The Faroe Islands International Ship Register (FAS) is attracting shipowners in northern Europe through a favorable fiscal regime that combines with the high-quality image of a Nordic seafaring nation.
Almost two decades after the 1992 enactment of the legal framework for the Faroe Islands International Ship Register (FAS), merchant shipping is becoming an important and growing industry in the Faroes. Whereas initially the FAS served only a few domestic shipowners, the registry — in particular since it was given a dedicated office and staff in 2008 — looks poised to become a viable alternative to other well respected players in a competitive global market.
Thus experience and expertise in managing merchant fleets on an international scale has become a priority.According to FAS managing director Tommy Petersen, the ambition is to grow at slow pace to ensure the registry earns a reputation for fiscal competitiveness as well as high quality by only hosting vessels whose owners are fully committed to international standards.
The idea is to increase the number of registered merchant ships from under 50 to more than 300 vessels.
There seems to be good backing from industry and across the political spectrum, with popular opinion suggesting that a growing fleet under the FAS will generally imply progress for the Faroes, the ultimate dream being to develop a maritime center in the middle of the North Atlantic.
“We’ve built an uncomplicated, competitive, and transparent registry that is managed by a lean organization, offering shipowners a service that is smooth and effective,” Mr. Petersen said.
‘Quality image’: While seafood and marine products still account for the bulk of all goods exported by the Faroese, great efforts are being made to lessen the relative dependency on fishing and aquaculture. Other maritime sectors are seen to play a key part in the transition to a more diversified economy, including merchant shipping, offshore maritime services, consulting, and related services.
A few Faroese fishing vessel operators have successfully entered the offshore oil and gas industry, one of them now equipped with 16 support vessels, specializing in serving the seismic sector.
Some of the foreign vessels flying the Faroese flag are manned solely by Faroese officers and crew, with administrative and recruitment services handled by Faroese shipping and management agencies.
The Faroese are surrounded by ocean, literally living off the sea and by the sea. Some 1,000 of the currently active Faroese sea officers are employed abroad, primarily in the Danish and Norwegian merchant fleets.
“Bearing in mind the shortage of qualified officers this is but one of many advantages of an accomplished seafaring nation,” Mr. Petersen said. “We have a good reputation for excellence at sea and rigorous standards of regulation, and we want to build further on that quality image for the open registry.”
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