Premier leads annual Monaco trip

| 23/09/2019 | 70 Comments
Cayman News Service
Monaco Yacht Show

(CNS): Premier Alden McLaughlin, Chief Officer Eric Bush, Senior Political Advisor Roy Tatum, Commerce Minister Joey Hew and Maritime Authority CEO Joel Walton will be ramping up the air miles this week when the group heads to Monaco. The premier is leading another Cayman trade delegation to the annual luxury boat show in Monte Carlo in his role as Minister for International Trade, Investment, Aviation and Maritime Affairs.

The representatives will take part in a series of scheduled events to promote the Cayman brand and attract new international business.

“We continue to be a leading flag state in the super yacht industry,” McLaughlin stated in a release about the trip. “It is important for us to be part of this event and meet with owners and their representatives to ensure they have the most current information on what the Cayman Islands can offer and provide the best possible advice for their existing and future super yachts.”

The premier said he would be able to tell them first-hand about Cayman’s economic success and how “we continue to be a good, stable jurisdiction in which to do business”.

Eric Bush, the chief officer in the new trade ministry, said it was important to continue efforts to maintain and increase the significant market share for our registry.

“Monaco is a vital market for us,” he said. “The Cayman Islands Shipping Registry is regarded as world-class and home to many of the world’s biggest yachts. It is essential we strengthen and increase our presence in the industry to ensure we continue to remain the premium maritime flag state.”

Minister Hew said he was looking forward to collaborating with his counterparts in Monaco and engaging with potential investors and high net worth individuals at the show, which opens Wednesday. “Such investment is vital because it ensures we are able to create opportunities for Caymanians, both now and in the long term,” he said.

He said that the delegation would encourage investment in the jurisdiction, and that it was an opportunity to promote Cayman as an attractive place to invest and increase its market share of shipping registry business.

The Maritime Authority of the Cayman Islands (MACI) will use its reputation as one of the world’s best shipping registries to host a forum during the show. In leading discussions around the challenges and expectations for the industry’s future, MACI will use the forum to promote the red ensign of the Cayman Islands as a symbol for the global maritime community.

In addition to the MACI-sponsored business forum, events will include a charity bike ride in aid of the Prince Albert II of Monaco Foundation (Wednesday, 25 September), a reception at the Monaco Yacht Show (MYS) hosted by the premier (Wednesday, 25 September), and a dinner hosted by the premier at the MYS (Thursday, 26 September).

The government delegation will be supported by representatives from the “Big Four” accountancy firms and from the worlds of law, real estate, yacht brokerage and management, technology and precious metals and stones.


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Category: Business, Shipping

Comments (70)

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  1. Forelock says:

    This trip is all about attracting high net worth European based people to the Cayman Islands. It’s true that the mega yachts might never visit but those trinkets are the tip of the iceberg when their owners’ true wealth is measured.

    The Cayman Islands is already benefitting from these efforts by our leaders and Eric Bush in particular these last three years in London. Look at the huge houses that are being built in Crystal Harbour, Cayman Is. Yacht Club etc.

    Many of those people who have found us to be the secret jewel of the Caribbean have only done so because of the marketing effort CIG, Dart and the accounting and legal firms have been doing for many years. The private sector cannot do this on their own. They have to be able to show full government support.

    I say keep up the good work in this arena CIG and private sector. Well done!

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    • Anonymous says:

      But I thought Minister Rivers was responsible for the Shipping Registry? Has Joey taken over this job? Wish he’d would focus on the DUMP in his constituency, though he does have a nice yacht.

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    • Anonymous says:

      Correct me if I am wrong but was not the Premier just in Monaco in April?

      What the hell is going on with our money?

  2. Anonymous says:

    “…super yacht moorings all along West Wall…” would be easy. We could even run 50/60Hz power out to the moorings. The weather is normally ideal. Offering incentives would be easy too, if there were ever smart people in charge. Boats with submarine lockers are a quantum more sophisticated than our regular marina goers, or even mid-market yachts, and they carry their own power plants, water de-sal, and military-grade tech. They don’t need much – mainly groceries, a good airport to bring their guests in to where the boat lays, and some helicopter privileges.

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  3. Anonymous says:

    Can someone please inform how much profit the Maritime Authority makes annually such that it can take these expensive party trips? As far as I know, they are subsidized by government. If you don’t make a profit, these trips shouldn’t be allowed!

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  4. Anonymous says:

    Total waste of money as will have absolutely no effect on the local registry industry….on the other hand at least it’s not quite as embarassing as the big Big Mac and/or JuJu delegations.

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  5. Anonymous says:

    Leave the premier alone, he has to ride his bike in Monaco, Cayman roads are not safe.

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    • Anonymous says:

      Twice a year visits to Monaco to ride a bike at Caymanian taxpayers expense.

      What’s wrong with this picture?

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  6. Anonymous says:

    Trade delegation makes sense. Half the Government going, the majority with no knowledge of or interest in the marine industry, I just feels like a massive abuse of public money and completely inconsistent with standards in public life.

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  7. Anonymous says:

    Idiots. Fix the damn dump!

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  8. Say it like it is says:

    I suppose Joel Walton can justify his trip but the rest of the political posse are just jetsam (forgive the pun) and are simply treating it as a junket to which they are entitled. The private sector representatives (none of which will be supported by the taxpayer) are in a far better position to extol the virtues of this jurisdiction.

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  9. Jotnar says:

    I can see how MACI may argue that they need to be there, since our “Shipping” registry focuses on yachts rather than merchant marine. However struggling to see why a simple industry show requires attendance by the Premier and Joey Hew, let alone Roy Tatum and Eric Bush. I know that the Premier apparently feels he cant participate in a bike race without his buddies Eric and Roy, but it is not a reason in itself to fly people half way around the world at the tax payers expense just to ride a damn bike (and of course, hob nob with the Prince). BTW, didn’t they already have another cocktail party (and bike “race”) in April? How often doe the Prince hold fund raisers, and does the Premier have to go to every freakin one? He has a country to run – sipping champers with the Prince may be fun but its not his day job.

    PS What on earth are accounting firms, precious metal dealers (currently in the press for interesting reasons) and realtors going to a yacht show for?

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  10. History 345 says:

    Alden and his cronies remind me of Big Mac an his udp cronies.
    Ironically the ppm all complained about the junkets and excessive travel with the entourages. Now they are both serving the public the same kool aid so I guess it’s all ok and not a waste of public funds. Cayman Politics creates amazing story lines as we all watch Alden McLaughlin and the ppm become the new McKeeva Bush and his old udp.

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  11. BeaumontZodecloun says:

    Riddle me this: What do we have to offer the owners of super-yachts? I fail to see what opportunities for working Caymanians may result in this trip, however I would absolutely love to be wrong. Can anyone enlighten me?

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    • Anonymous says:

      The fees paid by the super yachts helps the govt provide services. Like social services. See it is not too hard to connect.

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    • Anonymous says:

      Registrations fees and no actual cost to infrastructure—- they pay in to the system but don’t use any services. That cash goes to schools, roads, social services…

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      • Anonymous says:

        I have no problem with Joel and perhaps Joey, but no need for all the hitchhikers. They need to keep their behinds home and get something done for the country.

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    • Anonymous says:

      Tough question. Best I can come up with is that if we get some more yacht registrations the fees would help reduce CIG subsidies to MACI and free up some more money for ordinary Caymanians.

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    • Anonymous says:

      The only thing we can really offer super yacht owners is somewhere beautiful and interesting to deploy their incredible mini-submarines, while entertaining their VIP guests. If we had smarter people in charge, there would be super yacht moorings all along West Wall, and incentives to park for a month or more, and to attract these boats in particular. Paul Allen (RIP) was a big fan. His boat Octopus, with 63 staff, and 26 well-heeled guests, can have the same positive impact on GDP as a small boutique hotel. Octopus, now for sale for $325,000,000, holds a 10 person submersible, named Pagoo that can handle 8hr dives to the 1000 ft bathyal twilight zones. I’d rather have 5 of these boats for a month or more, than any cruise ship.

      (https://www.thedrive.com/the-war-zone/29723/you-can-buy-paul-allens-octopus-arguably-the-worlds-most-incredible-yacht)

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      • Anonymous says:

        beautiful and interesting? What is that? Where is it? The Dump is the most interesting thing on this rock.

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      • Anonymous says:

        Take a look at the picture in the article, the yachts are all secured in a nice sheltered marina. We have a couple of thousand of them registered here and maybe only one or two have actually been here. Why? No one in their right mind wants to come here in the middle of nowhere with no safe harbor. To anchor off 7 mile beach for days, weeks or months at a time is just not feasible. No one wants the wear and tear of running generators, fuel consumption, water desalination, crew on duty 24 hrs a day, dingy to shore, etc., etc. These yachts cannot enter the North Sound as the water is too shallow. We need a deep water channel into the sound to a first class marina with all the services. You tie up dockside and your yacht is safe, plug in all the services, electricity, water, sewerage, etc, crew and owners walk on / off at anytime with no worries.
        This will never happen as the environmentalists would never allow it to happen. I believe Dart would build such a facility but the monumental task of securing permission would probably broke him. The CPR people would be out in full force with petitions, referendums, and only God knows what other stumbling blocks they would come up with to frustrate progress and drag out the process.

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      • BeaumontZodecloun says:

        4:30, 12:05, 4:47, 5:18 and 5:34, thank you for your insightful answers. Excellent food for thought, and a solid basis for a FOI and further investigations.

        I am glad to be wrong; it would appear that there actually is some benefit to attracting the super-yachts. Maybe we should be building places for them to berth/anchor that aren’t an environmental boondoggle.

    • Anonymous says:

      Good points and question Big Beau. What I would like to know is how much money in 2018, did the flagging of super yachts with Cayman flags bring in to CIG coffers? Can someone answer that question?

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      • Anonymous says:

        According to a quick net search, there are over 2200 yachts registered. There is an initial fee and annual. Looks like $10k a year average. That is over $22 million a year in fees. And none of them use our services- no schools, roads, anything. Well worth the trip.

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        • Anonymous says:

          For Joel maybe

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        • Anonymous says:

          Back up your numbers

        • Anon says:

          723pm What does the Maritime Authority cost us in inflated salaries, perks and all invited to Monaco annual junkets and others.. There is a significant expense in yacht inspections carried out by overseas qualified staff. Let’s see what the net contribution is – do they produce financial statements?.
          As other commenters have said, there is zero justification for all these politicians climbing on this business class all expense paid bandwagon.

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        • Anonymous says:

          So if they make $22 million how much do they spend taking junkets to Monaco twice a year? Monaco is a very expensive place to stay and with such a large delegation it must cost a pretty penny.

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