Tonnage Tax News

Cyprus is speaking to other European Union member states to shore up support for the shipping industry hit by sanctions on Russia, its shipping minister said on Friday.Cyprus has the third-largest shipping fleet in the EU after Malta and Greece. It has seen defections, or itself deflagged, about a fifth of its oil tanker fleet in recent months, connected one way or another to sanctions on Russia.The island's proposals include automatic extensions of so-called tonnage tax systems…

In an attempt to bring more international shipping firms onshore to the UK, the British chancellor of the Exchequer Rishi Sunak provided the biggest shake-up to the UK’s domestic tonnage tax since its introduction 20 years ago.The British government explained that In order for global shipping companies to benefit from paying less tax, there are two routes for companies to benefit: they can either show that they are investing in the net carbon zero transition, or they need to be…

The European Commission has approved under EU State aid rules extending a scheme supporting the maritime transport sector in Denmark, including the ones working in the offshore wind industry.Under the amended scheme, shipping companies registered in the Danish International Register of Shipping (DIS) and employing seafarers aboard certain specialised vessels providing off-shore activities, such as, for example, guard  vessels, vessels servicing off-shore installations and vessels for raising, repairing and dismantling windmills can benefit from an exemption from income taxes for their seafarers.According  to a press release from the European Commission…

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already re-flagging two vessels to keep European Union tax arrangements ahead of Britain's departure from the bloc, the company said.A P&O spokesman said two of its UK ships operating on the English Channel route to France would be re-flagged to Cyprus."The change is being made to preserve the tonnage tax financing arrangements, under which the ships should remain flagged in an EU member state," a statement said.The spokesman added that P&O was reviewing the flag status of its four other ships operating

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already re-flagging two vessels to keep European Union tax arrangements ahead of Britain's departure from the bloc, the company said.A P&O spokesman said two of its UK ships operating on the English Channel route to France would be re-flagged to Cyprus."The change is being made to preserve the tonnage tax financing arrangements, under which the ships should remain flagged in an EU member state," a statement said.The spokesman added that P&O was reviewing the flag status of its four other ships operating on the Channel route, although no final…

The European Commission has approved under EU State aid rules the extension of the existing Danish tonnage tax scheme to additional types of vessels.This will encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition.At the same time, Denmark will amend its existing scheme to ensure that it applies only to genuine maritime shipping activities by limiting revenues from non-core activities to an acceptable level.Commissioner Margrethe Vestager in charge of competition policy, said: "Denmark's revised tonnage tax scheme will help the shipping industry remain competitive on the global market. It will preserve jobs and promote high environmental standards in the maritime transport sector.

The European Commission approved on Friday the expansion of a Danish scheme to tax shipping companies on their tonnage, the EU executive said in a statement.Under the so-called tonnage tax schemes, shipping companies pay taxes on the basis of the size of the shipping fleet rather than on their actual taxable profits.The Commission authorized Denmark to expand its existing scheme for shipping firms to several new categories including guard vessels and ships servicing off-shore installations, it said in a statement.(Reporting by Francesco Guarascio)

The situation for the shipping companies based in Germany has been, much like the rest of the world in 2017, mostly tight. Currently, the German shipping companies are undergoing changes against this background. They are concentrating more and more on their core competences. Maritime Reporter & Engineering News' man in Germany, Peter Pospiech, recently talked to Alfred Hartmann, President of the VDR (Association of German Shipowners), for his exclusive insights on the size, shape and direction of German shipowners.Mr.

The European Commission has conditionally approved under EU State aid rules the Maltese tonnage tax scheme for a period of 10 years. The scheme will ensure a level playing field between Maltese and other European shipping companies, and will encourage ship registration in Europe. Commissioner Margrethe Vestager, in charge of competition policy, said "Tonnage tax systems are meant to promote the competitiveness of the EU shipping industry in a global market without unduly distorting competition. I am pleased that Malta committed to adapt its tonnage tax system to achieve this. Moreover, by encouraging the registration of ships in the EU, the scheme will enable the European shipping industry to keep up its high social and environmental standards”.

The UK Chamber of Shipping's CEO Guy Platten and its president Dr Grahaeme Henderson were among a delegation of international shipowners and major figures from the shipping industry that visited 10 Downing Street on Monday as part of London International Shipping Week 2017. The delegation, led by Maritime UK, took part in a round-table debate with government ministers to discuss both the challenges and opportunities facing the UK's maritime industry, and how the government can strengthen the country's appeal as an attractive business centre. UK Transport Secretary Chris Grayling chaired the debate, which was attended by Liam Fox, Secretary of State for International Trade…

The Vancouver International Maritime Centre (VIMC) is on a mission to grow the city and port into one of the world’s premiere maritime centers. Maritime Reporter & Engineering News recently spoke with Kaity Arsoniadis-Stein, Executive Director of the newly re-established VIMC, for her insights on the pace and direction of the initiative. Let’s start out easily. Why Vancouver? Why now? Why Vancouver? Projections and studies indicate that global trade will increase and shift to the Pacific due to the demand of resources by China and India.

Interferry has unveiled a strategic plan promising to put safety issues at the heart of its work as the voice of the worldwide ferry industry. The pledge came at the global trade association’s 41st annual conference in Manila – a venue chosen to spotlight the challenges of domestic ferry safety in developing nations. According to Interferry, the plan signals its overriding ambition to help lift ferry safety in all parts of the world to the very high standard already in place in North America and Europe, where casualties in recent decades have been extremely rare.

The Hanjin Louisiana, one of the containerships caught up in the collapse of the South Korean shipping company Hanjin, has finally docked in Singapore after several weeks of uncertainty at sea. Among those onboard the containership were four Scottish cadets, who disembarked in Singapore on September 28 for flights back home to the U.K., BBC reports. The four trainee officers studying at the City of Glasgow College – Ruaridh Hanna, David Gorniak, Graeme Deacon and Gavin McPhail – were among an estimated 2…

The UK Chamber of Shipping remained neutral on the question of the UK’s membership of the EU but we recognise the decision of the British people. The chamber has always argued that the shipping industry is resilient by its nature. Shipping moves 95% of the UK’s international trade and we don’t see that changing. We may now be beginning the process of leaving the European Union, but we are still an island nation that has to make its way in the world through buying and selling, and the shipping industry is here for that very purpose. What we need now are cool heads. We’ve had the political debate, now it’s time for rational and strategic thinking.

Liberia has become the first flag state to participate in the Green Award program, under which eligible shipowners will be offered significant annual tonnage tax discounts. Green Award is a global, independent, not-for-profit quality assurance organisation which certifies ship managers and vessels that go beyond industry standards in terms of safety, quality and environmental performance. The scheme brings together ship managers who are willing to improve the safety and environmental performance of their vessels…

UK Budget 2016 provides surprises for shipping and radical measures for offshore maritime sector. Leading accountant and shipping adviser Moore Stephens says the UK Budget 2016 contains a number of surprise developments which are likely to be of interest to the shipping sector, as well as a radical set of measures which it is hoped will assist the offshore maritime oil and gas sector. The Government announced a further reduction in the rate of corporation tax, which will be 17% from 1 April 2020. There are also significant reductions in the rates of capital gains tax. From 6 April 2016, the higher rate of capital gains tax for individuals will be reduced from 28% to 20%…

Carbon War Room (CWR) announced today that a collaboration between Hammonia Reederei, a Hamburg-based shipowner, and New Orleans-based charterer Intermarine, has enabled the retrofit of three sister vessels with multiple efficiency technologies. Under expected operating conditions, each vessel is anticipated to see 25 percent fuel savings, to be shared between Hammonia and Intermarine. José María Figueres, Chairman of the Board, Carbon War Room commented “This deal proves the profitability of shipowners and charterers collaborating on multi-technology retrofits. CWR awarded Hammonia a $120,000 grant to retrofit the vessels Industrial Ruby, Industrial Royal, and Industrial Revolution.

The European Commission recently published Decision (C(2015)9019 final / 18-12-2015) alleging that some provisions of the Greek shipping taxation regime are in breach of EU state aid provisions and, in particular, the conditions set out in the current Community Guidelines on State Aid to Maritime Transport (SAG). In response, the Union of Greek Shipowners issued a statement expressing its disagreement with the decision. “As the official representative of the Greek shipping sector, the Union of Greek Shipowners (UGS) has the duty to point out that there is no effective distortion of competition in the maritime field in the EU and that any fundamental changes to the institutional and fiscal framework in which the Greek shipping community is presently operating…

The European Commission has sent to Greece a set of proposals to ensure that state support to the maritime sector in Greece complies with EU state aid rules. In particular, the Commission found that current provisions may breach EU state aid rules by allowing shareholders of shipping companies to benefit from favourable tax treatment that should be reserved for maritime transport providers. Similarly, the Commission is concerned that favourable tax treatment is also extended to maritime sector intermediaries and operators of ships, which do not provide maritime transport services. The Commission acknowledges the importance of maintaining a competitive maritime transport sector in the EU.

Greece's cash-strapped government is proposing to end increase taxes m the country's key shipping sector in order to boost revenues, but some shipping owners are threatening to move their ships abroad as a result, says a report in BBC. The Greek shipping fleet has since become the biggest in the world, with almost 4,000 ships representing 19% of global shipping capacity. It contributes more than 7% towards the struggling economy, but the country's creditors say it can do more. Greece’s vital maritime industries have managed to stay afloat through six years of economic turmoil, with shipping making up 7.5 per cent of the country’s economic output. Greece controls 19 per cent of the oceans’ dry bulk carriers and almost a quarter of the oil tankers — the largest merchant fleet in the world.

Nordic Tankers and Borealis Maritime Ltd has announced the intention to form a jointly held company, Crystal Nordic A/S – a strong player in the short-sea, ice class chemical tanker trade in the Baltic and North-Western European market. Crystal Nordic A/S will be owned on a 50/50 basis by Nordic Tankers and Embarcadero Maritime (Borealis Maritime). The new company will take over the respective ice classed stainless chemical tankers businesses from its owners, which currently operate under the Nordic Tankers and Crystal Pool trade names. All other Nordic Tankers and Borealis Maritime operations and ventures are unaffected by the new partnership.

The Maritime and Port Authority of Singapore (MPA) today recognised another 53 Green Ships from 41 companies that have qualified for the Green Ship Programme (GSP) at the Third Singapore Registry of Ships Forum (SRS Forum). The GSP encourages Singapore-flagged ships to reduce carbon dioxide and sulphur oxides emissions. Qualifying Singapore-flagged ships can enjoy a reduction of Initial Registration Fees and a rebate on Annual Tonnage Tax. Since the GSP's inception in 2011, 247 Green Ships under the Singapore Flag have joined the programme. Additionally, 10 maritime companies signed the Maritime Singapore Green Pledge. This brings the total number of signees to 100 companies since the initiative's inception in 2011.

Shipping minister says current measurement method not effective. On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man's words: "Don't forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry. That's the way Greek shipowners like it. The magnates who run one of the biggest merchant marine fleets in the world have long argued that if Greece tried to tax them, they would leave - and that their departure would devastate the economy. In recent years, as international institutions repeatedly bailed out Greece, the lenders have also pushed Athens to beef up its tax take.