Palau International Shipping Registry Includes 126 Vessels

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Country receives $104,000 in revenue over 2 years

KOROR, Palau (Island Times, August 19, 2014) – Some 126 ships from different countries around the world are now registered with the Palau International Shipping Registry.

The high number of vessels registered was achieved in less than two years since the Palau International Shipping Registry was launched in September 2012.

Julian Padilla, a member of the Board of ISB Management Ltd. (IML), said that the ships registered under the Palau flag have come from Dubai, Greece, India, Singapore, China, Russia, United States, Germany, Poland, and South America. IML is the company that handles the Palau Shipping Registry.

He said that these vessels include tankers, bulk carriers, pleasure yachts, cargo ships, and passenger liners.

Padilla said that their company made the achievement despite stiff competition from more than 40 countries that have their own ship registries.

Padilla said they choose carefully the vessels that are accepted into the Palau Shipping Registry.

"More than a hundred other vessels were not accepted because of spotty records and prior violations of international regulations," he informed.

Marisabel Arauz Park, Technical Manager of the Palau International Shipping Registry said that they have very stringent criteria in accepting ships that apply for registration under the Palau flag.

"We wanted to protect the image and reputation of Palau," she stressed.

She said that before any vessel is registered the company checks the history of the ship.

"We wanted to know if the ship has broken any international regulations or has been detained," she pointed out.

Park also disclosed that they make sure that a vesse or owner that applies for registration is not in the Office of Foreign Assets Control (OFAC )list.

"We make sure that the vessel or owner is not under sanctions or embargo," she said.

Park and Padilla were in Palau recently to attend a workshop in prepration for an audit of all flag states that will be conducted by the International Maritime Organization (IMO).

Palau Shipping Registry made its debut on September 28, 2012 with the registration of two vessels. From the first two vessels registered, the number went up to 15 vessels in the middle of last year to the current 126.

The cruise ships Amusement World and Leisure World, managed by Universal Ship Management Pte Ltd, became the registry's first flagged vessels.

According to a report provided last month by Vice President/Minister of Justice Antonio Bells to Minister Charles Obichang of the Ministry of Public Infrastructure, Industries, and Commerce (MPIIC), the Palau International Shipping Registry has earned $345,334.30 since its launching two years ago.

The IML earned $241,734.01 or 70 percent of the total revenue, while Palau got $103,600.29 or 30 percent of the revenue.

Under the agreement earlier signed between the Palau government and IML, the managing company will get a 70 percent share of revenues, while Palau will get the remaining 30 percent.

After being initially overseen by the Palau Ministry of Justice (MOJ), the Registry was transferred to the Ministry of Public Infrastructure, Industries, and Commerce (MPIIC) this year for the purpose of streamlining government operations.

Palau International Ship Registry offers a range of services, including various types of registration (normal, bareboat charter in and bareboat charter out), certification of seafarers, mortgage recordation, issuance of bunker convention and civil liability certificates. The Registry is headquartered in Houston The, Texas, USA.

Contract between Palau International Ship Registry and the Government of Palau was signed on June 3, 2011.

PISR has the responsibility to monitor Classification Societies, Radio Accounting Authorities, ASP (LRIT testing companies and LRIT data centre). In addition, PISR has the responsibility to maintain open communication with the IMO pertaining implementation of International Conventions ratified by the Government of Palau.

PISR has the responsibility to participate in IMO Meetings held at the IMO HQ in London, UK. Also, it has the responsibility to cancel and/or suspend Registration Certificates if it is believed the vessel presents any danger to the crew, the vessel or the environment.

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