Our expertise is based on more than 50 years of experience in supporting companies in the shipping and maritime industries. More than almost any other sector, the shipping and maritime industries are confronted with constantly changing national and international regulations. In interdisciplinary teams and the help of our global network, our team of experts will support you in the areas of auditing, tax consulting and legal advice.

„Regulatory compliance, sustainability and environmental management, digitalization and financing result in opportunities and risks. We are your perfect partner in this rapidly changing global environment.“ 

Michael Esser
Partner, German CPA, Tax Advisor

Why we are the right partner for you

  • Global Baker Tilly presence and local expertise in the maritime world
    No matter where you operate, our teams are at your side worldwide in order to develop tailor-made solutions for your individual requirements with local expertise. This is why we are present at all major international locations in the shipping and maritime industry.
     
  • Focus on ESG and digitalization
    The future of shipping will be shaped by digital innovation and a strong commitment to sustainability and ESG criteria. We support you in designing more efficient operations while meeting increasing regulatory requirements in terms of environmental friendliness, social responsibility and good corporate governance.

Our services for shipping and the maritime industry at a glance

We develop tailor-made solutions for your needs in areas such as start-ups, restructuring of the corporate or financing structure or corporate transactions.

Services:

  • Strategic transaction support: Comprehensive support from planning to integration, including tax and legal advice.
  • Partnerships and joint ventures: Expert advice for the successful implementation of joint ventures.
  • Efficient restructuring: Optimization of your corporate structure for company acquisitions, succession, transformations or spin-offs.
  • Global tax concepts: Comprehensive advice on national and international tax law issues.
  • Current tax advice: Support in the context of tax declarations and tax audits as well as the preparation of annual financial statements.
  • Company valuations and due diligence: carrying out valuations in accordance with IDW S 1 and due diligence.

Our wide-ranging expertise ensures that your company is optimally positioned from a legal and tax perspective.

From auditing and restructuring to reporting on sustainability issues, we offer tailor-made solutions that meet the industry’s current and future challenges. Our expertise covers financial, legal and operational areas to ensure comprehensive advice and auditing.

Services:

  • Auditing and reporting: Our services range from the auditing of annual and consolidated financial statements to the conversion to international accounting standards such as IFRS or US GAAP.
  • Transaction and restructuring advice: In a dynamic market environment, we support companies in strategic transactions and the restructuring of financing models. We offer comprehensive advisory services for M&A transactions, due diligence and valuation issues.
  • Company valuations and liquidity concepts: Our experienced auditors and consultants support you in the preparation of liquidity concepts, company valuations in accordance with IDW S 1 and the assessment and implementation of restructuring strategies. We ensure that your financing and corporate structures meet the requirements of the market.
  • Special audit services: From IPOs to financial reporting support, we offer specialized audit services tailored to your company’s specific needs. Our long-standing experience ensures that your financial reporting builds trust both internally and externally.
  • Sustainability reporting: With the growing focus on ESG (environmental, social and governance), we support you in the preparation and audit of non-financial reports. Our expertise in ESG reporting ensures that your data is accurate and trustworthy in order to meet the growing regulatory requirements.
  • Finance and process optimization: We support you in the optimization of cash management processes, the introduction of best practice solutions in controlling and the implementation of digital reporting tools, thus aiming to make your processes more efficient and future-proof.
  • Restructuring and reorganization: Especially in times of economic challenges, we offer comprehensive support in the preparation and review of reorganization concepts in accordance with IDW S 6. If restructuring is not successful, we will assist you with orderly liquidation or possible insolvency proceedings.

With our interdisciplinary expertise and many years of experience, we are your reliable partner, providing you with comprehensive support in all areas from auditing to strategic consulting.

Legal and tax advice

Whether for corporate structuring, the formation of joint ventures, transactions or in relation to income tax, VAT or insurance tax – we offer tailor-made solutions from the formation to the liquidation or sale of the seagoing vessel. We pay particular attention to tonnage tax, which allows a company’s profits to be taxed at a flat rate based on the tonnage of the ship (Art. 5a of the German Income Tax Act (EStG)).

Services:

  • Structuring advice: We will find the optimal tax and legal structure for you with regard to ongoing taxation and one-off transactions such as acquisitions and sales or company successions. In an international context, we use our global network to advise you on the choice of location, including a comparative analysis of the shipping concessions available locally, cross-border corporate structuring and the optimization of cash flows.
  • Transaction and restructuring advice: We provide you with national and international tax and legal advice in M&A processes, due diligence, restructuring and succession planning.
  • Preparation of annual financial statements and tax returns: We take care of your filing obligations, including all international references, e.g., with regard to the Tax Haven Defense Act. We advise on your own compliance systems, including the implementation of tax CMS.
  • Current financial accounting and reporting: We take care of your financial accounting and prepare regular reports.
  • Support during tax audits: In the event of tax audits or fiscal court proceedings, we accompany you throughout the entire process and represent your interests all the way to the German Federal Fiscal Court or the European Court of Justice.
Michael Esser

Partner

German CPA, Certified Tax Advisor

Christian Hensell

Partner

Attorney-at-Law (Rechtsanwalt), Certified Tax Advisor, Specialist lawyer for Tax Law

Oliver Pegelow

Partner

German CPA, Certified Tax Advisor

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Regulatory challenges in the shipping industry

Decarbonization and greenhouse gas reduction

The shipping industry is facing major challenges in the area of greenhouse gas reduction. The 2018 strategy of the International Maritime Organization (IMO) aims to reduce emissions by 50 % by 2050. In addition to technological innovations and alternative fuels, a global price for shipping emissions is also currently being discussed.

At the most recent IMO negotiations, 39 states advocated a global levy on greenhouse gas emissions and stricter fuel standards. These measures are to be implemented by 2025 and will force the shipping industry to become more sustainable. Companies will have to adapt to technological changes and comply with new emission standards.

Cyber security (IMO requirements from 2021)

Cyber security regulations, which have been in force since 2021, have not yet been implemented comprehensively throughout the entire industry. Many companies are still working on strengthening their IT systems and integrating security protocols to meet the increased requirements. As digitalization in the shipping industry intensifies, this topic is becoming increasingly important, but implementation is still lagging behind in many places. 

Hong Kong International Convention on Ship Recycling

Although this Convention was adopted in 2009, it has not yet been ratified in all countries and full implementation in practice is still lacking in many areas. Companies still need to take further steps to ensure that ships are recycled in an environmentally friendly and safe manner, also in order to avoid potential liability and criminal liability risks for management.

Expansion of ESG reporting

While many shipping companies have taken the first steps towards compliance with ESG (environmental, social and governance) criteria, the comprehensive integration of ESG into corporate strategy and reporting is not yet complete. Companies are under increasing pressure from investors and regulators to improve transparency and sustainability. 

Crewing requirements in the shipping industry

The Maritime Labor Convention (MLC) sets standards for the working and living conditions of seafarers, while the STCW standard for training, certification and watchkeeping ensures that crew members receive the necessary qualifications and training. Other regulations cover safety requirements that include training in emergency management and fire safety, as well as national laws that provide specific requirements for the employment of seafarers. These regulations are crucial for the protection of crew and the overall safety of shipping.

"Companies in the shipping industry need to take action in order to meet the regulatory crewing requirements. Compliance with standards such as the MLC and STCW is crucial for crew safety and contributes to long-term efficiency and competitiveness."

Christian HensellPartner,
Attorney-at-Law, Tax Advisor

Emission certificates for shipping companies: Paving the way for decarbonization in transport logistics

Companies in the transport and logistics industry are under increasing pressure to reduce their CO₂ emissions, not only in order to counteract the rising costs of emission certificates, but also to meet international climate targets. In this context, European emissions trading and the associated obligations play a particularly significant role. It is becoming increasingly important for companies to control their emissions in order to remain economically competitive and avoid penalties for non-compliance.

With the expansion of the EU Emissions Trading Scheme (EU ETS) to include maritime transport from 2024, shipping companies will also have to purchase emissions certificates for every ton of CO₂ they emit. This represents a significant change for the maritime industry and forces companies to better monitor and control their emissions. Emissions certificate trading also allows for surplus certificates to be sold if emissions are below the prescribed limits, which can create additional sources of income.

For companies in the logistics and transportation sector, this offers the opportunity to both save costs and benefit from emissions trading by using low-emission technologies such as electric and hydrogen vehicles.

Transport & Logistics: maximum resilience

Minimize the risks in your supply chain and work with us to shape your sustainable and digital transformation.

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Transport & Logistics: maximum resilience