Dublin can become a shipping powerhouse, report claims

Dublin: Ireland has a unique opportunity to become a shipping powerhouse, a report out today claims.

The report, issued by the Socio-Economic Marine Research Unit (SEMRU) at NUI Galway, claims a planned International Shipping Services Centre (ISSC) could put the Irish capital on a par with established hubs such as London, Hamburg and Singapore.

“Building on the experience from the International Financial Services Centre, and on Ireland’s success in aircraft leasing, the ISSC plan aims at developing a hub for international ship finance in Dublin to establish Ireland as an international maritime centre such as London, Hamburg and Singapore,” the report noted.

Irish ship finance plans were first revealed two years ago with the creation of ISSC Dublin.

ISSC Dublin aims to be the world’s first shipping centre with everything under one roof like a trade centre, its ceo, Cormac Megannety, told Splash today. Megannety also said that the renewed focus on maritime by both the public and private sectors could see the Irish flag promoted as an attractive registry for global shipowners.

“We’re encouraging the private sector to invest and take risks,” Ireland’s Minister for Agriculture, Food and the Marine, Simon Coveney told the Irish Independent today. “The model is to replicate what we’ve done in aviation leasing.”

Ireland is one of the world’s leading centres for the global aviation leasing business. 70% of the global leased aircraft fleet is leased out of Dublin.

This morning Coveney is in Cork launching the Irish government’s future maritime strategy.

The push to promote Dublin as a shipping service centre comes at an opportune time, just as the UK government has announced plans to scrap non-dom tax status, a move the head of the Baltic Exchange desribes as “disastrous”, while a number of Greek companies will soon be looking for new corporate homes following recent tax change announcements due to hit Greek shipping.