under threat from another colony.

But the Island still has the best reputation in the world for registration standards, according to a local Shipping Registry official.

Gibraltar has just relaunched its shipping register with Red Ensign group category one status -- putting it on a par with Bermuda as well as Britain, Cayman Islands and the Isle of Man.

The new flag means the Mediterranean port will be open to all types of vessel except nuclear-powered ships and fishing boats.

But a spokesman for the Shipping Registry said yesterday it will take time for the competition to capture the confidence of shipping companies and Bermuda was still regarded as the best registration port in the world.

"Gibraltar had a number of ships but she lost her status some time ago and ships have lost confidence in her,'' he said.

"Gibraltar is part of the EU so she will have very high standards but it will take her a few years to rebuild that confidence -- you can't do it overnight, so it's a long term thing.

"But since 1997, Bermuda has been regarded as the best register port in the world.''