The Manx Shipping Register is separate from that of the UK, yet is still a part of the British Register. The advantages of this situation mean Manx registered ships fly the Red Ensign and are treated with the privileges which this extends; their owners benefit from the favourable legislative climate and low fees applied by the Isle of Man government and, importantly, no tonnage charges are levied.
The Isle of Man has significant expertise in ship management. Managers range from local subsidiaries of major oil companies such as BP and Shell and other major fleet operators such as Maersk, Bernhard Schulte Shipmanagement and Döhle to companies providing specialist management services for private and commercial yachts.
Simcocks is capable of advising on most ship management Isle of Man matters and works with ship owners, managers, charterers, shipyards, traders, banks and insurers.
The team has worked on the registration, sale and purchase of many types of ship and also the sale and purchase of ship-owning companies. We regularly work on high-value, complex transactions with cross-border dimensions. We have considerable experience in maritime finance and work with banks and financiers in connection with the financing of new builds, purchases and the preparation and registration of related security documents.
Our corporate and commercial lawyers also assist with all aspects of mergers and acquisitions (ranging from contractual arrangements and regulatory compliance to financing) and in appropriate cases assist in the redomiciliation of companies incorporated in other jurisdictions to the Isle of Man. We also assist with corporate restructuring and insolvency.
Simcocks has also acted for ship owners, underwriters, financiers and lawyers from other jurisdictions in litigation matters brought in the Isle of Man. Our Dispute Resolution department assists in matters such as banking litigation, injunctions and freezing orders, personal injury claims and asset tracing in addition to general commercial disputes.
The team also works in the “super” and “mega” yachts sector and has good contacts with many of the specialist managers in this industry. We advise clients on finance and leasing, ownership structures, sale and purchase, chartering, insurance, management agreements as well as operating, crewing and employment issues for commercial and private owners.