The Isle of Man Ship Registry (IOMSR) will 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 is 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.
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
said Cameron Mitchell, Director of the IOMSR.
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.
