Minister of Commerce Joey Hew promoted Cayman’s shipping registry at an industry conference in Monaco on 27 Sept.
Addressing the Mare Forum Superyacht Europe 2019 conference as a keynote speaker, the minister stressed that the Cayman Islands will continue to grow its portfolio of mega-yachts by updating legislation and introducing innovations to enhance the safety and sustainability of the industry.
Hew emphasised how the highly skilled technical staff at the Shipping Registry has, for more than two decades, been involved in the majority of the largest new-build yacht projects in the world.
“A huge cross section of powerful industry voices came together at this prestigious forum to share views and debate business strategy alongside policymakers,” Hew said. “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 Cayman Islands recently qualified for continuance in the United States Coast Guard’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 must meet the highest international requirements.
While the Cayman Islands earns substantial fees from the work of the Shipping Registry, the ministry said in a press release that the abundance of luxury yachts that are registered in Cayman and fly the Red Standard also enhance the Islands’ global image.