Home » Maritime » Bareboat chartering program boosts RP push for overseas shipping

THE Maritime Industry Authority (MARINA) said the overseas shipping sector is exhibiting significant growth, especially with the introduction of the bareboat chartering program.

Latest data from the maritime agency showed the Philippines now has a total of six owned, 159 bareboat chartered, and two lease-purchased ships. MARINA Deputy Administrator for Planning/OIC Atty. Gloria J. Victoria-Bañas said around 29 enterprises were also accredited as of December last year. “Interestingly, economic gains have been achieved when the bareboat chartering program was introduced,” she noted.

Tax-free environment. More ship owners were encouraged to enter into a bareboat chartering agreement due to the country’s relatively tax-free environment. In 2002, vessel acquisition through bareboat chartering grew 57% to 58 from the previous year’s 37, MARINA noted. Bañas said the overseas shipping also significantly contributed to the employment of Filipino seafarers.

Last year, remittances from sea-based overseas Filipino workers amounted to P63.616 million.

For the domestic shipping, latest figures showed that out of the 63 vessels recently approved for acquisition, 22 were bareboat chartered.

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