Green registration fee

The green discount will give ship owners a 15% per cent reduction on their annual registration fee and is available to operators of cargo ships, commercial yachts or passenger ships which are investing in biofuel, alternative fuels, wind, or shore-side energy.

“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,” explained Cameron Mitchell, director of the IOMSR.

“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 emissions targets, the Isle of Man flag will reward you,” he added.

The move to offer financial incentives for green ships follows on from the IOMSR becoming the first flag state to join the ‘Getting to Zero Coalition’ in 2020, with its aim to meet IMO ambitions to develop commercially viable, deep-sea zero-emission vessels by 2030.

“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,” said Cameron Mitchell.

The new green registration fee forms part of broader government plans to review merchant shipping fees in 2022 and will be submitted to Tynwald for approval in March.