Shipping Minister hopes to double size of U.K. fleet post Brexit

U.K. Shipping Minister John Hayes U.K. Shipping Minister John Hayes

SEPTEMBER 11, 2017— As this week's London International Shipping Week opened, U.K. Shipping Minister John Hayes announced an ambition to double the size of the U.K. Ship Register from 16 to 30 million gross tonnage after Britain leaves the EU and to "build a new partnership with the EU - propelling the U.K. from 15th place into the top 10 global maritime nations."

The register grew by 11.5% between 2015 and 2017. Newbuild vessels registered by companies such as Atlantic Container Lines, Stena and Stolt Tankers helped the UK's gross tonnage increase from 14,470,895 to 16,067,921 over the last two years.

Overseen by the Maritime and Coastguard Agency, the ship register was established by an act of King George III in 1785.

The Maritime and Coastguard Agency says that vessels flying the U.K. flag will benefit from British consular support, a world class tonnage tax regime and low registration, survey and certification costs with no annual renewal fees.

Want more? Subscribe now!

Join Marine Log's Email List



News from NASDAQ