|
Overview of the Bahamian Shipping Registry |
|
|
Registering ships is one of the newer industries in Bahamas. In just a decade, the country ranked 5th when it comes to the world’s largest fleet. Since 1976 and the Merchant Shipping Act, more than a thousand ships have registered and fly the Bahamian flag. Among the shipping companies who registered are Chevron, Teekay Shipping, Exxon Industries, and Maersk Line. Luxury ships registered include Holland-America Cruises and the Norwegian-Cruise Lines. The rest are tugboats, tankers, cargo steamers, freighters, and frigates.
Several factors are attributed for the success of ship registration in the Bahamas: Political and judicial stability, good business environment and impeccable banking services, strategic position (situated in the middle of North and South America), its fame as a holiday destination, modern and well-equipped harbors, and adherence to international standards and principles.
The government of Bahamas imposes standards to make its ship registration responsible. For a ship to be cataloged, it must be less than 12 years old, must be above one thousand six hundred net registered tons (NRT) and occupied in international trade. Ships over twelve years old can be registered subject to certain conditions. Owner of smaller vessels are given special consideration such as reduced fees and tariffs.
Registration fees are US $1.20 per net registered ton for ships 5,000 NRT or less. For ships more than 5,000 NRT, registration fees are US $1.10 per net registered ton. Annual tonnage dues amount to 10% of the NRT with additional $1,500 for ships under 25,000 NRT. Above 25,000 NRT, the dues are $0.11 per NRT plus $1,500.
Ships that fly the Bahamian flag are totally tax-free. Foreign-owned ships of more than 150 gross registered tons are exempted also from customs duties and documentary stamps fees.
Foreigners may serve as officers and crew members in the registered ships provided the officers are holders of professional certification accredited by the Bahamas Maritime Authority and the crew holds national certifications conforming to STCW (Standards of Training, Certification & Watching) regulations.
|
|
Secure Order
Sales
