The plenary of the Liberian Senate has ratified “The First Amendment to the Extended and Restated Agency Agreement between the Republic of Liberia and the International Ship and Corporate Registry (LISCR, LLC)”.
The Senate’s ratification was triggered by a report from the committee on Maritime submitted to plenary on Thursday, November 18, 2021, recommending members of the Upper House endorsement to have the instrument ratified.
The objective of the ratification seeks to increase the share of revenue of the Liberia Maritime Authority from 25 percent to 30 percent which, according to the Commissioner- General of the Liberia Maritime Authority, will, inter alia, facilitate the return of Liberia to the Council of the Internal Maritime Organization.
The Committee in its report indicated that the Liberian Registry has contributed immensely to the economy as a source of employment and has served as significant factor to the national budget.
Additionally, the Committee noted in its report that amendment will provide for structural adjustment in program operations to allow for an increase in net revenue transmitted annually to the consolidated fund account of the Government of Liberia (GOL).
According to a press release from the Senate Press and Public Affairs Department, the Liberian Leader on October 28, 2021, requested the Liberian Senate to consider ratifying the first amendment to the extended and restated agency agreement between the Republic of Liberia and the Liberia International Ship and Corporate Registry.
Based on the President’s request, the Senate Committee on Maritime on Wednesday, October 17, 2021, conducted a public hearing and the Commissioner of Liberia Maritime Authority, Commissioner Len Eugene Nagbe presented the case of his institution to members of the Senate on Maritime, and informed them that Liberia has the second highest registry in the World, but it’s regrettable that the country is not on the Maritime Council.
Meanwhile, Commissioner Nagbe said that in 2019, Liberia lost her chances on the Council, but assured the Committee that the proposed ratification will regain the country’s status on the Council.
He noted that, presently, Liberia is receiving 25% fees from the shipping industry. However, the Liberia Maritime Authority has negotiated 30%, from its partner, which will create more opportunities for many Liberians to be represented on many ships that are flying the Liberian flag.