The Irish Maritime Development Office (IMDO) welcomes the announcement by TBS International of its plans to domicile in Ireland. According to the Director of the IMDO, Mr Glenn Murphy ‘the decision of TBS International to incorporate their business in Ireland has highlighted the many benefits Ireland has to offer the international shipping company. That TBS has stressed the importance of Ireland’s experience in attracting international investment, our range of tax treaties, membership of the EU and our financial and legal infrastructure emphasises a pro-business environment that
continues to attract international investment.”
TBS International operates a highly diversified fleet of 48 vessels comprising, handymax and handysize bulk, RoRo, multi-purpose tweendeckers and heavy lift vessels allowing the company the flexibility to carry a wide range of cargoes including: bulk, breakbulk, parcel, RoRo and project cargoes. The company operates a number of liner services across the globe with routes that cover East Asia to the Americas, North America to Central and South America, a Middle Eastern
service and South America to West Africa. Finally, TBS also provides a range of additional services including an operations service support by 18 port captains globally, logistics services including barging, trucking, warehousing and distribution.
Mr Murphy also stated, “in recent years there has been significant and ongoing support for the development of the maritime sector in Ireland by the Irish government through tax initiatives, training incentives and infrastructural investments. Shipping companies find the ease of accessing the network of business support they require to make the transition to a new location attractive and importantly, cost effective. The decision by TBS International has added to the significant growth
Ireland has experienced in the development of its maritime cluster in recent years.”
Joseph E. Royce, TBS International Chairman and CEO stated, “We believe that incorporating in Ireland will provide us with economic benefits and help ensure our continued global competitiveness.”
While the decision by TBS International to re-domicile to Ireland requires final shareholder approval, it follows significant recent inward investment and expansion activity in Ireland across the economy with ICT, financial services, technology, and pharmaceutical firms such as Intel, Google, Pfizer, Everest Reinsurance, and McAfee all announcing new investments in the country.
Source: IMDO, October 2009
