Leading members of the shipping, financial and investment sectors gathered Ireland at the 2nd Annual Marine Money Dublin Ship Finance and Investment Forum, to hear the views of number of leading expert economists on how the Irish economy and global shipping markets will perform in the near future.
Delegates heard how the Irish shipping sector has achieved an impressive level of growth in the last six years, creating a current investment portfolio of $3 billion across a range of ship finance institutions. In 2008 alone Irish indigenous companies and inward investors alike have already invested over $1 billion in new vessels.
Speaking at the event, Minister Noel Ahern, Minister of State for Transport said that, "Ireland was the first European member state to take corrective action to stabilise its financial market... Apart from our efforts to stabilise the domestic financial sector, my colleague the Minister for Finance in his recent 2009 budget statement further underlined Ireland's commitment to industry."
The Minister also confirmed that the Irish corporate tax regime, the lowest in Europe, which includes the Irish tonnage tax regime, would remain unchanged.
The country has over 20 tonnage tax firms operating within its jurisdiction, comparing favourably with its EU neighbours. Its shipping finance sector is also competing favourably with its heavyweight colleagues in the UK and mainland Europe.
Director of the Irish Maritime Development Office, Glenn Murphy commented:
'There is no doubt that given the downturn in global economic growth that international shipping companies will face difficult times in the coming months, being able to present a jurisdiction offering service, stability and innovation to shipping and related firms will be key to our continued growth path.'
The Irish have quietly grown their ship finance portfolios over the past six years, following the trend towards global dominance in other big ticket transport financing markets, notably aviation. Ireland is now one of the top 15 global locations for ship financing and the Irish Stock Exchange (ISE) is seeking to expand its own interest in this market. The ISE has already amassed an impressive range of listings from a range of high profile shipping hedge funds including the Clarkson funds, to bond issues and the world's first maritime securitisation led by BNP Paribas on behalf of CMA-CGM. Bank of Ireland reinforced its position as one of the premier players in the ship finance market by winning earlier this month the prestigious Lloyds Shipping Economist Debt Finance Award.
Glenn Murphy, Director of the Irish Maritime Development Office, "The Global shipping markets are currently in a state of flux fuelled by uncertainty and apprehension , while the ship finance sector was initially driven by a low-tax low-cost environment, the Irish economy is now trading on a commodity that seems far more valuable, particularly in these chaotic and uncertain times-stability. I've no doubt that many owners considering a flight to quality will be taking a closer look at what Ireland has to offer."
Conference Proceeding from Marine Money are available here
Source: IMDO, November 2008
For further information please contact:
Mr. Glenn Murphy, Director, Irish Maritime Development Office
Miss Mairéad Ní Cheóinín - Marketing & Business Programme Coordinator
Irish Maritime Development Office
Tel: 00 353 (0)1 476 6558 / 00 353 (0) 87 410 7880
E-mail: marketing@imdo.ie
Dr. John Joyce - Communications Director
Marine Institute
Tel: 00 353 (0) 1 476 6500
Email - john.joyce@marine.ie
Notes to Editors
The Irish Maritime Development Office of the Marine Institute, is the national unit charged with the responsibility for undertaking the following activities through its statutory remit include:
- To promote and assist the development of Irish shipping and Irish shipping services.
- To liaise with, support and market the shipping and shipping services sector.
- To advise the Minister on the development and co-ordination of policy in the shipping and shipping services sector so as to protect and create employment.
<< Back to Press Releases
