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Msc Shipping Registration Adal Master’s Thesis Submitted to: Reykjavik University School of Business INTERNATIONAL BUSINESS THE ICELANDIC INTERNATIONAL SHIP REGISTER Why Has It Not Achieved Its Set Goal In Registering Vessels Under The Icelandic Flag? Auður Ósk Vilhjálmsdóttir 05/01/2015 Supervisor Mr. Kristján Vigfússon Reykjavik, January 2015 Abstract The discussion over whether or not the Icelandic government needs to implement an International Register for its shipping industry, had been an ongoing debate for over two decades before the issue was finally addressed and the Icelandic International Ship Register (ISS) was introduced. Since its introduction not a single vessel has registered and no interest has been shown in regards to addressing that lack of success. The objective of this research is to examine why the current international registry has not achieved its set goal in registering vessels under the Icelandic flag. In other words, the faults and drawbacks of the register will be examined, as well as which factors need to be taken in to consideration to obtain desirable outcomes. The examination will be conducted with the relevance of a policy structure in mind. The findings of this research concluded that a large part of the unsuccessfulness of IIS was due to the Icelandic Government’s lack of preparation and research on the matter as well as insufficient policy formulation concerning the registry and the Icelandic maritime industry. A crucial factor of its failure lies in the omission of the fourth paragraph of the 11th Article of the bill that was presented to Parliament. By changing the bills intentions of allowing shipping companies to hire international crew on wages based on the crewmembers domestic union contracts did it render the register incapable of competing with foreign flags. Key Words: Shipping, Policy, International Register, IIS, Globalization, Maritime Industry i Declaration of Research Work Integrity This work has not previously been accepted in substance for any degree and is not being concurrently submitted in candidature of any degree. This thesis is the result of my own investigations, except where otherwise stated. Other sources are acknowledged by giving explicit references. A bibliography is appended. By signing the present document I confirm and agree that I have read RU’s ethics code of conduct and fully understand the consequences of violating these rules in regards of my thesis. ........................................................................................................................................ Date and place Kennitala Signature ii Table of Contents 1 The Maritime Transport Industry ..................................................................... 3 1.1 The Sector of Shipping ............................................................................................. 3 1.1.1 Cargo liners and container ships .......................................................................... 3 1.1.2 Wet bulk: Tankers ............................................................................................... 4 1.1.3 Dry bulk ............................................................................................................... 4 1.1.4 Coastal and short sea vessels ............................................................................... 5 1.1.5 Passenger liners and cruise ships ......................................................................... 5 1.1.6 Specialized ships: offshore operations ................................................................ 6 1.2 Tonnage Measurements ........................................................................................... 6 1.3 Classes and Sizes ....................................................................................................... 7 1.4 Trends of the EU Fleet .............................................................................................. 8 2 Policies Framework and Objectives ................................................................... 9 2.1 Driving Factors of Shipping Policy ....................................................................... 11 2.2 The Relevance of the National State Level ........................................................... 18 3 The Maritime Industry and its Global Characteristics .................................. 20 3.1 The Economic Impacts of the Shipping Industry ................................................ 22 3.2 Economic Conditions of the EEA/EU Shipping Industry ................................... 24 3.3 Direct and Indirect Contributions to Tax Revenues ........................................... 25 3.4 The Aspects of Fierce Global Competition ........................................................... 29 4 The Shipping Industry within the EU/EEA ..................................................... 32 5 Flag of Convenience or “Open Registration” of Ships ................................... 33 5.1 The Need to Discourage Vessels not Meeting International Obligations .......... 35 5.2 Ship Registry Selection ........................................................................................... 38 6 The Tonnage Tax ............................................................................................... 41 6.1 The Difference Between the Tonnage Tax Models .............................................. 43 6.2 The EU and its State Aid Regime .......................................................................... 46 6.2.1 The Shipping Industry in the Absence of State Aid: Alternative Scenario ....... 48 7 The Icelandic Shipping Industry ...................................................................... 52 7.1 The Main Shipping Companies in Iceland ........................................................... 53 7.1.1 Eimskip .............................................................................................................. 53 7.1.2 Samskip ............................................................................................................. 54 7.1.3 Nesskip .............................................................................................................. 54 7.1.4 Fáfnir Offshore .................................................................................................. 55 iii 7.2 Icelandic Vessels and their Crew ........................................................................... 55 7.3 Negative Impact of a Declining National Fleet and Seafarers ............................ 56 7.4 The Prelude to the Introduction of the Icelandic International Registry .......... 58 7.4.1 Vital attributes of the Icelandic International Ship Registry ............................. 63 7.5 The European Free Trade Association ................................................................. 64 7.6 Future Prospects within the Offshore Sector in Iceland ..................................... 67 8 Norway ................................................................................................................ 70 8.1 The Norwegian Shipping Industry ........................................................................ 70 8.2 The Norwegian Tonnage Tax Scheme .................................................................. 71 8.2.1 Taxable Income ................................................................................................. 73 8.3 Seafarers Refund Scheme ...................................................................................... 74 8.4 The Norwegian Offshore Industry ........................................................................ 75 9 Denmark ............................................................................................................. 76 9.1 The Danish Shipping Industry ............................................................................... 77 9.2 The Danish Tonnage Tax Scheme ......................................................................... 77 9.2.1 Taxable Income ................................................................................................. 79 9.3 Seafarers Refund Scheme ...................................................................................... 80 9.4 The Danish Offshore Industry ............................................................................... 81 10 Faroe Islands ...................................................................................................... 82 10.1 The Faroese Shipping Industry .......................................................................... 83 10.2 The Faroese Tonnage Tax Scheme ...................................................................... 83 10.2.1 Taxable Income ............................................................................................... 85 10.3 Seafarers Refund Scheme .................................................................................... 85 10.4 The Faroese Emphasis on Derivative Service .................................................... 86 10.5 The Faroese Offshore Industry ........................................................................... 89 11 Comparison off the Nordic Registers ............................................................... 90 12 Results ................................................................................................................. 94 13 Discussion ............................................................................................................ 97 14 Conclusion ........................................................................................................
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