THE Isle of Man Ship Registry has become one of the top 15 ship registries in the world.
It has just announced record tonnage for the year ending 2011.
Gross Registered Tonnage (GRT) is the datum used to compare the world's ship registers and a year on year comparison shows a 12 per cent increase in total GRT, climbing steadily from 12.36m GRT at the end of 2010 to 13.84m GRT at the end of 2011.
As a result of the increased figures it is now one of the top 15 ship registries, a spokesman said.
The area which saw a particularly rapid take-up rate was the Asia Pacific region, notably Japanese and Singapore-based corporations.
Director of the Isle of Man Ship Registry Dick Welsh said: "The growth in numbers shows that we are well placed to provide a more cost effective solution for registration without any compromise in quality or service for ship operators and owners.
"Having just recovered from the global crisis of 2008, ship owners are bracing themselves for another rocky year in 2012.
"An oversupply of ships together with the global economic downturn is keeping freight rates down and making it difficult to keep vessels operating profitably in many sectors."
He added: "The uptake on the flag registration has been encouraging.
"We are seeing an increased level of enquiries for vessels under construction or in-service which are planning to register, or change to Isle of Man registration.
"This hopefully will translate to an increased level of activities for us over the next two to three years especially across the Asia Pacific region."
Alex Downie MLC, the Department of Economic Development political member with responsibility for shipping, said:
"2011 was another very successful year for the ship registry, despite continuing global economic pressures.
"These figures demonstrate that, due to its world class service and support, the Isle of Man Ship Registry continues to be a flag of choice for merchant ships.
"I would like to congratulate the team at the registry on this success and for continuing to provide a high level of customer service throughout this growth period."
