New Shipping and Aviation “Quangos” Given Green Light
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Jeremy’s practice focuses on corporate finance, mergers and acquisitions, corporate reorganisations and restructurings, banking and international real estate finance, structured finance, as well as regulatory and legislative compliance.
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With effect from 1st October 2016, the governmental departments responsible for the oversight of the aviation and shipping sectors became “quangos” newly titled as the Bermuda Civil Aviation Authority and the Bermuda Shipping and Maritime Authority.
The aim of granting such status is to boost revenue from the registration of both vessels and aircraft, by making Bermuda more competitive in the global shipping and aviation markets.
On the shipping front, the Bermuda Government stated that its intention is “to create an efficient, competitive and economically viable shipping registry that can meet the modern-day customer demands as well as the relevant national and international standards.” Bermuda presently commands a fleet of 170 ships with more than 13 million gross tones, which, compared to other international registries, is rather small, which provides the new Authority with a great opportunity for expansion in the line with the anticipated future growth in the shipping sector.
Bermuda’s Aircraft Registry already ranks 10th in size of the 191 signatory States to the Convention on International Civil Aviation. The current Registry includes a mix of both private aircraft and commercial aircraft. With a wealth of experience and credibility in the global aviation industry, combined with unparalleled personal and responsive customer service, the new Authority looks to be well positioned, by capitalising on new markets which are opening up, and by the implementation of international standards set out in the soon to be enacted Cape Town Convention legislation, to further increase its market share.