THE Isle of Man Ship Registry is the fastest growing registry in Europe and the fourth fastest in the world.

The registry's annual report for 2010 has been published and shows positive growth despite “economic pressures globally."

Dick Welsh, the director of the Isle of Man Ship Registry, said: "2010 was another very successful year for the Ship Registry, despite continuing economic pressures globally which has meant a tough year for the shipping industry.

"We are really proud to have added 139 vessels to the register in 2010, increasing the tonnage by nearly 15 percent to 12 million gross tonnes.

"The Ship Registry team has also made great progress towards the MLC and in 2011 we will begin to issue consultation papers on the proposed regulations.

"We continue to be customer focused and although we had to introduce a fee, the first in our 26 year history, it was set at the low rate of £700 and was not tonnage based or dependent on ship size or type.

"Over the next year we look forward to building on these successes and continue to attract new ship owners and operators."

Economic Development Minister Allan Bell MHK said: "This kind of accomplishment does not happen by accident and this report highlights some of the great work of the team at the Ship Registry who each contribute towards making it the success it is today.

"This year has seen further interest from new clients in the Far East following our continued marketing and promotional efforts in Japan and Singapore, which has once again added significant tonnage to the register. This has been achieved without losing sight of our traditional customer base in Europe where we continue to attract tonnage from new and existing clients."

The full report can be viewed by clicking here.