The first increases in merchant shipping fees in more than a decade are in the pipeline.

MPs gave consideration to the Merchant Shipping (Fees) Regulations 2023 that would see a fee hike for certain services provided by the Bermuda Shipping and Maritime Authority.

Wayne Furbert, the Minister of Transport, said the move, which will raise $300,000, will “modernise the scale of charges to align with current industry standards and practice”.

The BSMA maintains a Bermuda Ship Register and is a member of Red Ensign Group category one shipping registry. It registers ships of any type, age or size.

Mr Furbert said: “The registry must ensure ships on its register comply with Bermuda and international obligations. In order to maintain the required standards, the BSMA must undertake regular technical surveys, audits and safety inspections of registered ships, and issue statutory certificates.

“Ship owners are required to pay a registration fee, annual tonnage and service fees, and additional fees levied for certain technical services. Fees for services provided by the Bermuda ship register have not been increased in over a decade.

“Over the past decade the cost of operating the registry and provisions of service has increased significantly and continue to increase as the registry takes necessary action to ensure we are fulfilling all our international maritime obligations and regulatory responsibilities.”

Mr Furbert said the increases were “marginal” to ensure that Bermuda remains competitive. The regulations set out two sets of fees – services provided and an annual charge based on the ships tonnage.

He added: “With the inherent nature of the shipping business requiring that we provide service to clients who operate commercial vessels, 365 days a year, 24 hours a day, we have introduced a flat hourly rate, and have eliminated the double time hourly rate charged for Saturday, Sunday and public holidays to simplify invoicing.

“We have also introduced a new table of fees in the schedule to the regulations. The new table will provide easily referenced fee regulations while also facilitating a simplified process for making future amendments.”

Other changes to the regulations include an inclusion of a charge for the review of sea ferries and medical examinations. Additionally, waiting time, travel and subsistence have been included as additional charges.