The Irish government has been committed to the development of the maritime transport sector with the establishment of the IMDO in December 1999 and supporting development across the sector through direct investment and the introduction of various incentives for training, employment and business including the following:

• The introduction of Irish tonnage tax in 2002
• Social insurance refunds to Irish companies to encourage the employment of seafarers
• Seafarers Additional Income Tax Relief
• An investment of €58 million in the National Maritime College of Ireland
• Cost neutral training of deck officers, engineers and ratings funded through the innovative ISEAS grant scheme

The maritime sector has responded with over 20 shipping firms now operating in the Irish tonnage. Significantly, much of the expansion in shipping firms has come from the expansion of indigenous Irish shipowners, both existing firms and new start-ups.

The Irish ship finance sector has grown rapidly capitalizing on the country's existing experience in the asset-backed finance, big ticket leasing and Ireland's global dominance in the aviation financing sector. Ireland is now one of the top 15 ship finance locations in the world.

Total employment was estimated at 8,300 in Maritime Transport services and 14,000 when other direct transport services were included. The Maritime Transport sector employed more than 50% of all people directly employed in the Marine sector in Ireland, turnover was estimated at approximately €1.5 billion for 2004. The maritime services sector contributed to more than 50% of the combined direct turnover of companies employed in the sector and average employee turnover was estimated as €210,000. The shipping sector also had the highest economic output and the highest economic employee multiplier of all of the marine sectors.