Free re-flagging from IRI

International Registries is offering free transfer for ships joining the Marshall Islands registry until the end of June, and has also reduced its tonnage tax.

For new entrants there will be no registration, documentation or mortgage recording fees. Marine inspections or investigations and international participation fees are also waived until the end of June, as is the tonnage tax.

Owners of vessels already registered will benefit from IRI?s cut in tonnage tax from $0.25 per gross tonne to $0.2 per net tonne. The company says this will save the owner of a 160,000g VLCC $20,000 per year.

IRI highlights its 50 years experience running the Marshall Islands? registries, and the country?s political stability. It recently lost the contract to run Liberia?s registry, the second largest in the world with 1,832 ships totalling 57million gross.

However, last year Liberia lost its seat on the IMO?s governing council and has seen a net loss of 102 ships.