Isle of Man Ship Registry launches green fees for Greek market at Posidonia

Client News

The Isle of Man Ship Registry (IOMSR) is to formally launch its new green fees registration regime for the Greek market at Posidonia this week.

The IOMSR deputy director Toby Brooks and Greek representative Konstantinos Machairas will launch the initiative at the inaugural Global Maritime Club Summit at Posidonia which it is sponsoring.

The event is being staged by Seatrade Maritime and will also see the IOMSR discuss the benefits of a new MoU with Posidonia exhibitor US based Fueltrust. The MoU will enable ship owners registered with the IOMSR to use FuelTrust’s digital technology to accurately measure their fleets’ emissions as part of the new green fees programme.

The IOMSR is one of the first flag states in the world to reduce registration fees for ships deploying green technology. The new measure gives ship owners a 15 per cent reduction on their annual registration fee. The reduced fee is available to operators of cargo ships, commercial yachts or passenger ships which are investing in biofuel, alternative fuels, wind, or shore-side energy technology.

Mr Brooks, said: “If you are a shipping line making steps towards hitting IMO Greenhouse Gas (GHG) emissions targets, the Isle of Man flag will reward you. We want to welcome more new, greener ships to our fleet.”

The move follows the IOMSR becoming the first flag state to join the ‘Getting to Zero Coalition’ in 2020. The Coalition’s core aim is to hit the IMO’s 2050 target to develop commercially viable, deep-sea zero-emission vessels by 2030.

The IOMSR is expanding its Greek fleet and recently announced a new agreement to flag four bulk carriers with Enterprises Shipping & Trading (EST) its oldest and largest Greek client, bringing the total number of its vessels registered on the Isle of Man to 28 – 13 Bulk Carriers and 15 Oil Tankers.

Mr Brooks said: “We hugely value the Greek market and continue to look to build strong new partnerships and business developments. We’re looking forward to Posidonia and the conversations that will bring.

“There is a lot of respect among tanker and bulk carrier owners for the quality and history associated with the Red Ensign in Greece, allied with the Royal Navy protecting its ships anywhere in the world.

The IOMSR is one of the world’s leading flag states and is ranked 17 in the world by Clarkson’s with more than 320 ships and 14m GT under its flag. The registry has held top spot on the Paris MoU Port State Control whitelist and is firmly on the whitelist in the Tokyo MoU rankings. It is also one of the high-performing flags on the US Coast Guard’s Qualship 21 scheme.

The registry is headquartered in Douglas on the Isle of Man, a self-governing British Crown dependency and is a Category One member of the Red Ensign group.

Visit: www.iomshipregistry.com

Notes to editors

IOMSR green registration fee background

The IOMSR green registration fee applies to vessels which can provide evidence of one of more of the following:

  • using biofuel or biofuel blends as the primary source of fuel for a period of not less than 120 days during the 12 months preceding April 1, 2022
  • its ability to use alternative fuel – liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, ammonia, hydrogen, hydrogen enriched fuel, fuel cells, or battery systems
  • its ability to use wind assisted propulsion or wind energy for power generation or:
  • its ability to use shore-side energy to provide continuous electrical power to its equipment while it loads or unloads its cargo at berth with its main and auxiliary engines turned off (cold ironing).

 

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