Isle of Man to introduce annual fee in April

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The Isle of Man Ship Registry is to introduce an annual registration fee in April of £700 per vessel irrespective of ship size or type. The levy, the first in its 25-year history, will include offering “substantial discounts” to multi-vessel owners registering with the flag while other fees for services and certification will be reduced.

According to the registry, the new fee structure will also provide discounts for owners and operators of multi-ship fleets on a sliding scale. The first discount of 5% kicks in for 10 to 14 vessels, the second (10%) for 15-24, the third (15%) for 25-49 and the top 25% level comes into play for 50 and above vessels.

“We consulted widely and this new fee system has been well received by our clients and potential clients,” said Dick Welsh, director of the Isle of Man Ship Registry, which has a combined tonnage of almost 11 million gross registered tonnes.

“For the first time it provides owners with a direct comparison between our fees and those on offer from other flags where we believe we will come out favourably every time,” he added.