Premier and minister at luxury boat show

| 25/09/2018 | 62 Comments
Monaco Yacht Show, Cayman News Service

Monaco Yacht Show

(CNS): Financial Services Minister Tara Rivers, who is responsible for the Maritime Authority of the Cayman Islands, and Premier Alden McLaughlin will both be in the playground of the wealthy this week as they attend the Monaco Yacht Show, which opens tomorrow. The delegation to the event includes officials from the Shipping Registry, who will be mixing and mingling with stakeholders in the yachting industry. “The Monaco Yacht Show is the main annual event for the super yacht industry and provides the ultimate showcase for industry influencers,” said McLaughlin, who headed to the event following a trip to Barbados. 

“It is a key event for Cayman representatives to network with the most influential stakeholders in the industry,” he added about the latest government trip.

Of the current super yachts under construction worldwide, boats of 98 feet or more, about 45%, are being built under the supervision of the Cayman Registry, officials from the premier’s office stated in a release about Cayman’s attendance.

As a dominating flag state of the ultra-large segment of the yachting industry, the Cayman Islands has more than 80% of the market share and ranks number two in the world, second only to France. The Maritime Authority has been attending the yacht show since 1996, and CEO Joel Walton said Cayman has, over the years, established itself as the flag of choice for the super-yacht industry.

Rivers added that the local registry has the most experienced staff of the flag states in the yachting
industry and the financial and legal sectors provide excellent customer service for clients.

“That’s what sets the Cayman Islands apart from the competition,” she stated. “We accept a wide choice of ownership structures and our clients appreciate that we have a solid political, legal, fiscal and social environment.”

The annual trade show, held in Port Hercules, is Europe’s largest in-water display of yachts. The event was launched in 1991 as a broker-oriented event focused on super-yachts over 66 feet in length. Throughout the four-day event there are more than 150 private events, including press features, conferences, receptions and product presentations.

One of the Cayman Islands events at the Monaco Yacht Show will be the recognition of the 60th anniversary of Cayman’s Coat of Arms, which is proudly displayed on both the blue (land) and red (sea) flags.

“We are a leading flag state in the super-yacht industry and it is important for us to be part of
this important event and be available to meet with owners and their representatives to ensure they have the most up-to-date information on what the Cayman Islands can offer and provide the best possible advice for their existing and future super yachts,” McLaughlin said. “In addition, I will be able to tell them how well the Cayman Islands is doing economically and politically and that we continue to be a good and stable jurisdiction in which to do business.”

This year there will be 580 exhibitors at the show and an anticipated 34,000 participants. There will be 125 yachts on display at a value of more than $2.5 billion euros. Represented will be 67 shipyards, 22 brokerage agencies and 26 refit yards, as well as 45 new builds.

Head of the premier’s office, Roy Tatum, and Cabinet Secretary Samuel Rose will also be at the event.

Tags: , , , ,

Category: Business, Shipping

Comments (62)

Trackback URL | Comments RSS Feed

  1. Anonymous says:

    “As a dominating flag state of the ultra-large segment of the yachting industry, the Cayman Islands has more than 80% of the market share and ranks number two in the world, second only to France.” Wow, between Cayman and France we must have at least 161% of the market. Not bad going!

    4
    3
    • Ron Ebanks says:

      Ask the Premier , what size yacht did he buy ? Or how many yacht Registrations did he sell for Cayman islands ships registry ?

      4
      1
      • Mike says:

        You sound petty, Ron at 2.41 pm. He is doing smart marketing there to expand our registry business, so do not be so negative. Results from that will not be instant. Please do not fall into step with the negative horde on CNS.

        • Ron Ebanks says:

          Mike , I was only making 2 references of the three reasons why he would be at this yacht show . The third one could be that he’s hiding from all that is going on the Island spend money faster than Mac puts it in slots .

          • Mike says:

            Sorry Ron, but I cannot see it that way at all. Anything that can build business for Cayman is good and should not be decried with cynical or negative comments. I have no paty affiliation or bias!

  2. Anonymous says:

    I wonder if Cayman never let its shipbuilding heritage die out.

    Could we have been shipbuilding today producing ships that could’ve been seen in Monaco?

    If we still had shipbuilding here, could we have had trade schools on the island that helped support something of the shipbuilding industry?

    Trades like, Engineers, Plumbers, Fabricators, Welders, Carpenters, Riggers, Naval Architects or Designers… all of these trades could go into Shipbuilding, but could also open opportunities outside of shipbuilding. Kids coming out of school could potentially have better options locally.

    What would Cayman be like today if we had the capability of building ships, yachts, or other vessels.

    Would our vessels that were built in Cayman be seen in Monaco?

    It feels like our shipbuilding heritage could have been a potential career for kids today, had Cayman not put all of its eggs into the Tourism and Financial sectors basket.

    It somehow feels like this was an untapped potential that was lost.

    10
    2
  3. Arthur Rank says:

    I have first hand knowledge of the super yacht market (no, I don’t own one!) and can tell you that no owner/builder/skipper of a super yacht needs to see the Premier of the home of their registry, they use this one because it provides them what they need which is a tax free jurisdiction with lax crewing requirements, and of course anonymity if they need it. These shows are for the industry to rub shoulders, a small Cayman desk would suffice, but of course that would remove an opportunity for a posse of representatives to wine and dine in one of THE high society venues.
    Shame upon you whoever was in this particular posse, you are spending like McKeeva, and thats not an act to follow!

    47
    7
    • Anonymous says:

      Do you not think it helps the annual MACI presence at the show to be able to introduce the Premier to people. It’s more interesting than the ‘small Cayman desk’ year after year, no? Doesn’t help at all, not even a little bit? Come now.

      4
      12
  4. Anonymous says:

    The golden rule of business is “To make money, you have to spend money”. Those who don’t understand this are clearly not business oriented people.

    7
    29
    • SSM345 says:

      Thanks Captain obvious for your words of wisdom, but I bet my left nut if you were able to look into the number of opportunities that have come out of these jaunts to Monaco by our Elected Leaders that actually benefit the country you would see its a complete waste of resources every single time they go.

      13
      3
    • Corruption watcher says:

      I don’t understand why you are spending that money too? Also you forgetting a cardinal rule Mr K Maci you spend even more money keep that money too?

      1
      2
    • Mike says:

      Agree with you 6.23 am. It is possible to meet an incredible array of the worlds rich, famous and powerful at this event. That offers great opportunities for networking etc. Why do our Caymanian people have to be so damned negative about positive stuff being done by whatever govt? Some things never change! I am not politically biased whatsoever!

  5. BMP says:

    Your spot on 8:24pm yes many in Maci have several private business they own too, having lavish private parties all at the govt expense and time yet everybody knows who they are and what they are doing. No wealth orders here though? just big cigars and the white lady in abundance. Well all you who voted them back in power feel free to embrace your elected parasite and his government minions who are living it up in first class to Monaco and reserved hotel suites. Poor old cayman no wonder the Trinidadians are here at our doorstep looking for their piece of the pie too!

    16
    5
  6. Anonymous says:

    Another major industry in Cayman that has been neglected for so long. Look at what happened to Paul Allen. Such a disgrace to our ancestors who built 278 schnooners from the 1800’s I’m sure they must be embarassed. We are number 2 in the world and you can’t even tie a super yacht in this island? Why? Imagine another industry that could be created for the youth. Not everybody is going to be a lawyer, banker or an Acct. Our history says we are people of the sea that came in boats. Where is the marina? We could build super yachts here if we had training and education to work in Electronics, metal work, painting etc. Please people don’t sell yourselves short. Move with the times, are forefathers did.Thats why most old Caymanians lived in other countries like Nicaragua, Bay Islands, Cuba, San Andreas, Panama and USA. They learned on the job and also went to school and came back as Captains and Chief Engineers.

    5
    2
  7. Anonymous says:

    another cig jolly. end of story.

    28
    4
  8. Anonymous says:

    can’t wait for the their official report on what they achieved……zzzzzzzzzzzz

    25
    3
  9. Anonymous says:

    Meanwhile, Cayman stealing itself to death. More robberies thus far, than the entire year last year.

    20
    1
  10. Anonymous says:

    I guess he’s not THAT concerned about the port referendum.

    27
    3
    • Stop Dissing says:

      Is it true , do I detect a twinge of envy in some of yoise folks that youse will never get to travel first class? Is that it, or is it that you really care about the Right Hon so much that you don’t recognize like he didn’t when he criticized the Traveling One, that travel and making personal appearances is indeed a part of the process . Why aren’t we critical of Merkel, Trump, and the long list of leaders who travel on behalF of their countries, oh is it because it doesn’t affect us and the Premiers visits does huh.

      Well the whole bunch a ona in the words of Batefoot and Andy “ TAKE THAT”.Nothing can be done to stop him right now right. So back to bed or up your feet and dally forth to work.

      6
      20
  11. Anonymous says:

    Ha ha ha

  12. Anonymous says:

    Poke a finger in your eye. So tired of paying for these freeloaders to vacation on my dime.

    31
    6
  13. THE WRITING IS ON THE WALL says:

    Oh boy…. here we go again! Another excuse for them the runabout! Alden continues to prove who he really is by his absence in his own country, the lack of balls to talk and answer questions directly to the people, having infrequent meetings of the LA, infrequent press briefings, and his heightened ego to wine and dine with the elite- especially overseas! He is so far removed from being in touch with the people and finding solutions to the country’s issues that he might as well just announce his retirement now…. no need to wait until 2021…. just go on and as you said ‘retire in the bush’. #noleadership #Aldengottogo

    38
    6
  14. Unbelievable says:

    Must be nice. Totally disconnected with the belongers struggling at home.

    29
    7
  15. Anonymous says:

    Such a waste of public funds. Anyone remember how the premier berated mac for doing the same thing years ago? There is no need for a premier to attend a boat show for heavens sake. I am sure our marine authority staff can handle it better than him. Stop wasting pubilc funds on first class leisure travel!

    49
    4
  16. Anonymous says:

    What a total waste of time and money. As is MACI itself under Joel Walton’s leadership: all they do is find ways to spend every $ they earn. Ridiculous expense Accts, first class travel everywhere all the time, massive allowances etc. There’s no point or benefit to the country.

    28
    12
  17. Anonymous says:

    If this is something we should be attending (and I’m not saying it is), shouldn’t we be sending savvy ambassadors that actually know something about ship and/or aircraft registration and can speak that language? Is that too much to ask? Sooo banana…

    31
    4
  18. Anonymous says:

    In the meantime the poor suffer…..but the rich don’t give a f..k.
    Cayman islands: where the wealthy get wealthier.

    18
    7
  19. Anonymous says:

    vacation????

    17
    3
  20. B says:

    If only they had a little integrity. So they could be embarrassed.

    28
    2
  21. Anonymous says:

    “which is proudly displayed on both the blue (land) and red (sea) flags” – so why are businesses in Industrial Park allowed to fly the Red Flag?

    10
    1
    • Mike says:

      Maybe they know no better 5.10 pm. Why do you say “allowed” ? As far as I know it’s still a free country!

  22. Anonymous says:

    Are these two elected public officials serious. What do they hope to achieve by attending this event? luxury yachts mooring in Cayman, yea right, they are only registered here.

    Time for the next election.

    30
    2
  23. B says:

    Its nice to be the King of a third world country.

    25
    2
  24. P(l)ain sailing. says:

    Four government bigwigs and how many from the Maritime Authority?. Please lodge an FOI request to ascertain the total cost of this Jolly Roger jolly.It is outrageous that a member of the Catboat club was not invited.

    22
    5
  25. Anonymous says:

    Crime is going through the roof, the education system is failing young Caymanians, trash is piling up in the streets…and these two go off and drink champagne on a yacht in Monaco. Says it all.

    33
    5
  26. Anonymous says:

    yea baby

    5
    2
  27. Mikey says:

    Why is this even news? They just cant take a trip on the quiet so we na ga be looking like they just wasting time and money as usual?

    7
    4
  28. Anonymous says:

    Cuba -> Jamaica -> Barbados -> Monaco
    All within 2 months

    19
    3
  29. Anonymous says:

    Except that Immigration and Customs are both so over the top rude to passing sail boats that it is well known in that community to avoid stopping here.
    That is a fact.
    I was assisting a man several years ago that the agents would not let him secure his boat during a storm and it caused enough damage that he had to leave it and return to get it repaired. (Not to mention the mud they tracked all over.. Really unnecessary)

    18
    2
  30. Anonymous says:

    Just two useless MLA’s doing what useless MLA’s do. Nothing to see here, moving along.

    21
    7
  31. Anonymous says:

    Need a super-yacht Port. Redesign GT plans now before the opportunity is lost.

    8
    2
  32. Anonymous says:

    Yes, this is a priority right now.

    9
    1
  33. Anonymous says:

    the gall of them to be wasting time and money on this crap!! I can’t wait to see the end of their terms.

    15
    3
  34. Anonymous says:

    Now there was a great expense paid to allow our CIG to go globe trotting.

    59
    11
  35. Anonymous says:

    LOL

    That’s what your “hard-working” leaders are up to. Socializing and vetting.

    Never mind the country’s affairs are in a shambles.

    57
    11
  36. Anonymous says:

    Here’s a thought. The Cayman Islands are also an established flag state for aircraft but does the Premier attend high-profile aviation events like the Farnborough International Airshow? Not according to the search of exhibitors I just made but then Farnborough doesn’t exactly have the ‘rubbing shoulders with the rich and famous’ status of Monaco does it?

    51
    8
  37. Anonymous says:

    Boondoggle

    21
    3
  38. Anonymous says:

    The gravy train continues? Simple fact of life – these islands are now so well established as a flag state we don’t need to spend money sending delegates to over-priced jollies like this.

    55
    8
  39. Anonymous says:

    ah boy another Jolly overseas. Austin attended the last one and came back supporting Cruise Berthing, I wonder what other changes will be “influenced” by this trip

    10
    3

You can comment anonymously. See CNS Comment Policy at the top of this page.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cayman News Service