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Ireland Looks to Become Global Ship Finance Hub

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July 31, 2013

July 31 (Bloomberg) — IDA Ireland, charged with winning overseas investment for the country, is backing plans to develop a shipping-finance center in Dublin, bidding to emulate the city’s position as an international aviation leasing hub.

A company called ISSC Dublin Ltd. said in a filing to Dublin City Council that it’s acting for an unidentified investor planning a shipping services project that may result in more than 3,500 hirings in the city’s docklands. In a separate filing, IDA Ireland said it supports the proposals.

The shipping services center “in Dublin docklands will become the prime location for shipping finance, leasing, innovative debt structuring products and specialist maritime services including securitizing and listing,” ISSC said.

Ireland established itself as an international aviation hub with the help of a 12.5 percent corporate tax rate. Half the world’s commercial leased aircraft is managed from Ireland, according to the IDA. Nine of the 10 biggest leasing companies have operations in Dublin, with more than 3,000 aircraft valued at 83 billion euros ($110 billion) are leased from Ireland, according to the country’s transport ministry.

Ireland could capture 5 percent of the global shipping market, ISSC said, without giving further details.

Buy Land

ISSC may buy land in the Irish capital’s north docklands and then develop the project in stages, starting with a 27,500 square-meter (296,000 square-foot) eight-story office building, the company said. A further 47,000 square meters of business space could later be developed on an adjoining site, ISSC said.

ISSC director Cormac Megannety declined to comment on the proposals. The IDA highlighted the potential for an international shipping services sector as a way of further developing Dublin’s docklands, it said in an e-mailed response to questions on its submission.

Dublin’s International Financial Services Centre, established 26 years ago in the area, employs about 32,700 people, according to its website. IDA Ireland has also helped bring Facebook Inc. and Google Inc. to the south docklands area.

– Neil Callanan and Joe Brennan, Copyright 2013 Bloomberg.

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