BVI targets merchant shipping as maritime strategy expands

The British Virgin Islands is working to broaden its footprint in the global maritime sector, with Communications and Works Minister Kye M. Rymer announcing that over 3,000 vessels already operate under the BVI flag.

Rymer made the announcement at the inaugural PortVision Conference held by the BVI Ports Authority on October 1 in Road Town. He said the Virgin Islands Shipping and Maritime Authority has charted a two-track approach: maintaining the existing yacht registration business while moving into the merchant vessel flagging sector, a move designed to position the territory in a trillion-dollar international market.

"Our maritime reach is expanding beyond our shores," Rymer told attendees. "We have the foundation. Now is the time to build on it."

Vessel registration involves recording a ship in a national registry, which grants it nationality, a unique identifier, and permission to operate under that nation's flag according to international maritime law. The BVI's current fleet of more than 3,000 registered ships forms the base for this expansion effort.