Isle of Man Ship Registry to offer flag fee discount for green ships

In the UK, the Isle of Man Ship Registry (IOMSR) is set to become the first flag state in the world to incentivize ship owners by offering a new green discount on registration fees for ships deploying green technology.

The green discount will give ship owners a 15 percent reduction on their annual registration fee. The discount 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 discount forms part of the Isle of Man Government’s Merchant Shipping (Fees) Regulations 2022, published on the Register of Business on 01/02/2022, which will be submitted to Tynwald for approval at its sitting in March 2022. The Merchant Shipping (Fees) Regulations 2022 set out the IOMSR fees from April 1, 2022.