Green discounts on offer from the Isle of Man flag

The Isle of Man Ship Registry (IOMSR) claims it is set to become the first flag state in the world to reduce registration fees for ships deploying green technology.

Namely, the new measue will give shipowners a 15% reduction on their annual registration fee and is available to operators of cargo ships, commercial yachts or passenger ships that are investing in biofuel, alternative fuels, wind, or shore-side energy technology.

The initiative forms part of the Isle of Man Government’s Merchant Shipping (Fees) Regulations 2022, which will be submitted to Tynwald, the legislature of the Isle of Man, for approval at its sitting in March 2022. The regulations set out the IOMSR fees from April 1, 2022.

Cameron Mitchell, director of the IOMSR, said: “The IOMSR is a progressive flag state and we are looking at ambitious ways to take action on the decarbonisation agenda that make a difference. There is so much debate in the sector regarding which alternative fuels will be best in the future which conversely can create confusion and delay innovation. We want to jump start work in this area with this new green registration fee and state clearly that 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 Isle of Man minister for enterprise, Dr Alex Allinson MHK, added: “The Isle of Man Government has made a clear commitment to sustainability as outlined across our strategic objectives within in the Island Plan. Initiatives like these contribute to our wider decarbonisation agenda, as well as demonstrating our commitment to innovation and building a world class ship registry.”

The move to offer immediate financial incentives for green technology ships follows on from the IOMSR becoming the first flag state to join the Getting to Zero Coalition in 2020. The IOMSR is ranked 17 in the world by Clarksons, with around 400 ships under its flag. It was also the first flag to issue acceptance of a modification for a very large gas carrier to run on liquefied petroleum gas (LPG) as a greener fuel for the Oslo-listed shipping company BW LPG.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
Back to top button