Economy

The U.S.-based law firm Seward and Kissel has published its first Maritime Group Year in Review publication, highlighting many of the legal issues related to shipping and ship registration.

Accounting firm KPMG recently published a report comparing tonnage tax systems developed by various flag states.

Turkey is implementing a commercial code effective July 1 2012 which it hopes will draw foreign banks to invest in the Turkish fleet.

A tonnage tax Taiwan introduced at the beginning of this year in hopes of bringing more vessels to the register has produced less than targeted results.

The Taiwanese Ministry of Finance hoped the tonnage tax would increase the percentage of Taiwanese owned vessels flagged nationally to 15%, yet it currently remains at around four percent.

Malcolm Jamieson, Marine Officer for the Falkland Islands and manager of the Falkland Islands ship registry, spoke with the ISRR about his experiences overseeing a predominantly local registry.

Greece's new administration is adopting economic policies that will encourage development of the maritime sector.

The country had considered implementing a tax on shipping to bolster the economy, but decided that encouraging shipowners to increase their fleet was the better option.

Following our article about a UK Parliament member advocating for Turkey to lift its ban on Cyprus-flagged vessels, the OGSR reached out to the Cyprus registry for further information on the embargo and how it has directly impacted their flag state.

Newly appointed Isle of Man Chief Minister Allan Bell is expected to bring the registry to even higher heights.

Managing director of ship manager ESA Group and recent Lloyd’s List Italian Shipping Award Winner Gian Enzo Duci spoke with us regarding his views on the Italian maritime industry.

ESA ship management leader Gian Enzo Duci has advised the Italian Government to invest more in its flag in order to maintain business.

The managing director says that Italy's reduction in allocation of funds to its maritime sector as part of an effort to cut costs has resulted in a weaker support system for owners registered with the flag. Duci said: