Isle of Man Ship Registry encourages 'partnership and collaboration' at Posidonia maritime summit

Isle of Man Ship Registry encourages 'partnership and collaboration' at Posidonia maritime summit

The Isle of Man Ship Registry (IOMSR)  formally launched its new green fees registration regime at the world's biggest shipping event, Posidonia in Athens this week.

The IOMSR deputy director Toby Brooks, Greek representative Konstantinos Machairas and client relations manager Sarah Lisy staged the first in person launch since the regime began in April at the inaugural IOMSR sponsored Global Maritime Club Summit at Posidonia. The summit concluded with an IOMSR reception, at the expo centre, which gathered many of the leading names in the Greek and international maritime industry. Toby addressed the reception thanking 'guests and familiar faces' and paid tribute to 'a wonderful Posidonia week', he encouraged guests to 'grab a glass and discuss the initiatives we are working on and ways we can partner with you, collaborate with you and support you.'

The summit was being staged by Seatrade Maritime and saw 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 worldwide 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. 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.