Employment up 10% at Irish International Shipping Service
Employment up 10% at Irish International Shipping Service
The Irish Maritime Development Office has issued a recent report (http://bit.ly/iUsII7 )which shows that employment is up 10% in this sector.
Employment in the sector has risen from 314 to 316 people and, according to the IMDO, the information has been compiled on the basis of companies that have elected to join the dedicated Irish Tonnage Tax Scheme, a measure introduced in the 2002 Finance act.
One of the reasons for the growth in the area is that it is not dependent on the domestic economy alone for growth.
The report singles out established Irish shipping companies such as Arklow Shipping and Mainport Group.
The report also refers to the ongoing inward investment by companies such as D’Amico and Ardmore Shipping.
The report highlights:
- 10% increase in direct employment in shore-based international service positions in Irish tonnage tax (ITT) companies increased from 314 people in 2009 to 346 in 2010. Typically in specialised areas such Finance/Technical Management/Operations and Chartering.
- Number of companies in Irish tonnage tax increased from 29 in 2009 to 45 in 2010
- A 44% increase from 154 vessels to 277 vessels owned, operated or managed by Irish tonnage tax companies.
- Half of the vessels in ITT are less than five years old with the total average age at eight years.
- An estimated investment by Irish companies in new and second hand vessel acquisitions in excess of €300million.
- Strong indirect benefits to other International services such as maritime law, accounting and ship finance sectors in Ireland leading to further job growth.
- New cadet training programs initiated by new entrants.
Dermot Conway
CONWAYS SOLICITORS
contact Dermot at 0214901000 or dermot@conways.ie