Cayman representatives are attending the Global
Superyacht Forum in Amsterdam, Netherlands.
The conference is the industry’s longest-established
conference in the world of larger yachts and provides a unique opportunity for
those employed by or interested in the industry to participate in discussions
and seminars, organisers say.
During three days of extensive talks, 400 delegates hear
insiders reveal new trends in the industry.
Day one began with a talk from Richard Beattie, owner of
the 45-metre mega yacht Big Fish, which he said is a revelation of
specifications. In a speech, he said there is a new generation of potential
owners and that marketing needs to be effective to attract them. It is the ‘wow
factor’ that will entice those who currently charter boats into actually buying
one, he concluded.
Experts also noted that there is a wave of enthusiasm in
the luxury sector for the potential of larger yachts, but that as pre-recession
orders are now being delivered there is a need for the market to generate new
orders. There is a difference between the actual value of a yacht, and what it
is worth – which is the amount that someone is willing to pay for it, analysts
noted.
Day two of the forum concentrated on several legislative
issues facing the industry, including the International Labour Organisations
Maritime Convention 2006. The legislation updates a number of conventions that
were put in place to deal with everything from crew accommodation to social
security, minimum age, competency and annual leave. A panel that included Peter
Southgate of Cayman Registry, highlighted a proposal that was designed to make
the legislation more yacht-friendly.
Mr. Southgate noted that most of the aspects were
currently in law and that bringing them together, allied to more robust
enforcement, would offer much-improved protection to seafarers.
Mr. Southgate was later joined by principal surveyor of
the Cayman Registry, Richie Blake, to discuss the 13-36 Passenger Code, which
was presented in its final draft for the first time. The code was written by
the Cayman Islands Shipping Registry in conjunction with Red Ensign Group following
input and consultation with the industry. It is aimed at the largest yachts,
explained Mr Southgate, though it could be applied to any size vessel. The code could be retrospectively applied in refit, he said, but the
legislation is so in-depth that realistically it only applies to the very
largest yachts. He said that there are 11 Cayman-flagged vessels being built
and three still in the design phase, all greater than 90 metres in length.
The third day of the conference featured talks on
different EU member states’ interpretations of VAT & Harmonisation laws, an
insight into satellite communications, plus a panel discussion of yacht owners
and senior business investors who are actively investing in the industry.
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