Growing business buoys shipping registry

| 29/01/2019 | 17 Comments
Cayman News Service

Cayman Maritime Flag

(CNS): The Cayman Islands Shipping Registry enjoyed its second best year ever in 2018, and for the first time in its 115-year history ended last year with 2,215 vessels registered — 1,897 pleasure vessels and 318 commercial vessels. The registry has a total of 5.6 million gross tonnes, which is a 8.5% net increase on the previous year. It also continues to dominate the super-yacht new build market, with a 17% increase in the new build portfolio for 2018. Officials said this success demonstrates that Cayman is being recognised for its technical excellence, building a solid reputation as a leader in regulatory and advisory services. 

The merchant fleet has also increased, which officials said was a direct result of business development efforts in the European and Asian markets and predicted future growth.

“A good indicator of upcoming business is the recorded 84 vessel name reservations. It is common practice for owners to secure their vessel names of choice on a given register before they are fully registered,” officials explained.

“The Cayman Registry’s continued growth can be credited to its continued strive towards excellence, ensuring that the infrastructure for Cayman’s maritime industry is sound, responsive and dynamic. This maintained effort to ensure that conditions are attractive has solidified Cayman as the centre of choice in the very competitive maritime market.”

Officials said that the Cayman Islands, which offers three ports where vessel names can be reserved — George Town, The Creek and Bloody Bay — plays an important role on the global maritime stage supported by the legal framework in Cayman.

“The accolades that the Cayman Islands continues to receive in the global maritime industry elevates the jurisdiction to be seen as the gold standard in the industry,” officials said.

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Category: Business, Shipping

Comments (17)

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  1. Anonymous says:

    What is the net revenue contribution to public purse, after we deduct Monaco junkets, Greece lunches, and Hong Kong offices? Cayman Islands-flagged vessels enjoy full British Consular Services and Royal Naval assistance and protection worldwide. Can this regime kindly explain what we remit to the UK in useful trade or payment, which allows us to peddle these privileges without expectation of quid pro quo? Gotta be more than 10 minutes use of the helicopter me thinks.

  2. Anonymous says:

    Really just another method of tax evasion for those who need it the least.

  3. Anonymous says:

    Is MACI profitable?

    • Anonymous says:

      1256 please tell us what is MACI for those of us that are ignorant of these nautical things pertaining to ship registry.
      Thank you.
      1 14? Your comments are great ones and hope CNS will help answer some of these questions.
      I am sure that there are many obscure things about this ship registry business here on our island that we are not aware of. This is a whole new area of interest that many would like to be educated about.

  4. Anonymous says:

    Abandon the cruise dock idea and build a few smaller slips for ultra luxury mega yachts! We want to attract the wealthy not the Wal-Mart of the Seas class cruise ships, which will have so many negative affects on life in Cayman.

    • Anonymous says:

      The Cayman Islands should just build the permanent cruise ship/superyacht moorings that were recommended in the early 1990s, using Tatoosh’s redacted cash settlement, and any funds from MSC Armonia, and Saga’s Freighter crashes into Eden Rock. Had we negotiated these fines competently and transparently, they ought to have been fully funded…alas, this regime is more interested in the cruise and cargo backsheesh than doing the sensical or responsible thing – and always in darkness.

      • Anonymous says:

        Mega yatch owners don’t want to tender, that’s why we don’t get many here. Build proper facilities for them and they will come.

        • Anonymous says:

          Yacht*

        • Anonymous says:

          Excuses. There’s enough helipads to get them by.

        • Anonymous says:

          The late Paul Allen chose to anchor Octopus and Tatoosh here for weeks-on-end every year for over a decade. True Billionaire adventurers (the ones with greatest social cachet) want to be parked adjacent to the playground of Grand Cayman’s west-wall so they can use their submarine vehicles. They are here because they don’t want to be tethered in another douche-bag yacht facility. They come with their own fleets of teak-lined tenders, crews, and toy support boats. They’ll be just fine. Our ambition should be to make it easier and more responsible to do more “Cayman Islands” and less of the turdery existing elsewhere. Yet, we don’t even show the interest, despite having been given the funds from Allen to do it!

  5. Anonymous says:

    Except for the fact that the management of MACI manages the business like a not-for-profit, spending all the revenue earned and making zero profit. In that scenario there is no benefit to Cayman. Why do we bother!?
    Check all the first class travel, massive car allowances etc. CNS should do a FOI on the travel of senior management….

    • Anonymous says:

      Hateful, jealous people where ever u go

    • Anonymous says:

      Has to be one of my own, so we propose to build a global glowing entity and travel by paddleboat and train. Lift up and not destroy or gems.

    • Cess Pita says:

      11.03am But this is standard protocol in Govt related entities, check out OfReg, the Port Authority, the CIAA, the Civil Aviation Dept to name a few.

  6. Anonymous says:

    How much money did it return to the government? Since few of these vessels will ever come here, there is no point unless it is paying for itself and then some. Having vessels around the world with Cayman Islands on the stern is nice visibility, but people know it’s just a flag of convenience.

  7. anonymous says:

    Unfortunately the “technical excellence” is not home grown, only the highly paid chiefs.

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