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Isle of Man Ship Registry sails into 2012 with record tonnage

Business

The Isle of Man Ship Registry, one of the world’s leading ship registries, just announced record tonnage for the year ending 2011, entering 2012 with a bang. Gross Registered Tonnage (GRT) is the datum used to compare the world’s ship registers and a year on year comparison shows a 12% increase in total GRT, climbing steadily from 12.36m GRT at the end of 2010 to 13.84m GRT as we enter 2012.

With the new numbers, it is now among the top 15 ship registries in the world. This demonstrates significant growth in the larger types of vessels registering, given that the register topped 10m GRT for the first time in its history in April 2009. The area which saw a particularly rapid take-up rate was the Asia Pacific region, notably Japanese and Singapore-based corporations, who are now more cogniscent of the flag’s value.

Dick Welsh, Director of the Isle of Man Ship Registry, said: "The growth in numbers shows that we are well placed to provide a more cost effective solution for registration without any compromise in quality or service for ship operators and owners".

"Having just recovered from the global crisis of 2008, ship owners are bracing themselves for another rocky year in 2012. An oversupply of ships together with the global economic downturn is keeping freight rates down and making it difficult to keep vessels operating profitably in many sectors."

He went on to say: “In addition to the remarkable growth of the merchant shipping register in terms of tonnage, the Isle of Man has enjoyed sustained steady growth of the numbers of commercially operating super yachts on its register. From a standing start in 2003, the register has 103 commercial yachts on its register at the end of 2011, which is exactly the managed growth rate we targeted at the outset. The Isle of Man registers commercial yachts which are LY2 compliant and in excess of 24m and has built a reputation for pragmatic solutions and customer focus. This growth shows the net register but many more yachts register and de-register during the course of any year as vessels are sold on or change commercial structures. We have a very healthy book of work in progress, which given the complexity and unique design of these vessels will take us through to at least 2015.”

Maintaining the quality of the fleet and the Isle of Man’s results in the world’s port state control statistics and other quality benchmarks is still paramount. This year once again, the Isle of Man was recognised by the US Coast Guard and shared top place on the annual ‘Flag State Performance Table’ issued by the industry bodies.

Isle of Man Ship Registry
Dick Welsh, Director
+44 (0)1624 688509
[email protected]

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