All-in-One Shipping Liner Ltd (All-in-One) is a South African registered company and its shareholding it is wholly owned by South African national. All-in-One owns a fleet of ships all of which are registered in South Africa and flying the South African flag. All-in-One is largely trading its ships by transporting iron-ore between South Africa and other BRICS member states. The company has gained market share to the point of finding itself short-tonnaged and unable to meet its market with its existing fleet. In order to meet this demand which appear to be short term, the company has recently chartered one more vessel bareboat from a Cypriot Ship owner. The bareboat charter party is set to endure for a period of 4 years and it has no option to purchase. The chartered vessel is registered and is flying the Cyprian flag. The company wishes to register the chartered vessel on the South African register for its own fleet management reasons.
All-in-One seeks your advice on whether parallel or dual ship registration is permissible in terms of the South African ship registration regulatory framework. With reference to authorities, advise All-in-One accordingly.