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ITF mulls wisdom of Solomon Islands registry.

Europe Intelligence Wire

| August 01, 2005 | COPYRIGHT 2005 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Lloyds List)

Byline: David Osler

THE Solomon Islands has passed legislation to allow the country to enter the open registry market.

The impoverished archipelago, situated east of Papua New Guinea, hopes to earn up to $500,000 from the venture according to Transport Minister Bernard Giro. It will also provide employment opportunities for local seafarers which will be another source of foreign currency, he added.

Other countries in the region, most notably Vanuatu, have have established such an operation.

But if the Solomon Islands procedes with the move it is almost certain to be declared a a flag of convenience by the International Transport Workers' Federation.

The country is slowly starting to emerge from a civil ...

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