The Cayman Islands Registry ended last year with 2,215 registered vessels, which included 1,897 pleasure vessels and 318 commercial vessels.
The registered tonnage grew by 8.5 percent to 5.6 million gross tonnes.
Cayman continues to dominate the superyacht new-build market with a 17 percent increase in the new-build portfolio for 2018. Of the superyachts with a length of more than 98 feet that are currently under construction worldwide, about 45 percent are built under the supervision of the Cayman registry.
“This demonstrates that Cayman is being recognized for its technical excellence, building a solid reputation as a leader in regulatory and advisory services,” the Registry said in a press release.
The Register also saw an increase in the merchant fleet, which it credited to business development efforts in the European and Asian markets.
The prospects for future business are positive, the Registry noted. “A good indicator of upcoming business is the recorded 84 vessel name reservations. It is common practice for owners to secure their vessel names of choice on a given register before they are fully registered,” the press statement said.
The Cayman Islands plays an important role on the global maritime stage by providing quality vessel registration, regulatory and advisory services, the Cayman Registry said, adding that Cayman has one of the most modern and comprehensive legal frameworks that exists in the world today for shipping and maritime administration.