Stmt re Intro. of Tonnage Tax

JAMES FISHER & SONS PLC
12 August 1999


James Fisher & Sons Welcomes Introduction of Tonnage Tax

David  Cobb,  CBE,  executive chairman of  Barrow-based  James
Fisher & Sons plc, one of the UK's foremost ship owners,  with
44  vessels  in  its  specialist  fleet,  today  welcomed  the
Government's decision to introduce a tonnage tax regime in the
UK.   Immediate  past  President of the Chamber  of  Shipping,
which  had  campaigned vigorously for  a  change  in  the  tax
treatment of shipping companies, Mr Cobb said:

'This  decision  represents a significant  milestone  for  the
shipping industry in the UK.  It levels the playing field  for
UK shipping companies competing with their counterparts in the
rest  of  Europe  and  should have a profound  effect  on  the
fortunes of British shipping in the wider sense.

'In  the  financial context, the introduction of  tonnage  tax
will  remove  the requirement for shipping companies  to  make
provision  for deferred taxation.  This will impact favourably
on the profit and loss account and balance sheet.

'As  a  company committed to the future of the British  fleet,
James  Fisher already trains a large number of cadets.   I  am
therefore delighted that the tonnage tax will commit companies
to  develop  training  and require those companies  benefiting
from the new regime to make a corresponding investment in  our
nation's future seafarers.'

Issued  on  behalf  of James Fisher & Sons  plc  by  Tavistock
Communications  Limited (Contact: Keith Payne,  tel  [phone]
2288)

Press Enquiries: David B Cobb, CBE
                 Executive Chairman
                 James Fisher & Sons plc
                 Tel: [phone]