Cayman Maritime. the parent organisation of the Cayman Registry, reported record numbers for vessel registrations in 2010, despite global economic difficulties.
It was the best year ever for the historic register, established in 1903, in terms of both the total number of vessels registered and the combined gross registered tonnage, Cayman Maritime said in a press statement.
At the end of 2010, a total of 1,870 vessels were listed on the register, up from 1,815 in 2009. Gross registered tonnage also showed an increase, going from 3.7 million in 2009, to 3.9 million at the end of 2010.
A total of 254 new vessel registrations in 2010 meant that it was the second best year ever in terms of new units registered. This was just slightly below the organisation’s best year, 2008, which saw a total of 275 new units listed, according to the Registrar of Shipping Lorna Washington.
Cayman is a Category 1 Red Ensign Registry, meaning it can register a vessel of any age, type and size, providing it meets the requisite international standards, as well as those of the Cayman Registry itself.
As the world leader in the registration of superyachts, Cayman also has supertankers and cargo carriers among its fleet. Some 85 per cent of the vessels are private yachts, with the remaining 15 percent falling into the commercial category.
The Business Development and Client Relationships section of the organisation contribute to the success of the Cayman Registry by organising promotional activities around the globe, said Cayman Maritime’s CEO Joel Walton.
This entails Cayman Maritime/Registry attending the world’s two most preeminent boat shows, the Monaco Yacht Show held in September and the Ft. Lauderdale International Boat Show in October/November.
Both events are attended by thousands of individual boat owners, managers and maritime industry professionals and interest expressed in the Cayman Registry is always considerable, according to Exie Tomlinson-Panton, the head of business development and client relationships.
“It is partly through the relationships forged through these promotional initiatives that the Cayman Registry has been able to achieve the status of global leader in the registration of superyachts,” Mr. Walton said. “These are vitally important venues for us to see, and be seen in,” he noted. Further promotional activities also took place last year in Asia, a growing target market for the Cayman Registry, the organisation said.
The Registry maintains representatives in Japan, Hong Kong and Singapore in addition to its Grand Cayman headquarters, and offices in Southampton, Ft. Lauderdale, London, Monaco, Italy and Greece.
Cayman Registry also maintains a large portfolio of “new builds” or ships under construction, which its surveyors keep a consultative eye on during the entire construction phase to ensure that all vessels are built to the highest international construction standards and regulations.
At year’s end, there were 111 Cayman ships under construction worldwide.
Cayman Maritime also noted its involvement in the development of the 13-36 Passenger Yacht Code, launched last year. The Code was developed to address the difficulties in applying some of the international Convention standards.