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BW Group joins tax exemption scheme

BW Group joins tax exemption scheme

Singapore: The BW Group has kick started the year with a new name for its vessel management section and has registered with Singapore's Approved International Shipping Enterprise  (AIS) scheme, which grants it tax exemption on income from the operation of ships outside of Singapore for a period of 10 years.    

BW Shipping Managers will now operate under the name BW Maritime and continue to be responsible for all tanker fleet commercial activities along with a number of corporate activities within the BW Group.

"These new names do not reflect any change in the substance of who we are or what we do, but represent a step forward in rationalising the structure of the group, allowing us to benefit from groupwide capabilities and for BW Maritime to join the Singapore AIS scheme," said Andreas Sohmen-Pao, BW Maritime md and Group ceo.      

The BW Maritime name change coincides with the formation of BW Fleet Management, which combines the strengths of the ship management teams from BW Gas and the former BW Shipping.   BW Fleet Management is led by md Morten Steen Martinsen, with teams based in Oslo and Singapore, and will manage the BW gas and tanker fleets.   

BW Group is a leading maritime group in the oil and gas transportation and offshore  production segments and controls a large fleet of vessels involved in  the transportation of oil, gas (LNG and LPG) and dry bulk commodities.  [02/01/09]