“Favoured” status from China


Bermuda’s ship registry has been granted ‘Most Favoured Nation’ status from China. Bermuda received the status as part of an existing UK/China agreement, which will offer several advantages to the Island’s maritime industry. Bermuda-registered vessels that are trading into Chinese ports will benefit from reduced fees associated to conducting business in the region, allowing them to be more competitive on a global scale. In addition, this allows the jurisdiction to retain vessels that may have been looking to domicile in other regions, as well as attract new business to the area.