from the 60/40 ownership rule in order to expand its membership.

BISA has 32 members, of which 60 percent are Bermudian, but two Bermuda-incorporated exempted companies now wish to join, prompting the organisation to apply for exemption from the rule requiring companies be at least 60 percent Bermudian-owned.

BISA secretary John Sharpe said the association was originally incorporated so it could have limited liability when it hosted a conference last October at Sonesta Beach Hotel.

Mr. Sharpe, a partner at law firm Conyers Dill & Pearman, also said the application is a positive reflection of the acceptance of the organisation among Bermuda's shipping and shipping-related companies.

BISA's members include ship owners and ship managers, protection and indemnity (P&I) club members and lawyers and accountants.

BISA was set up in 1994 after a Bermuda International Business Association shipping report urged improving and highlighting the Island as a jurisdiction to register ships, incorporate shipping companies and carry on shipping company operating and management activities.

One recommendation was to establish an association consisting of companies and organisations involved in shipping to act as a forum for the exchange of ideas and to promote the industry.

BISA's next conference is planned for October of next year.