World First As Isle of Man Ship Registry Launches Industry's New Reduced Fees for ‘Green’ Ships

8th February 2022

Cameron Mitchell, Director of the IOMSR, the Isle of Man Ship Registry which is to launch an industry first with new reduced fees for ‘green’ ships. The IOMSR is one of the world’s leading flag states and is ranked 17 in the world by Clarkson’s with around 400 ships and 14m GT under its flag. 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. Credit: IOMSR

The Isle of Man Ship Registry (IOMSR) is set to become the first flag state in the world to incentivise ship owners by offering reduced registration fees for ships deploying green technology.

The green discount will give ship owners a 15% 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.

The new green registration fee 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 1 April 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."

Isle of Man Minister for Enterprise, Dr Alex Allinson MHK, said: "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. I am proud that we are the first flag to introduce this incentive and look forward to seeing more initiatives like these in the future."

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 Coalition’s core aim is to hit the IMO’s 2050 target to develop commercially viable, deep-sea zero-emission vessels by 2030.

Published in Ports & Shipping

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world 1st

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Jehan Ashmore

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Jehan Ashmore is a marine correspondent, researcher and photographer, specialising in Irish ports, shipping and the ferry sector serving the UK and directly to mainland Europe. Jehan also occasionally writes a column, 'Maritime' Dalkey for the (Dalkey Community Council Newsletter) in addition to contributing to UK marine periodicals.

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