Cayman IslandsShipping Registry growing despite Global Economic Decline
Greek Ministerof Mercantile Marine, George Anomeritis greets Assistant Registrarof Shipping, Alfred Powery, at the Cayman Islands Shipping Registrybooth as Peter Gibbs, Director, CISR (r) and Dimitris Thomas,CISR Greek Representative (l) look on.
Cayman Island's Ship Registryis growing at a rate of 30 percent annually.
This was revealed by Leaderof Government Business the Honourable McKeeva Bush who recentlyled a delegation of Government and private sector representativesto the Posidonia 2002 International Shipping Exhibition in Pireaus,Greece.
While there, Mr. Bush toutedthe advantages of registering a vessel in the Cayman Islands,which include the Registry's firm commitment to meeting the needsof ship owners, modern, innovative shipping legislation and Cayman'sinfrastructure and strategic location.
"The [Cayman] Islandsare home to the world's leading register for large luxury yachts;we are privileged to have 1,265 pleasure yachts on our register,representing 173,503 tonnes. For commercial vessels, we have 236on register, for 2,254,914 tonnes, and that sector is growingat about 30 percent per annum compound. All of this is in spiteof the global economic downturn. It's proof that in Cayman, ourship is strong and stable enough to withstand the turbulent seas,"he said.
The local delegation includedBush, Deputy Financial Secretary, Joel Walton and Director ofthe Shipping Registry, Peter Gibbs.
This important event inGreeced, which attracts almost 30,000 visitors and 1600 internationalexhibitors biennially, provided an opportunity for the Registryto showcase its services, meet with existing and potential clients,and demonstrate why the Cayman Islands is the jurisdiction ofchoice for vessel registration.
The Cayman Islands alsohosted a cocktail party during the Posidonia Week, an eveningthat has fast become one of the highlights of the exhibition.
In his welcoming remarksto guests, Hon. McKeeva Bush spoke about his affinity for thewater and seamanship, and Cayman's long and storied maritime history.
"We respect and lovethe sea, and like you, we understand it because it is in our blood,"he said.
Industry professionals ormembers of private sector who would like further information aboutthe Posidonia 2004 International Shipping Exhibition can contactVirginia Dixon, Marketing Coordinator in the Portfolio of Financeand Economics on 945-0943.