Shipping
The firm’s shipping practice acts for some of the world’s leading financial institutions, law firms, ship builders, yacht brokers, ship owners and charterers, and has gained an international reputation for commercially sensitive legal advice relating to all aspects of the acquisition, registration, financing, disposal and operation of ships in the context of the tax neutral registries of the BVI, Cayman Islands and Cyprus.
Ship Registration
Both the British Virgin Islands and the Cayman Islands are Category 1 branches of the General Register of British Ships. The Virgin Islands Shipping Registry allows for the registration of general cargo ships of unlimited tonnage, and mega yachts of up to 3000GT, and the Cayman Islands Shipping Registry has no tonnage restriction on the registration of vessels.
Cyprus administers a major international registry within the European Union and controls one of the world's largest merchant fleets not least due to its favourable tax regime for shipping activities the advantages of which include no tax on profits from the operation or management of a Cyprus-registered vessel and no income tax on the emoluments of officers and crew. In addition, Cyprus has a wide choice of jurisdictions worldwide with compatible legislation for parallel-in and parallel-out registrations.
Our shipping team can assist with the full registration process, including provisional and permanent registrations, parallel (bareboat) registration, the registration of new builds, transfers of ownership, and transfers of existing vessels in the BVI, Cayman and Cyprus.
Ship Financing
We regularly advise lenders on loan agreements and security documents, asset securitisation structures and operating and financial lease structures.
Shipping Litigation
The firm also conducts a large international shipping liti gation practice which advises on maritime disputes and the implementation of maritime claims against vessels, including vessel arrest and detention.
Contact Sheila George for more on Shipping.