ShippingWatch

Global hunt for tax evaders could hit shipping

According to Moore Stephens, the shipping industry is clearly on the radar when a growing number of governments and organizations such as OECD target tax shelters in their effort to secure increased transparency.

Photo: APM Terminals

In addition to being know for white beaches and colorful sun loungers, the Bahamas and Bermuda are also famed for serving as home for several of the world's major carriers and other shipping companies. Not so much because the industry values the sunshine and cold piña coladas, but because it is attractive from a financial perspective to be registered in these islands - and because the islands offer complete discretion in terms of transactions and profits or deficits.

In Denmark, Clipper Group is the most prominent carrier registered in the Caribbean, while in Norway numerous of the country's well-known dry bulk, tanker and chemical tanker carriers are registered on the other side of the Atlantic.

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