Automotive shipping and logistics company Wilh Wilhelmsen has announced that due to a new taxation environment in Norway, the company will relocate its shipping activities to the island of Malta, as well as listing part of its new fleet on the Maltese Maritime Authority shipping register.

With a total of forty-two new vessels on order, it is unclear how many will be placed on the Maltese register, however the company has expressed that the decision is based on a new tax regime to be applied to shipping companies in Norway.

The Chief Financial Officer of Wilh Wilhelmsen, Nils Petter Dyvik has remarked that the decision by the company was “both political and commercial,” and that “the tax situation faced by ship owners in Norway has been under constant scrutiny for the last 10 years.”

In choosing Malta, Dyvik pointed out what the company sees as that numerous benefits Malta offers.  Malta is a “small country with a flourishing shipping business,” he said.  “Malta wants to expand within the financial shipping sector, and this is excellent for its future growth. We believe that by protecting its tonnage tax system, Malta will support us as ship owners.”

Wilh Wilhemlsen is expected to take delivery of new vessels, including 8,000 car capacity roll-on roll-off vessels until the year 2012.  The company, in association with worldwide partners, already operates a sizeable fleet of over 160 vessels.

Source: Times of Malta and Wilh Wilhelmsen

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