The Isle of Man has a long established maritime industry and its Shipping Register forms part of the British Register, the first ships having been registered in 1786.  The implementation of the 1991 Merchant Shipping Registration Act provided the Isle of Man with a forward-looking legislative framework within which the shipping industry operates. The development of the shipping register has encouraged the establishment of Manx-based international ship management and ship owning companies, resulting in the Island now possessing a dynamic and effective shipping industry with a substantial number of such organisations.  Yachts have been registered in the Isle of Man for many years but in more recent years, yacht owners and operators have further recognised the Island as an economic and efficient centre for ownership and, in some cases, the management of yachts registered in the Isle of Man or elsewhere.