Dick Welsh Director the Isle of Man Ship Registry, commented on
the recent registrations:-
"This is a very important project for the Ship Registry.
Adding nine such prestigious ships will enhance our reputation and
add significant tonnage to the register with corresponding benefits
for the Isle of Man. It has been a pleasure to work with all of the
partners involved in bringing these ships on to the register as
smoothly and efficiently as they have been throughout the
process."
Photo shows the vessel Hanjin Sooho.
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