By George Ruddock, Staff Reporter
LONDON:
JAMAICA'S FLAG could soon be flying on huge supertankers throughout the world's oceans following the launch of the Jamaica Ship Registry in London on Thursday.
In front of a packed room of important European shipping executives at the Jamaican High Commission, Dr. Peter Phillips, the island's Transport Minister, announced that the registry would attempt to attract some of the top liners, including tankers, cargo and passenger vessels, to make Jamaica their registered home port.
Also, he said Jamaica's track record in the maritime sector would offer a comprehensive and modern service ranging from legislation, staff training facility, internationally-verified compliance with safety regulations and world environment protection standards.
The immediate benefit to the country, he said, would be more jobs in the insurance and legal sectors as well as adequately trained crew and engineer support in ship repairs for vessels registered in Jamaica.
The registry is expected to break even in three to five years and to post a US$10 million profit after 10 years, and US$20 million after 15 years. A built-in e-commerce component is expected to contribute to its profitability in later years, Dr. Phillips said.
Projections are for the registry to have 20 convention class vessels within a year and growing to between 500 and 600 after five years.
Dr. Phillips noted that Jamaica had "established a rigorous verification procedure and transparent guidelines for the operation of the ship registry, as well as the existence of strong domestic legislation to combat money laundering and the illicit traffic in drugs under the conventions for joint naval policing with the USA, Canada and the United Kingdom."
Also speaking at the launch were Rear Admiral Peter Brady, Director-General of Jamaica's Maritime Authority, who gave a brief background to Jamaica's maritime service, and High Commissioner David Muirhead.
