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Bahamas third-largest ship registry in the world
WELCOME BAHAMAS - NASSAU, CABLE BEACH & PARADISE ISLAND - 2005
Bahamas third-largest ship registry in the world
"The Bahamas is a quality flag," says the managing director of Dockendale Shipping
The Bahamas is getting increasing attention from the world's shipping companies and even more firms have decided to make their headquarters here.
"The Bahamas is ideal for ship management" it is tax free, a peaceful community and we have a very good relationship with the Ministry of Transport and the Bahamas Maritime Authority (BMA)," said Kamanna Valluri, managing director of Dockendale Shipping.
After moving to The Bahamas in 1989, when rising costs made Japan a less attractive headquarters, Dockendale now operates 36 vessels from its Nassau office.
A quality flag
The government responds quickly to concerns, says Valluri, and dialogue is easy. "It is one of the best places for ship management in the world."
In addition to the tax benefits of structuring a company in The Bahamas, the BMA provides strong support.
"The Bahamas is a quality flag," Valluri said, citing the high standards, good history and consistent performance of the BMA. "They manage ships very well and have very reasonable rates."
In fact, that quality has made The Bahamas the third-largest ship registry in the world and the number one in cruise and passenger ships.
Valluri has no plans to relocate. "We are very happy in The Bahamas and, you know, whoever comes here likes to stay here."
A joint venture between Dockendale and the Clipper Shipping Company led the Clipper Group to set up headquarters in Nassau as well.
Torben Jensen, chairman of the board for Clipper Group Management echoed Valluri's praise for the government and BMA, saying they had responded quickly to Clipper's concerns and shown a sincere commitment to supporting the industry.
Of Clipper's 240 ships, 100 sail under the Bahamian flag. For Jensen, the lack of red tape is a big incentive.
"The government is pro-shipping, which is helpful. They take a very positive attitude."
Government support
Demonstrating the importance of government support, Jensen recalls a time when officials in the Ukraine were targeting Bahamian-registered vessels and forcing them to pay twice the normal docking charges. But the Bahamas Ministry of Transport and Aviation and the Ministry of Foreign Affairs worked together to address the discrepancy and secure equal fees for Bahamian-registered vessels.
Although most of the Clipper Group's ships rarely dock in The Bahamas, the company has recently been contracted to bring 50,000 tons of limestone from the Dominican Republic for renovations to a runway at the Nassau International Airport. Most of Clipper's vessels are massive cargo ships, tankers and container ships.
Jensen's only concern is a desire to move Nassau's shipping yards from the centre of town to a more remote area, a project under consideration as part of the government's commitment to rejuvenate its busiest city.
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