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also Hong Kong's importance in international shipping is
disproportionate to the size of its population or
economic base. Hong Kong shipowners control about 10%
of the world's dead weight tonnage. Some of this
tonnage is registered in Hong Kong but most is under
flags of convenience.
11.4.
A new and viable register, requiring high
standards of ships and crew yet with genuine links to
Hong Kong could lead to "repatriation" of some of the
shipping at present owned from Hong Kong yet registered
elsewhere. The effect of this would be to draw more
closely together the public and private sectors of the
industry and facilitate the provision of a constructive
Hong Kong input into world shipping policies and
procedures. At the same time it would facilitate a
two-way flow of information, guidance and advice between
the regulatory bodies, shipowners and operators.
11.5.
The International Conventions which are the
product of IMO deliberations are invariably the basis
for Hong Kong Merchant Shipping legislation which will
apply to ships included in the new register. It is
important that Hong Kong is in a position to participate
at the IMO at the policy stage and before the
commencement of this legislative process.