The Bermuda Shipping and Maritime Authority (BSMA) has made two key appointments that it hopes will help grow the flag without sacrificing safety.
Francis Richardson, former Bermuda government permanent secretary, has been appointed chief executive, while marine insurance veteran Nick Samson becomes head of marketing.
They have been tasked with growing the flag after the BSMA, part of the Red Ensign group of ship registers, was spun off as a semi-autonomous body, to try to make it easier to attract tonnage.
Richardson told TradeWinds the new structure will make the flag more flexible and customer-friendly.
“The BSMA had always been a traditional government department with certain limitations and restrictions. Now we can recruit more surveyors and we will have the ability to be more nimble and respond to changes and the needs of clients more quickly,” he said.
A major advantage to operating independently will be the ability to employ surveyors on more competitive terms. The BSMA was formerly restricted in recruiting surveyors by Bermudan government pay scales.
The authority may delegate more statutory surveying work to classification societies should the fleet grow, but Richardson said it will always need to “find a balance” between using home surveyors and outsourcing.
The BSMA has a good reputation for quality, ranking highly in the Paris and Tokyo MOU port state control statistics and on the US Coast Guard’s Qualship scheme. It has strong representation in the high-value cruiseship and gas carrier markets, with blue-chip clients such as GasLog, Princess Cruises, NYK Line, BW Gas and Teekay LNG Partners.
Samson said the BSMA has not set growth targets but has become more commercially oriented.
“In the past, we waited for shipowners to come to us. Now we are going out to shipowners to tell our story and listen to what shipowners say and look at how we can enhance our product,” he said.
Richardson stressed that the flag has other attractions for owners as a tax-free jurisdiction with an established reinsurance business, but he admitted it will only grow if it can maintain its reputation for quality.
