null Parallel bareboat registration to enter into force on July 1

Parallel bareboat registration to enter into force on July 1

Press release 17.06.2021 13.42 fi sv en

Cargo ship in port (Photo: Shutterstock)

On 17 June 2021, the Government proposed that the President of the Republic would approve the amendments to the Maritime Act and the Shipping Register Act, allowing dual bareboat registration.

These amendments allow parallel ownership registration of vessels in Finland for a fixed term at the same time as the vessel is registered in another state. Parallel registration will be possible when a foreign vessel is chartered to Finland under a bareboat chartering agreement (without crew).

Such parallel registration allows for flexibility in the operations of shipping companies and possibly brings new tonnage under the Finnish flag. This will promote the competitiveness of Finnish shipping companies and create jobs for Finnish seafarers.

What next?

The next step is to submit these two acts for approval by the President of the Republic. It is proposed that they enter into force on 1 July 2021.

Inquiries

Katja Peltola, Senior Officer, tel. +358 50 530 2175