Yangpu Port sees first transfer registration of foreign ship

A photo of the renamed Hong Kun Mei Gui, which registered with Yangpu Port on April 26. [Photo/Hainan Daily]

The foreign deck cargo ship Loch Seaforth, previously carrying the flag of Sierra Leone, recently completed its transfer to Yangpu Port in China's southernmost Hainan province and was granted a Certificate of Registry on April 26.

The event marked the first foreign ship to transfer its national flag to Yangpu under the Hainan Free Trade Port's policies and is the first of its kind to enjoy no tariffs since the implementation of Hainan FTP's trial zero-tariff measures for vehicles and yachts.

Most of the international merchant fleet is believed to carry national flags that differ from where their owners or operators are based, or place of construction -- due to various factors such as administrative convenience, fewer restrictions on nationality of crew, lower costs and other preferential factors offered by the flag country.

As a pilot zone for the construction of the Hainan FTP, Yangpu has reportedly taken the initiative to serve shipping lines, speeding up its systems integration and innovation to attract foreign ships to register and settle in Hainan.

With the active cooperation of responsible government departments, it reportedly took the lead in implementing a zero-tariff policy for vehicles and ships in Hainan and achieved early results for developing the Hainan FTP.

The ship, now renamed the Hong Kun Mei Gui, was imported by Yangpu-based Hongkun Shipping and has a gross tonnage of 10,835 metric tons.

Currently enjoying the Hainan FTP policies, the ship was imported with a reduction of import tariffs and import value-added tax worth of 12.04 million yuan ($1.85 million).