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Displaying items by tag: Irish Tonnage Tax

#Ports&ShippingReview - Over the last fortnight, Jehan Ashmore has reported on the shipping scene.

Rebecca Wardell, Business Development Manager of the Irish Maritime Development Office (IMDO) addressed the Irish Maritime Law Association's Spring Lecture in a talk titled, 'Understanding the Irish tonnage tax regime'.

Italian international shipowner, D'Amico Group with offices in Dublin, announced delivery of their largest ship to date, the 'Handy-Cape' type vessel Cielo d'Italia.

Drogheda Port Company handled over 1.2m tonnes of cargo in 2014, an increase of 17% on 2013. The port outperformed the Irish port sector in terms of year on year growth for third year running.

The stricken Solent ship, Hoegh Osaka, a vehicle-carrier went to A&P Falmouth for repairs following discharge of vehicles in Southampton after her deliberate grounding on a sandbank last month.

Lysblink Seaways a cargsoship has run aground in Scotland, while en route from Belfast to Norway. The incident took place near Ardnamurchan Point in the West Highlands.

The IMDO released Q3 figures for 2014 that show container shipping volumes, Lo/Lo rose by 9% in Q3. Ro/Ro experienced a 6% growth and Break-Bulk grew by 16%. This is in contrast however to total traffic volumes by Irish ports which fell by 3% overall in Q3, when compared to the same period last year.

Published in Ports & Shipping

#IrishTonnageTax - The Irish Maritime Development Office (IMDO) has released a report Irish Tonnage Tax: Opportunities for the International Shipping Industry.

The Irish tonnage tax regime has been established for over 10 years and offers one of the most competitive on-shore corporate tax rates to international shipping companies.

The tonnage tax report was produced by independent experts PwC and details the benefits of locating a maritime operation in Ireland. The report provides an update on Ireland's extensive double tax treaty network.

Ireland's role is highlighted in its expertise in asset leasing and for having a well developed structured finance regime which can be directly applied to international maritime financing.

The Irish tonnage tax is derived from a 'notional' profit calculated based on the tonnage of a vessel, which is then subject to the Irish corporate tax rate of 12.5%.

The IMDO is the Irish government agency which provides support and advice to Maritime companies setting up operations in Ireland. In his forward to the report, IMDO Director Liam Lacey says 'this publication provides independent validation of Ireland's status as a world class location in which to conduct business and more particularly, sets Ireland apart as a hub for maritime commerce'.

As a country, Ireland continues to maintain its reputation as a pro-business environment that has attracted investment from some of the world's largest companies over the past three decades.

In Forbes' 2014 annual ranking of the Best Countries for Business, Ireland was named number one country in the world for business.

More recently, figures released by the Irish Central Statistics Office (CSO) show that the national economy grew by more than seven times the EU average between April and June 2014. This is the strongest growth rate recorded in Ireland since the early 2000's, showing a strong and stable recovery.

Continuing in this vein, the Irish Economic and Social Research Institute (ERSI) predict that Ireland's GNP is to grow by approximately 5% in 2014 and 5.3% in 2015.

Irish Tonnage Tax: Opportunities for the International Shipping Industry is available to download by clicking HERE

For more information on the report and locating a maritime operation in Ireland, contact Rebecca Wardell by calling +353 (0)1 476 6518 / +353 (0)87 798 0089 or email: [email protected]

 

Published in Ports & Shipping
The d'Amico Group, an international shipping company based in Dublin has acquired two handy-size dry-bulk newbuilds from a shipyard in South Korea this week, writes Jehan Ashmore.
Cielo di Dublino (photo) and her newer sister Cielo di San Francisco which was 'christened' on Tuesday by Mrs. Sandra Murphy, wife of Mr. Glenn Murphy, Director, Irish Maritime Development Office (IMDO). Together the vessels cost around US $60 million.
The new vessels were built at the Hyundai Mipo Dockyard (HMD) in Ulsan. The facility is one of the largest shipbuilding facilities in the world and since 1996 HMD has built around 500 ships and of a diverse variety. To see a cyber yard tour click this link.

Speaking at the ceremony Mr. Murphy commented: "d'Amico Group are one of a leading number of firms that are driving investment in this sector in Ireland which is contributing to new employment and growth opportunities".

Entry of the new dry-bulkers marks another important chapter in the d'Amico Group's development since it established its Irish office in 2002, as the vessels are managed from its Dublin office under the Irish Tonnage Tax (ITT) regime.

Four more newbuilds are under construction in Korea, scheduled for delivery in 2012, and two under construction in Japan which are due in 2013. The latter ships represent a further investment in excess of US $310 million to the Italian company that began and grew as a family business in 1936.

To read more about this logon to the IMDO website and also www.damicoship.com

Published in Ports & Shipping
There was a 10% growth in employment in the International Shipping Services sector in Ireland last year according to the Irish Maritime Development Office (IMDO).
In a recent analysis of the sector the information is based from companies that have elected to join the dedicated Irish Tonnage Tax (ITT) scheme, a measure introduced in the 2002 Finance Act.

The act is designed to assist in securing the future of the Irish shipping sector in which five new companies in 2010 entered the scheme, generating an increase of 44% in the number of vessels (from 154 to 177) covered by the Tonnage Tax. Half of these vessels range less than five years old with the total average age at eight years.

In addition the initiative has directly created 314 jobs in 2009 to nearly 350 jobs last year. Most of the employment is in specialised areas such finance,technical management, operations and chartering.

Commenting on the data, IMDO Director Glenn Murphy said "The results are a positive indication that after long periods of decline for the industry that policy support measures have encouraged investment which has led to growth and new employment. We are optimistic that direct employment
in the high value professional shipping services sector could double over the next five years leading to further investment and job creation opportunities"

The majority of Irish-based ship-owning firms operating within the ITT scheme are not entirely reliant on the Irish economy for their daily core revenue streams but are instead employed in the international shipping markets.

In 2010 the global shipping business had total charter trading transactions estimated at $450 billion dollars. It was a year in which the shipping markets continued to be quite volatile with most sectors still recovering from large charter earnings declines over the previous 12 months. Overall Irish firms were quite resilient in their ability to compete last year.

The growth in this sector in Ireland has been driven by established Irish-owned companies Arklow Shipping Ltd (ASL) and the Mainport Group and inward investment has come from D'Amico and Ardmore Shipping. The chemical and products tanker fleet operator located its headquarters to Cork last year and the company is backed by a large US private equity firm.

To read more from the report, you can request a copy by contacting the IMDO by e-mailing [email protected]

Published in Ports & Shipping

Annalise Murphy, Olympic Silver Medalist

The National Yacht Club's Annalise Murphy (born 1 February 1990) is a Dublin Bay sailor who won a silver medal in the 2016 Summer Olympics. She is a native of Rathfarnham, a suburb of Dublin.

Murphy competed at the 2012 Summer Olympics in the Women's Laser Radial class. She won her first four days of sailing at the London Olympics and, on the fifth day, came in 8th and 19th position.

They were results that catapulted her on to the international stage but those within the tiny sport of Irish sailing already knew her of world-class capability in a breeze and were not surprised.

On the sixth day of the competition, she came 2nd and 10th and slipped down to second, just one point behind the Belgian world number one.

Annalise was a strong contender for the gold medal but in the medal race, she was overtaken on the final leg by her competitors and finished in 4th, her personal best at a world-class regatta and Ireland's best Olympic class result in 30 years.

Radial European Gold

Murphy won her first major medal at an international event the following year on home waters when she won gold at the 2013 European Sailing Championships on Dublin Bay.

Typically, her track record continues to show that she performs best in strong breezes that suit her large stature (height: 1.86 m Weight: 72 kg).

She had many international successes on her road to Rio 2016 but also some serious setbacks including a silver fleet finish in flukey winds at the world championships in the April of Olympic year itself.

Olympic Silver Medal

On 16 August 2016, Murphy won the silver medal in the Laser Radial at the 2016 Summer Olympics defying many who said her weight and size would go against her in Rio's light winds.

As Irish Times Sailing Correspondent David O'Brien pointed out: " [The medal] was made all the more significant because her string of consistent results was achieved in a variety of conditions, the hallmark of a great sailor. The medal race itself was a sailing master class by the Dubliner in some decidedly fickle conditions under Sugarloaf mountain".

It was true that her eight-year voyage ended with a silver lining but even then Murphy was plotting to go one better in Tokyo four years later.

Sportswoman of the Year

In December 2016, she was honoured as the Irish Times/Sport Ireland 2016 Sportswoman of the Year.

In March, 2017, Annalise Murphy was chosen as the grand marshal of the Dublin St Patrick's day parade in recognition of her achievement at the Rio Olympics.

She became the Female World Champion at the Moth Worlds in July 2017 in Italy but it came at a high price for the Olympic Silver medallist. A violent capsize in the last race caused her to sustain a knee injury which subsequent scans revealed to be serious. 

Volvo Ocean Race

The injury was a blow for her return to the Olympic Laser Radial discipline and she withdrew from the 2017 World Championships. But, later that August, to the surprise of many, Murphy put her Tokyo 2020 ambitions on hold for a Volvo Ocean Race crew spot and joined Dee Caffari’s new Turn the Tide On Plastic team that would ultimately finish sixth from seventh overall in a global circumnavigation odyssey.

Quits Radial for 49erFX

There were further raised eyebrows nine months later when, during a break in Volvo Ocean Race proceedings, in May 2018 Murphy announced she was quitting the Laser Radial dinghy and was launching a 49er FX campaign for Tokyo 2020. Critics said she had left too little time to get up to speed for Tokyo in a new double-handed class.

After a 'hugely challenging' fourteen months for Murphy and her crew Katie Tingle, it was decided after the 2019 summer season that their 'Olympic medal goal' was no longer realistic, and the campaign came to an end. Murphy saying in interviews “I guess the World Cup in Japan was a bit of a wakeup call for me, I was unable to see a medal in less than twelve months and that was always the goal".

The pair raced in just six major regattas in a six-month timeframe. 

Return to Radial

In September 2019, Murphy returned to the Laser Radial dinghy and lead a four-way trial for the Tokyo 2020 Irish Olympic spot after the first of three trials when she finished 12th at the Melbourne World Championships in February 2020.

Selection for Tokyo 2021

On June 11, Irish Sailing announced Annalise Murphy had been nominated in the Laser Radial to compete at the Tokyo Olympics in 2021. Murphy secured the Laser Radial nomination after the conclusion of a cut short trials in which rivals Aoife Hopkins, Aisling Keller and Eve McMahon also competed.

Disappointment at Tokyo 2021

After her third Olympic Regatta, there was disappointment for Murphy who finished 18th overall in Tokyo. On coming ashore after the last race, she indicated her intention to return to studies and retire from Olympic sailing.  

On 6th Aguust 2020, Murphy wrote on Facebook:  "I am finally back home and it’s been a week since I finished racing, I have been lucky enough to experience the highs and the lows of the Olympics. I am really disappointed, I can’t pretend that I am not. I wasn’t good enough last week, the more mistakes I made the more I lost confidence in my decision making. Two years ago I made a plan to try and win a gold medal in the Radial, I believed that with my work ethic and attitude to learning, that everything would work out for me. It didn’t work out this time but I do believe that it’s worth dreaming of winning Olympic medals as I’m proof that it is possible, I also know how scary it is to try knowing you might not be good enough!
I am disappointed for Rory who has been my coach for 15 years, we’ve had some great times together and I wish I could have finished that on a high. I have so much respect for Olympic sailing coaches. They also have to dedicate their lives to getting to the games. I know I’ll always appreciate the impact Rory has had on my life as a person.
I am so grateful for the support I have got from my family and friends, I have definitely been selfish with my time all these years and I hope I can now make that up to you all! Thanks to Kate, Mark and Rónán for always having my back! Thank you to my sponsors for believing in me and supporting me. Thank you Tokyo for making these games happen! It means so much to the athletes to get this chance to do the Olympics.
I am not too sure what is next for me, I definitely don’t hate sailing which is a positive. I love this sport, even when it doesn’t love me 😂. Thank you everyone for all the kind words I am finally getting a chance to read!"

Annalise Murphy, Olympic Sailor FAQs

Annalise Murphy is Ireland’s best performing sailor at Olympic level, with a silver medal in the Laser Radial from Rio 2016.

Annalise Murphy is from Rathfarnham, a suburb in south Co Dublin with a population of some 17,000.

Annalise Murphy was born on 1 February 1990, which makes her 30 years old as of 2020.

Annalise Murphy’s main competition class is the Laser Radial. Annalise has also competed in the 49erFX two-handed class, and has raced foiling Moths at international level. In 2017, she raced around the world in the Volvo Ocean Race.

In May 2018, Annalise Murphy announced she was quitting the Laser Radial and launching a campaign for Tokyo 2020 in the 49erFX with friend Katie Tingle. The pairing faced a setback later that year when Tingle broke her arm during training, and they did not see their first competition until April 2019. After a disappointing series of races during the year, Murphy brought their campaign to an end in September 2019 and resumed her campaign for the Laser Radial.

Annalise Murphy is a longtime and honorary member of the National Yacht Club in Dun Laoghaire.

Aside from her Olympic success, Annalise Murphy won gold at the 2013 European Sailing Championships on Dublin Bay.

So far Annalise Murphy has represented Ireland at two Olympic Games.

Annalise Murphy has one Olympic medal, a silver in the Women’s Laser Radial from Rio 2016.

Yes; on 11 June 2020, Irish Sailing announced Annalise Murphy had been nominated in the Women’s Laser Radial to compete at the Tokyo 2020 Olympic Games in 2021.

Yes; in December 2016, Annalise Murphy was honoured as the Irish Times/Sport Ireland 2016 Sportswoman of the Year. In the same year, she was also awarded Irish Sailor of the Year.

Yes, Annalise Murphy crewed on eight legs of the 2017-18 edition of The Ocean Race.

Annalise Murphy was a crew member on Turn the Tide on Plastic, skippered by British offshore sailor Dee Caffari.

Annalise Murphy’s mother is Cathy McAleavy, who competed as a sailor in the 470 class at the Olympic Games in Seoul in 1988.

Annalise Murphy’s father is Con Murphy, a pilot by profession who is also an Olympic sailing race official.

Annalise Murphy trains under Irish Sailing Performance head coach Rory Fitzpatrick, with whom she also prepared for her silver medal performance in Rio 2016.

Annalise Murphy trains with the rest of the team based at the Irish Sailing Performance HQ in Dun Laoghaire Harbour.

Annalise Murphy height is billed as 6 ft 1 in, or 183cm.

©Afloat 2020

At A Glance – Annalise Murphy Significant Results

2016: Summer Olympics, Rio de Janeiro, Brazil – Silver

2013: European Championships, Dublin, Ireland – Gold

2012: Summer Olympics, London, UK – 4th

2011: World Championships, Perth, Australia – 6th

2010: Skandia Sail for Gold regatta – 10th

2010: Became the first woman to win the Irish National Championships.

2009: World Championships – 8th

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