Coaltrans Asia 2023Sailors SocietyTMS Awards 2023Bühler GmbHTBA GroupVigan
  • Vigan
  • TMS Awards 2023
  • TOC Africa 2023
  • Port of South Louisiana
  • Sailors Society
  • Telestack

IOMSR launches industry first reduced ‘green’ ships fees

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

NorthStandard identifies future path of P&I as it realizes early consolidation gains

(Posted on 19/09/23)

Seven months after its formal launch, NorthStandard is already realizing tangible benefits from combining... Read more


Core Power adds US heavyweights to Global Advisory Board

(Posted on 12/09/23)

Maritime nuclear technology company CORE POWER has boosted its Global Advisory Board with four new high... Read more


Foreship makes further commitment to growth in the UK

(Posted on 12/09/23)

Foreship has relocated its UK subsidiary to larger premises and appointed Tuur Killaars as Senior Sustainability... Read more


DNV and PCL to expand collaboration in ESG and key operational areas

(Posted on 08/09/23)

Classification society DNV has signed a Memorandum of Understanding (MoU) with Singapore-based ship... Read more


ISG partnership with MLS to enhance training for maritime sector

(Posted on 08/09/23)

Leading blended learning provider Intelligent Seas Group (ISG) is delighted to announce its collaboration... Read more


Panama Canal water levels to remain exceptionally low for months

(Posted on 04/09/23)

Record year-on-year declines in rainfall has been identified as the ‘likely culprit’ for... Read more


Change in MENAS Light Dues to ensure future of Aids to Navigation

(Posted on 04/09/23)

After years of keeping a vital navigation service operating on the same income, Middle East Navigation... Read more


Leading bulk shipping companies demonstrate collaboration is key to success

(Posted on 28/08/23)

Torvald Klaveness and Lauritzen Bulkers, leading global dry bulk shipping companies, have announced... Read more


OSM Thome and Pherousa Green Shipping collaborate on ultramax project

(Posted on 28/08/23)

Norwegian companies OSM Thome and Pherousa Green Shipping AS (referred to as "PGS") have entered into... Read more


Delivery of modern capesize bulker adds capacity for Tomini

(Posted on 18/08/23)

Tomini Shipping, a world class dry bulk ship owner, has reached yet another milestone in their expansion... Read more


IMPA EventsTelestackVan AalstTOC Africa 2023TOC Europe 2023Port of South Louisiana
  • Cimbria
  • Coaltrans Asia 2023
  • IMPA Events
  • TOC Europe 2023

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping