Madeira's shipping Register is the fourth largest in the EU

By the end of September, the International Shipping Register of Madeira (MAR) became the fourth largest international shipping register of the European Union, reaching the largest number of vessels since its creation.

According to S.D.M.'s data, by the end of September of 2014, a total of 316 vessels was registered in MAR, 53 more than the total number registered at the end of 2013, a result which represents an extremely positive development for this sector of the International Business Centre of Madeira (IBCM).

Other relevant data confirm MAR's positive performance. For instance, the decrease of the average age of the commercial vessels registered in MAR from 15,5 years at the end of 2013 to 12,5 years in late September, underlines the strong effort made to improve MAR’s quality standards as one of the fundamental conditions for its international credibility.

The growth of the gross tonnage under MAR from 2.200869GT in the end of 2013 to 4.050.661GT in September of 2014 is another positive indicator and an evidence of the success of this sector of the IBCM.

Considering the results so far achieved, MAR is clearly contributing to the diversification of the regional economy and also to the development of a maritime cluster both in Madeira and in Portugal as a whole.

The intense promotional activity carried out by S.DM., in addition to the strategic partnership established with EUROMAR - EU Registry, are contributing to an increased competitiveness and efficiency of the services provided by the Register and thus to MAR’s sustained growth.

Moreover, the approval by the Portuguese Government of the ratification of the Maritime Labour Convention, MLC 2006, which preserves the competitiveness of the International Shipping Register of Madeira - MAR at the level of social security and crew-related costs, is a very positive development for shipowners and a decision which clearly contributes for the consolidation of MAR as one of the main ship registers in the European Union.