IDA backs docklands shipping-finance hub

IDA Ireland is backing plans to develop a shipping-finance centre in Dublin, in a bid to emulate the city's position as an international aviation leasing hub.

In a filing to Dublin City Council, the firm ISSC said it was acting for an unidentified investor planning a shipping services project that might result in more than 3,500 jobs in the capital's docklands. In a separate filing, IDA said it supported the proposals.

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

Ireland is already established as an international aviation hub, a position aided by the country’s 12.5 per cent corporation tax rate. Half the world’s commercial leased aircraft are managed from Ireland, according to the IDA.

Ireland could capture 5 per cent of the global shipping market, ISSC said, without giving further details. ISSC may buy land in the north docklands and develop the project in stages, starting with a 27,500sq m, eight-storey office building, the firm said.

A further 47,000sq m 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.
– Bloomberg