Category: Shipping

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UK Port Operator Improves Shipping Logistics via Blockchain

Categories Blockchain, Shipping, Technology

UK Port Operator Improves Shipping Logistics via Blockchain

Associated British Ports (ABP), the UK’s leading port operator has announced a collaboration with the digital logistics provider, Marine Transport International. Under the terms of the agreement, Marine Transport International will develop blockchain use for port logistics in around 21 ports that will handle 25% of all cargo shipments in the UK.

The two companies will carry out pilot shipment using blockchain technology because at the moment, each party in the ABP supply chain has no connection with others such as port operators, carriers, and shippers, all use different and unrelated systems. The proposed blockchain solution for port logistics will reduce the time spent on the manual processing of data according to Jody Cleworth, the founder and CEO of Marine Transport international.

“With blockchain, we can connect all those systems to ensure data is accurately and quickly shared, helping speed-up and simplify the flow of trade in and out of the UK.”

Back in June, Denmark announced its intentions to implement blockchain technology to aid in the registration of vessels on the register of the national ships. In addition to this, a subsidiary of Abu Dhabi Ports has also created its own blockchain-based solution for logistics.

In September, global logistics firm FedEx joined “Hyperledger”, an open-source project that was established to improve relations between cross-industry blockchain technologies. Hosted by the Linux Foundation, “Hyperledger” allows businesses to build blockchain-based applications, hardware, and platforms that facilitate their own individual type of business transactions.

FedEx Services stated that blockchain has “big implications” for supply chains, logistics, and transportation.

Executive Director of Hyperledger, Brian Behlendorf added:

“We are gaining traction around the world in market segments from finance to healthcare and government to logistics. This growth and diversity is a signal of the increasing recognition of the strategic value of enterprise blockchain and commitment to the adoption and development of open source frameworks to drive new business models.”

Blockchain has emerged over the last two years with an increasing amount of use cases. By far the most interesting and widespread is that of shipping and logistics where it has the power to significantly streamline the industry, saving billions and creating a wealth of new opportunities.

If you have any questions in relation to ICOs, OTC, or Tokenomics please contact us on [email protected]

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How to register a commercial vessel in Malta

Categories Shipping, E&S Group, Malta flag

How to register a commercial vessel in Malta

If you are the owner of a commercial vessel and you are interested in registering it under the Malta flag, then you will be happy to know that it is a relatively straightforward process.

When registering your vessel in Malta, you have the choice whether to register it under the name of a Shipping Organisation that is set up in Malta or register it in the name of a foreign owner through the Resident Agency Scheme.

In order to submit a provisional registration (which also allows you to operate) to the Malta flag, you need to complete the following steps:

  1. File an application that includes all of the vessel information, as well as a declaration that states the details of the vessel and that the Maltese company or the individual is the owner of the vessel.
  2. You then must file an application for a Safe Manning Certificate which lays out the minimum numbers of the crew that must be on board to run the ship, as per the law.
  3. You must then give direct confirmation to the Registrar of Shipping, from the vessels classification society that the commercial vessel is classed correctly and is in a position of the applicable safety certificates. If these certificates have expired, the vessel will be registered on the promise that the declaration of class is correct, but the certificate will not be released until the classification society confirms this.
  4. Then you need to file the International Tonnage Certificate of the vessel.
  5. In the case of a cargo or bulk carrier, a passage vessel, or a tanker, a copy of the Ships Management Certificate and a copy of the Document of Compliance of the Managers must also be filed. Any ship exceeding 500 gross tons is required to do this by law.
  6. You must also present a copy of your International Ship Security Certificate at the Malta Maritime Authority.
  7. After each step is complete you must transfer all funds applicable to fees and processing, as stipulated by the Malta Maritime Authority.

Once the vessel has been registered provisionally, other documents such as the bill of sale, and deletion certificate must be presented to the authority within six months to facilitate permanent registration. If the vessel is newly built, you are also required to obtain a Builder’s Certificate to indicate the identity of the proposed new owner.

What are the benefits of registering a commercial vessel in Malta?
  • You are not required to pay income tax on the income of a Ship Owning Organisation as long as the vessels are registered under the Maltese Flag.
  • Dividends that are paid to shareholders of the Ship Owning organisation are not subject to taxation.
  • The ability to register a vessel under a provisional non-operational certificate whilst the vessel is still under construction.
  • Quick crew acknowledgement processes with STCW applications being processed within three months.
  • The ability to securitise or avail of tailor-made financial structures depending on the individual case.
  • Quick and efficient mortgage registration that can even be undertaken whilst the vessel is still under construction.

When registering a commercial vessel under any flag state, it is always recommended to seek legal, financial and fiscal advice from professionals that are familiar with the jurisdiction. This will help to mitigate the risk of any mistakes, downtime, or failure to avail oneself of benefits or opportunities. To speak to one of E&S Group’s maritime advisors, please contact us by sending us an email on [email protected] or by telephone on +356 2010 3020

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Why should you register your yacht in Malta?

Categories Malta, Shipping, E&S Group

Why should you register your yacht in Malta?

When most of us think of yacht ownership, we think about drifting through turquoise waters, stopping at secluded bays for a swim, or dropping in at a picturesque little fishing village for a candlelit dinner. Whilst, of course, all of these things are possible, there are some serious matters to consider as well.

Owning a yacht bears a lot of responsibilities and requires careful management and intelligent decision making. From insurance to berthing, crew to chartering- all require careful consideration. But it is where to register your yacht that requires the most careful consideration. As the owner of a yacht, choosing the most accessible and beneficial, yet reputable jurisdiction is the most important decision you will have to make.

Here are reasons why you should choose Malta.

  1. Malta is now the largest EU ship registry and it abides by all of the relevant and required EU directives. It has also ratified International Conventions issued by the International Maritime Organisation, the International Labour Organisation, and the United Nations.
  2. Flying the Maltese flag on your vessel means that you will be welcomed at any port in the world. Malta is listed on the While List of the Paris MoU and the Tokyo MoU meaning it is of utmost reputational standard internationally.
  3. Malta has a long history in the maritime sector and the island is equipped with extensive facilities, as well as skilled and hardworking maritime labour force. It is also strategically located for a range of activities and its short, mild winters make it a great place to keep a vessel out of season.
  4. Malta offers attractive incentives to yacht owners and operators which include a range of fiscal and VAT benefits, whilst being completely in line with EU regulations.
  5. Malta also offers low costs for company formation, vessel registration, and tonnage.
  6. There is absolutely no restriction on the sale or mortgaging of a Maltese registered yacht or superyacht.
  7. There are also no restrictions on the nationality of the vessels owner, or the ownership of the company that owns the vessel. They can be EU nationals or not- it doesn’t matter. There are also no restrictions to the nationalities of those that man the vessels such as the Captain, or any of the crew.
  8. When it comes to pleasure yachts, Malta offers a competitive leasing scheme including, in some cases, total tax exemptions and significantly reduced rates of VAT even if the yacht is used for commercial practices.

To find out more about how to register your yacht or vessel on the Maltese registry, or for any other yacht related enquires, please contact us on [email protected] or call us on +356 2010 3020

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The European Commission conditionally approves Maltese tonnage scheme

Categories Business, Tax, Regulatory, Malta, Shipping

The European Commission has conditionally approved under European Union State aid rules the Maltese tonnage tax scheme for a period of 10 years.

In order to comply with EU state aid rules, Malta agreed to make changes to the scheme to meet the commission’s objections to it. In particular, Malta agreed to restrict the scope of the scheme to maritime transport and to remove those tax exemptions for shareholders which constitute state aid.

Under the tonnage tax scheme the shipping company is taxed on the basis of ship net tonnage (i.e. based on its volume) rather than the actual profits of the company. In particular, tonnage taxation is applied to a shipping company’s:

  • core revenues from shipping activities, such as cargo and passenger transport;
  • certain ancillary revenues that are closely connected to shipping activities (which are, however, capped at a maximum of 50% of a ship’s operating revenues); and
  • revenues from towage and dredging subject to certain conditions.

If a shipping company wants to benefit from the scheme, a significant part of its fleet must fly the flag of an European Economic Area (EEA) Member State. In addition, any new entrant to the scheme must have at least 25% of its fleet subject to tonnage tax with an EEA flag.

Contact us for more information regarding shipping companies in Malta at [email protected]

www.ellulschranz.com

 

 

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