Cayman Islands ShippingRegistry Reports Substantial Growth this year
The Cayman Islands Shipping Registry (CISR)is growing at a hare's pace, attracting renowned ship owners suchas Stolt Neilsen, Ugland, armada and Enterprises to Cayman shores.In four years, commercial tonnage has grown at about 30 percentper year. Now, at approximately 2.5 tons, the world-class registeris nearly three times the tonnage it was four years ago.
Ranked as number one in the world, the CaymanIslands is renowned for sprawling yachts in excess of 120 feetin length, with 20 percent of the world fleet. And large yachtregistrations continue to grow. Currently, CISR has over 100 new-buildyachts destined for Cayman registration.
This compares with 15, two years ago. Lastyear, Cayman had more yachts participating in the Fort LauderdaleBoat Show, the largest boat show in the world, than anywhere elsein the world, including the US.
Some very high net worth owners have beenattracted to the Cayman Islands. Owners include businessmen suchas principals of Microsoft, Netscape, Avon and Amway, royaltysuch as Arab princes and Thai Royalty, sports celebrities suchas the Australian golfer, Greg Norman, political figures suchas former US Treasury Secretary William Simon and major playersin the securities industry such as venture capitalist Tom Perkins.
At a time when there is so much internationalpressure from bodies like the OECD and FATF, the active involvementin our economy by influential persons who have a vested interestin its continuation is very much needed; and ship and yacht registrationis a way to secure it, says CISR.
The CISR maintains a head office in theCayman Islands, a subsidiary office in London and a representativeoffice in Athens. All offices are staffed with professionals whoare well versed in maritime administration and survey work, havingbeen selectively recruited from respected international bodiesor from other maritime administrations.
The Cayman Islands is strongly representedboth in commercial shipping and in pleasure yachts.
The Shipping Registry works closely withthe private sector. The Shipping Sector Consultative Committeewas established to provide dialogue with local practitioners.The Cayman Islands Shipowners' Advisory Council was establishedto provide a forum for the exchange of information and ideas betweenthe Registry and owners of Cayman registered ship. Both bodiesserve to provide solutions to address issues of concern to shipowners, operators, financiers and practitioners.
In many ways, ship and yacht registrationplay a very important role in our economy. The net worth of Caymanregistered ship and yacht owners totals an estimated US$400 billion,a portion of which is bound to flow through our economy, accordingto CISR. This, in turn, has contributed to Cayman's ascendancyto its current position as the world's fifth largest financialcentre.