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Bermuda on show at major shipping conference

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Bermuda was represented at the world's largest shipping conference, held in Greece.

The island's ship register was showcased at Posidonia 2016 at the Metropolitan Expo, held in Athens.

The four-day conference attracted an estimated 20,000 attendees including ship owners, brokers, bankers and investors who converged to discuss the future of the shipping industry.

Bermuda was taking part for the first time and was represented by the Bermuda Business Development Agency, together with Bermuda Government and industry colleagues.

The island's shipping industry, including the jurisdiction's historic British Red Ensign Group vessel registry, proved to be of interest to conference attendees, as was the island's hosting of the 2017 America's Cup.

“We had an extremely successful experience as a first-time exhibitor at this event,” said Kevin Richards, a BDA business development manager.

“Attendees sought out our booth to meet with our experts and learn more about the Bermuda Ship Registry and the benefits of company incorporation in our blue-chip financial centre — as well as to find out how to get to Bermuda for next year's America's Cup.

“The ability to connect with the entire shipping value chain separates Bermuda from our competitors. Our strong financial foundation makes our jurisdiction favourable to banks and financiers when leveraging an offshore facility in a new building or ship-financing transaction. Our leading regulatory standards also make Bermuda an attractive option for residency and trust incorporations for high-net-worth individuals connected with this industry.”

Mr Richards was joined at the event by Edward Robinson, Registrar of Shipping with the Department of Maritime Administration, and London-based DMA senior marine surveyor Chris Boreham.

Also attending was Victor Richards of Conyers, along with Nicole Conrad Morrison and Sophie Burt, of the BDA conferences and events team.

Bermuda's ship registry is a Category 1 member of the British Red Ensign Group, supporting a worldwide portfolio of vessels, including large cruise ships, oil, gas and chemical tankers, container ships, bulk carriers, offshore vessels, cruising and megayachts.

Ships or yachts registered in Bermuda fly the red ensign, or the red ensign with Bermuda's coat of arms. Other members of the REG include the Isle of Man, Gibraltar, Cayman Islands, British Virgin Islands, Guernsey, Jersey, Anguilla, Turks and Caicos, Falkland Islands, St Helena, Montserrat and the UK.

Pre-conference activities at Posidonia allowed the Bermuda team to network with key companies. Organisers staged a sailing race, a running event and golf and soccer tournaments. Mr Richards, a former Bermuda national team player, took part in the latter, joining the “Shipsoccer” team of global accountancy firm Moore Stephens. The team went undefeated during group stage, but lost out in the quarter finals.

“We were able to solidify key relationships with senior leaders of major shipping companies,” said Mr Richards, who will attend the 29th annual Marine Money Week in New York City starting on June 21. That event is one of the world's largest gatherings of the international ship-financing community, attracting more than 1,300 leading ship owners, private- and public-equity investors, and commercial and investment bankers.

He said: “Our agency looks forward to working with new and existing partners to continue to grow the shipping industry in Bermuda.”

Top event: Bermuda's flag joins the line-up at the Posidonia 2016 shipping conference in Athens, Greece (Photograph supplied)
Representing the island: at the BDA booth in the Metropolitan Expo, Athens, from left, are Chris Boreham, Nicole Conrad Morrison, Kevin Richards, Sophie Burt, and Edward Robinson (Photograph supplied)

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Published June 17, 2016 at 2:06 pm (Updated June 17, 2016 at 2:06 pm)

Bermuda on show at major shipping conference

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