Displaying items by tag: StoltNeilsen
#ferries - Ferry giant, Stena based in Sweden and tanker firm Stolt-Nielsen which is Bermuda registered, are reviewing their UK-registered ships ahead of Britain’s departure from the EU, the two leading transport companies told Reuters separately on Wednesday (yesterday).
Such commercial decisions could complicate any attempts by the British government to secure extra space on ships to help cope with potential disruption to trade if it fails to secure a negotiated departure from the EU.
And any possible loss of ships will also be a blow to the UK’s ship registry, which forms part of the country’s maritime services industry. Shipping companies in many flag states pay corporation tax based on vessel tonnage rather than profit.
“In the light of the Brexit process we are considering whether the UK flag can become a possible issue for us when it no longer will be an EU flag post the 29th March 2019, but we have taken no decisions and are reviewing different scenarios,” said Ian Hampton, chief people & communications officer with Stena Line.
“Our fleet needs to be as flexible as possible.”
All commercial ships have to be registered, or flagged with a country, partly to comply with safety and environmental laws.
Stena Line is one of Europe’s largest ferry operators with a large part of the business concentrated around the UK.
For further reading about Stolt-Nielsen click here in addition British based operator P&O Ferries which announced last month it would shift the registration of its UK vessels to Cyprus ahead of Brexit.