IOMSR launches industry first reduced ‘green’ ships fees
(Posted on 07/02/22)
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 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 green discount will give ship owners 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.
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 (see notes to editors).
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."
The 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.
Latest News
Columbia expects significant growth as more owners shift operations to the UAE
(Posted on 09/12/25)Columbia Group anticipates a period of strong expansion as an increasing number of international shipowners... Read more
Norse Ship Management emerges as digital leader among new-generation ship managers
(Posted on 09/12/25)Norse?Ship Management has expanded its use of Smart Ship Hub’s high frequency sensor data and... Read more
Maritime health experts welcome STCW amendments, but urge against checkbox compliance
(Posted on 09/12/25)As the maritime industry gears up to welcome the IMO’s STCW bullying and harassment training amendments... Read more
NORDEN acquires Southern African cargo activities of Taylor Maritime
(Posted on 02/12/25)NORDEN has acquired the cargo activities of Taylor Maritime in Southern Africa (previously operated... Read more
IMO delay could spark fragmentation risks, warns EmissionLink
(Posted on 02/12/25)Philippos Ioulianou, Managing Director of EmissionLink, has warned the IMO’s decision to delay... Read more
VIKAND highlights bullying and harassment as major mental health concern
(Posted on 02/12/25)VIKAND has highlighted the need for cultural change in the maritime sector as reports of bullying, harassment... Read more
DNV and WMMF guide to support shipowners' path to net-zero
(Posted on 24/11/25)The maritime industry is experiencing a period of significant transformation, driven by rapidly evolving... Read more
NorthStandard takes prudent position on P&I premiums
(Posted on 24/11/25)NorthStandard has advised Members of a 5% increase in P&I premiums for the marine insurance year... Read more
Anemoi completes Rotor Sail installation on NS United bulk carrier
(Posted on 15/11/25)Anemoi Marine Technologies, the UK-based leading designer of Rotor Sails for wind-assisted ship propulsion... Read more
LR and Marshall Islands certify Helm CONNECT electronic record books
(Posted on 14/11/25)Helm Operations has announced that nine electronic record books within Helm CONNECT Logbook have been... Read more
