The publication entitled ‘Ship Registration Cost Comparison (2010) contains a benchmarking exercise of registration and annual costs by type and age of vessel, a statistical analysis on registration and annual costs by type and age of vessel, a diagrammatical analysis on registration and annual costs by type and age of vessel and a diagrammatical analysis on long-term competitiveness of the selected state flags by type and age of vessel.
The range of choice of maritime flags currently available within the shipping industry has increased the importance of flagging policy in modern ship management. There are various factors governing the choice of flag by shipowners, however, the main factors determining the choice of flag are mainly economic, fiscal, operational and political factors. Although the quality of the flag has in recent times became a more important consideration in determining the ship’s flag, shipowners are operating in highly competitive markets and as a consequence economic and fiscal factors play a crucial role in their choice of flag as these factors usually form an integral part of the owners’ corporate and financial policy. Ship registration tariff structures and costs are related to economic and fiscal factors and constitute an important element of the shipowners’ flagging policy. This notwithstanding, other factors such as, for example, updated maritime legislation, freedom of trading, fast and efficient ship registration service, and flag reputation/quality continue to be important factors governing the choice of the ship’s flag.
The scope of this publication is to benchmark registration rates applicable to selected flag States considered to be direct competitors , subjectively determined to be Malta, Cyprus, Bahamas, Marshall Islands, Panama, Liberia, Norway and Hong Kong. The focus is on cargo vessels.
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