MARINE SERVICES

Our maritime team specializes in the management and administration of structures related to leasing and financing in the maritime sector.

Adopting the boutique approach that underpins all our services, the team offers an in-depth understanding of the maritime sector - and the relevant requirements - in your chosen jurisdiction. We support companies in all aspects of yachting, shipping, leasing of commercial vessels and corporate maritime assets as well as private and commercially registered yachts.

MALTA

Malta is a popular registry among our clients and provides an excellent base for navigating EU territories. It has a long maritime history and, since joining the European Union in 2004, has established itself as one of the leading maritime centers in the Mediterranean. Its strong legal and regulatory framework has enabled the Maltese Flag to become an established reputable International Ship Register - ranked first in Europe and sixth worldwide in terms of registered tonnage.

The island offers a whole range of high quality international maritime services and facilities alongside a sophisticated network of English-speaking professionals from different areas such as legal, accounting, VAT and audit. As well as being blessed with deep natural harbors, it has invested heavily in state-of-the-art superyacht marinas and encouraged the creation of a number of onshore service providers, such as yacht management companies and refitting and repair facilities.

Malta is tax and cost-efficient as a jurisdiction and the authorities constantly update their legal structure to ensure it caters for changing industry requirements and obligations arising from international conventions. Over the past decade, focus has shifted towards the creation of a framework aimed at enhancing the super-yacht industry, replicating the positive results already achieved within the merchant fleet. A key feature of the Maltese taxation system in relation to yachts is the tonnage tax regime, whereby income resulting from the operation of (qualifying) yachts is exempt.

UNITED KINGDOM

The Red Ensign Group, a group of British shipping registers, is another popular flag. Clients choosing the UK as a base for their shipping activities benefit from one of lowest registration fees for an International Register and access to the highly competitive UK tonnage tax scheme. We also advise on other in-country incentives for shipping and local ‘flagging’ including freeports and renewable energy.

Given the prevalence of the English language in contract documentation and legal procedures, the global shipping market has strong connections to the London eco-system. It also makes the UK an obvious location for SPV administration.

SINGAPORE

Singapore is the busiest port in the world in terms of shipping tonnage, with more than 130,000 vessel calls annually, connecting 600 ports in over 120 countries and offering shipping companies with global trade connectivity.

Fast becoming Asia’s hub for maritime law and arbitration, Singapore is one of the top global players in the offshore and marine engineering industry. It is the ideal Asian gateway for global leaders in shipping finance, shipbroking, risk management and marine insurance.

Singapore does not operate a tonnage tax system. Instead, it adopts a liberal shipping policy which encourages companies to both register their ships and to locate their shipping and marine-related business in Singapore.

In order to help promote its development into an international maritime center, Singapore provides various tax incentives for shipowners/operators and shipping-related support service providers.

The Lion City’s status as a global business magnet is underpinned by several factors, including political stability, strategic location, favorable business environment and a highly trained workforce.

Global marine services

Shipping, by definition, tends to be global in nature and our services reflect this. Our office locations are highly correlated with the top global maritime hubs of Singapore, the Netherlands, Curaçao, Luxembourg, Malta, the United Kingdom, Ireland and Hong Kong. We currently serve maritime clients in each of these key locations, which provides us with an enviable perspective on the optimal jurisdictional fit. Our maritime business has a high crossover with our aviation business and many clients are active in both.

Why Trustmoore?
  • A-Z management and administration services for structures related to the leasing and financing; of yachts and other maritime assets;
  • In-depth understanding of the maritime sector and local requirements;
  • Global presence;
  • Fully independent, third-party structures;
  • Tailored services and solutions; and
  • Unbiased and unaffiliated to any product or firm, thus completely independent.
How can we help?

As a unique, niche corporate service provider, we offer management and administrative services to various types of client structures, including operating and finance leases, lease-in/lease-out structures, leasing platforms with multijurisdictional SPVs, pre-delivery payment transactions, and securitizations. Our services include, among others:

  • SPV incorporation;
  • Directorship services;
  • Flag registration;
  • Change of flag;
  • Change of ownership;
  • Governance;
  • Administration, accounting, tax and reporting;
  • Cash management/administration; and
  • Trustee matters.

You can access more detailed information about the above-mentioned services here.

For further information
contact us today

Please contact:

Gayk Ayvazyan
gayk.ayvazyan@trustmoore.com
+356 2778 2607

Jamie Prins
jamie.prins@trustmoore.com
+353 1 961 9355

Desley Tan
desley.tan@trustmoore.com
+65 6817 4800

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