Senior officials from the Bahamas’ Maritime Authority (BMA) have held a number of meetings in Rio de Janeiro, Brazil, to generate further business opportunities for the territory’s ship registry, and meet with businesses who have already registered vessels under the Bahamas’ ensign.

The BMA said that, for the Bahamas, Brazil is a key growth market, home to the fastest expanding oil and gas offshore market in the world. BMA Chairman Anthony Kikivarakis said service was the central theme in every meeting held. “The Bahamas prides itself on service and sees the shipping industry and related services as the third pillar of its economy,” he said.

The BMA held discussions with the Maritime Authority of Brazil, and visited the Brasa Shipyard in Niteroi, where delegates witnessed the fabrication of topside modules for a Floating, Production, Storage and Offloading (FPSO) unit.

Important meetings were held with oil and gas giant Petrobas; Companhia Vale do Rio Doce, a Brazilian multinational engaged in the metals industry; V. Ships Brazil, a leading supplier of independent ship management and related marine services; SBM (Single Buoy Mooring) Offshore, a leader in floating production and mooring systems; tanker shipping company Stena Bulk; Teekay, the world’s leading midstream marine services company; and Seadrill, an offshore deep water drilling company.

The Barbados is presently home to the world’s 5th largest shipping registry, with 1,600 ships on its books with gross registered tonnage exceeding 57 million. The BMA hopes that by increasing engagement with Brazilian industry, it can increase the registry’s tonnage, and meanwhile build a stronger relationship with Brazilian authorities to jointly work to support global efforts in the maritime sphere on safety, security, and the protection of the environment.

The Government said a further visit has been planned for later this year, to maintain the positive momentum and relationships developed during the BMA’s initial visit.

Source: Global Tax News.