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Source: Bviplatinum
The Virgin Islands Shipping Registry (VISR) is reporting an increase in the registration of vessels in the first two months of 2010, when compared to the same period in 2009.
Statistics from the department show that 56 vessels were registered in the Virgin Islands between January 1 and February 28 this year. During that same timeframe in 2009, only 41 vessels were registered locally. - The Virgin Islands Shipping Registry (VISR) is reporting an increase in the registration of vessels in the first two months of 2010, when compared to the same period in 2009.
VISR Director Captain Baboucar Sallah told the Department of Information and Public Relations that "given the significant rise in the first two months of the year, we anticipate the trend will continue throughout 2010."
He added, "In 2007, 41 vessels were registered in the same period and in 2008, that number rose to 55, but declined the following year. We are extremely happy to see the numbers bounce back this year."
According to Captain Sallah, "The vessels registered are predominantly pleasure vessels. However, the prospects for larger vessels including general cargo ships, which will generate substantial revenue per unit, are good for 2010."
The BVI attained Category One shipping registry status in June 2008. Explaining the significance of this status, Captain Sallah said, "Category One status allows the VISR to register all types of yachts, including mega yachts and super yachts up to 3000 gross tons and general cargo ships of unlimited tonnage."
Bolstered by this new status, in 2008, the VISR registered 23 mega yachts and 5 super yachts, 28 more vessels than it would have been able to register prior to June of that year. In 2009, its first full year operating in Category One status, the VISR registered 32 mega yachts, four super yachts and six specialized oil rig support vessels.
Total vessel registrations for 2009 were 293, which was 64 less than the 357 registered in 2008. In 2007, 326 vessels were registered in the BVI. Reflecting on the overall decline in vessel registration experienced in 2009, the VISR Director attributed it to the global economic downturn. "People were not able to maintain the cost of running a boat so they either sold their boats or did not buy new ones but it appears that things are rising again and people may begin to spend again on discretionary investments like pleasure yachts," he said.
To date, the BVI has not registered any cargo ships and Captain Sallah said this is largely due to insufficient marketing and promotion. "We need a stronger and dedicated marketing campaign to attract ships in this category," he stated.
In addition to such dedicated marketing, Captain Sallah said, "What we plan to do is to muster Government approval and support to appoint representatives in key maritime areas to help market our product. We will also continue to attend the major boat shows in Europe and the United States of America, as well as begin to participate in a couple of the key international shipping conferences as part of our outreach and promotional activities."
The Territory´s main competitors are the Cayman Islands, Bermuda, Isle of Man and Gibraltar, all of which attained Category One status at least 15 years before the BVI. "They are way ahead of us," Captain Sallah stated, adding, "we are all British, members of the Red Ensign Group and therefore subject to same regulations but they beat us in marketing and promotion."
The cost of registering a vessel in the BVI ranges between $750 and $5,000 depending on the size and type of the vessel. In addition to the registration of vessels, the Virgin Islands Shipping Registry is responsible for implementing the maritime policies including shipping operations and safety of life at sea.
Statistics from the department show that 56 vessels were registered in the Virgin Islands between January 1 and February 28 this year. During that same timeframe in 2009, only 41 vessels were registered locally. - The Virgin Islands Shipping Registry (VISR) is reporting an increase in the registration of vessels in the first two months of 2010, when compared to the same period in 2009.
VISR Director Captain Baboucar Sallah told the Department of Information and Public Relations that "given the significant rise in the first two months of the year, we anticipate the trend will continue throughout 2010."
He added, "In 2007, 41 vessels were registered in the same period and in 2008, that number rose to 55, but declined the following year. We are extremely happy to see the numbers bounce back this year."
According to Captain Sallah, "The vessels registered are predominantly pleasure vessels. However, the prospects for larger vessels including general cargo ships, which will generate substantial revenue per unit, are good for 2010."
The BVI attained Category One shipping registry status in June 2008. Explaining the significance of this status, Captain Sallah said, "Category One status allows the VISR to register all types of yachts, including mega yachts and super yachts up to 3000 gross tons and general cargo ships of unlimited tonnage."
Bolstered by this new status, in 2008, the VISR registered 23 mega yachts and 5 super yachts, 28 more vessels than it would have been able to register prior to June of that year. In 2009, its first full year operating in Category One status, the VISR registered 32 mega yachts, four super yachts and six specialized oil rig support vessels.
Total vessel registrations for 2009 were 293, which was 64 less than the 357 registered in 2008. In 2007, 326 vessels were registered in the BVI. Reflecting on the overall decline in vessel registration experienced in 2009, the VISR Director attributed it to the global economic downturn. "People were not able to maintain the cost of running a boat so they either sold their boats or did not buy new ones but it appears that things are rising again and people may begin to spend again on discretionary investments like pleasure yachts," he said.
To date, the BVI has not registered any cargo ships and Captain Sallah said this is largely due to insufficient marketing and promotion. "We need a stronger and dedicated marketing campaign to attract ships in this category," he stated.
In addition to such dedicated marketing, Captain Sallah said, "What we plan to do is to muster Government approval and support to appoint representatives in key maritime areas to help market our product. We will also continue to attend the major boat shows in Europe and the United States of America, as well as begin to participate in a couple of the key international shipping conferences as part of our outreach and promotional activities."
The Territory´s main competitors are the Cayman Islands, Bermuda, Isle of Man and Gibraltar, all of which attained Category One status at least 15 years before the BVI. "They are way ahead of us," Captain Sallah stated, adding, "we are all British, members of the Red Ensign Group and therefore subject to same regulations but they beat us in marketing and promotion."
The cost of registering a vessel in the BVI ranges between $750 and $5,000 depending on the size and type of the vessel. In addition to the registration of vessels, the Virgin Islands Shipping Registry is responsible for implementing the maritime policies including shipping operations and safety of life at sea.
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