The Isle of Man Ship Registry has just moved in to 14th place in the table of world registers by tonnage. Last year, the Registry increased its gross registered tonnage by 7.4 per cent, which is more than twice the growth rate of the world's fleet.
This current position shows the significant growth of the Registry's fleet over the last few years as the benefits of registering vessels in the Isle of Man and the high quality associated with the Registry and local industry is becoming more widespread.
In the recently published flag state performance tables, the Isle of Man received a full set of green lights (or positive indicators), only one of a dozen states to do so. This year the ILO Maritime Labour Convention has been introduced as one of the criteria and this has enhanced the Isle of Man Ship Registry's position as a leading flag state. Please click here to see our previous news item on the introduction of the ILO Maritime Labour Convention.
The director of the Registry, Dick Welsh, quite rightly recently described the Isle of Man as 'punching above its weight' when it comes to shipping. The global influence of the Isle of Man's register continues to increase.
In addition, the Registry has recently achieved classification as a low risk flag state under the New Inspection Regime of the Tokyo Memorandum of Understanding, which came in to force at the start of 2014.
To achieve this status flag states must have a minimum of thirty inspections in a three year period, be on the Tokyo Memorandum of Understanding white list and have undergone an IMO Voluntary Audit. This low risk status will remain effective until 30 June 2014, when the entry criteria will be re-assessed.
The Tokyo Memorandum of Understanding, which celebrated its twentieth anniversary this year, is one of the most active regional port state control organisations in the world.
The Island is also considered as a low risk flag pursuant to the Paris Memorandum of Understanding on Port State Control. Vessels registered in a low risk territory face fewer Port State Control inspections within member states of the Memorandum of Understanding.
The Island's commitment to maintaining high standards and the provision of quality service ensure that the Isle of Man Ship Registry remains an attractive option for ship owners and operators across the world.
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.