Minister Wayne Furbert disclosed yesterday.

And 20 percent -- or one million tons -- of the shipping registered in Bermuda has come under the Island's flag in the past nine months as ship owners have moved out of Hong Kong after its takeover by China.

"This is one of the spin-offs of Hong Kong going back to China. We have seen an influx of shipping companies moving to register in our jurisdiction. This, rather than be registered under the Chinese flag,'' Mr. Furbert said.

The shipping register is made up of 130 commercial ships totalling more than five million gross tons and 380 pleasure yachts.

Included among the yachts are ocean-going mega-yachts while commercial vessels on the register include bulk carriers, container ships and some huge tankers -- one of which is more than 400,000 tons.

The main contributors to the shipping register are the traditional British ship owners including BP Shipping, P&O Shipping and Canada Maritime.

The register, opened in 1789, grosses about $1.2 million per year which provides Government with a net return of about $500,000 once operating costs are taken into consideration.

The rapid growth of the register is not anticipated to continue, conceded Mr.

Furbert.

"The philosophy is to maintain a quality niche shipping register catering to quality ship owners,'' he said.

The quality of the register is one of the main drawing factors for vessels to register themselves in Bermuda. It is a Red Ensign Register so the ships fly the undefaced United Kingdom Red Ensign which proves attractive to ship owners.

"Bermuda has the highest reputation for safety standards anywhere in the world. We have been given this qualification by the Paris Memorandum of Understanding on Port State Control of ships plying European waters -- and we've earned the award for the last three years,'' Mr. Furbert added.

"It shows our continuing commitment to quality and safety.''