Caymans

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Tuesday, Oct 22, 2019

Commerce minister sells Cayman in Monaco

Commerce minister sells Cayman in Monaco

Joey Hew, the minister for commerce and infrastructure, was the keynote speaker at the Mare Forum in Monaco recently, where he told wealthy superyacht owners that Cayman was open for business and that the portfolio of mega yachts operating under the Cayman Red Standard was growing. He told the the audience that Cayman was continually updating laws and introducing innovations to enhance safety and promote improvements to prevent pollution.
As Cayman commuters were tearing their hair out in traffic congestion, Hew was rubbing shoulders with the world’s billionaires in the luxury riviera resort.

“A huge cross-section of powerful industry voices came together at this prestigious forum to share views and debate business strategy alongside policy-makers,” Minister Hew said of his trip. “Everyone, from yacht owners to maritime lawyers, marine equipment manufacturers and industry regulators is able to voice an opinion. This makes it a highly useful exercise for us to participate in, as we seek to maintain our position at the forefront of this important industry.”

The Mare Forum conferences take place across the world and are said to be highly influential for key players in the maritime and shipping industries. The theme for the Superyacht Europe 2019 conference held in Monaco was ‘What’s next in yachting?’.

Officials said that while the Cayman Islands earns substantial fees from the work of the Shipping Registry, the abundance of luxury yachts that are registered in the Cayman Islands and fly the Red Standard further enhance the islands’ global image.

Hew told the audience that the Cayman registry is the top-rated shipping registry in the world, with the most experienced staff of the flag states in the yachting industry. An efficient registration system and competitive pricing structure, coupled with highly specialised service providers, contribute to the Cayman Islands being the preferred choice for discerning ship owners.

He said its staff are highly-skilled and for more than two decades have been involved in the majority of the largest new-build yacht projects in the world.

Under the leadership of the Maritime Authority of the Cayman Islands (MACI), which falls under the remit of the Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA), the Cayman Registry team offers advice to owners and finds actionable solutions to new yacht designs, without compromising on quality or safety.

The Cayman Islands also recently qualified for continuance in the United States Coastguard’s Quality Shipping for the 21st Century (QUALSHIP 21) Programme for the ninth consecutive year. This programme identifies high-quality ships and flag states and to maintain the status, flag states have to meet the highest international requirements. The Cayman Islands is one of the very few flag states which have managed to maintain their QUALSHIP 21 status consistently since 2011.
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