With effect from 1st October 2016, the governmental departments
responsible for the oversight of the aviation and shipping sectors
became "quangos" newly titled as the Bermuda Civil
Aviation Authority and the Bermuda Shipping and Maritime
The aim of granting such status is to boost revenue from the
registration of both vessels and aircraft, by making Bermuda more
competitive in the global shipping and aviation markets.
On the shipping front, the Bermuda Government stated that its
intention is "to create an efficient, competitive and
economically viable shipping registry that can meet the modern-day
customer demands as well as the relevant national and international
standards." Bermuda presently commands a fleet of 170 ships
with more than 13 million gross tones, which, compared to other
international registries, is rather small, which provides the new
Authority with a great opportunity for expansion in the line with
the anticipated future growth in the shipping sector.
Bermuda's Aircraft Registry already ranks 10th in size of
the 191 signatory States to the Convention on International Civil
Aviation. The current Registry includes a mix of both private
aircraft and commercial aircraft. With a wealth of experience and
credibility in the global aviation industry, combined with
unparalleled personal and responsive customer service, the new
Authority looks to be well positioned, by capitalising on new
markets which are opening up, and by the implementation of
international standards set out in the soon to be enacted Cape Town
Convention legislation, to further increase its market share.
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Erik Muthow and Prabhat Misra give a broad overview of how the vessel mortgage process, and relevant laws, work in the UAE and highlight areas where lenders and ship owners should be mindful of when electing to finance a UAE flagged vessel.
Guernsey's introduction of its Aircraft Registry,
the 2-REG, in December 2013 provided another excellent opportunity
to shine the spotlight on Guernsey and to showcase what it has to
offer international clients looking for bespoke solutions and
excellent standards of service
In addition to the obvious benefits of the Isle of Man’s stable political and economic environment the benefits of the Isle of Man as a jurisdiction for ship registry are primarily fourfold.
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