The Merchant Shipping Bill, 2023 was passed unopposed in Parliament on Tuesday, with Minister of Commerce André Ebanks, who presented the bill, noting the importance of the updated legislation with the Cayman Registry holding 60% of the world’s yachts.
The new bill replaces the 2021 act, bringing the territory in line with international maritime standards.
In presenting the bill on Monday, 27 Feb., Ebanks said the bill satisfies recommendations from the International Maritime Organization, which audited the jurisdiction in October 2021.
Cabinet approved the updated bill on 31 Oct. last year, and it was gazetted for public feedback on 3 Nov.
Ebanks, who is also the minister for financial services and commerce, noted that the original 1997 act was modelled “extensively” on the UK’s law enacted a few years prior.
“Thus far, the revisions have been largely superficial and administrative in nature, despite advances in technology and changes in trade patterns, as well as global, environmental and safety concerns,” he said when presenting the bill for a second reading on Monday.
This new legislation gives domestic legal support for the IMO’s Instruments Implementation Code – also known as the III Code – that sets a gold standard for maritime regulation around the world.
Ebanks said that as a British overseas territory, the Cayman Islands’ compliance helps “safeguard their reputation as a global centre of excellence for the shipping industry”.
Little was said in debate, with Roy McTaggart voicing support on behalf of the Opposition for the entire bill, commending the time and expertise that went into the extensive update.
The deputy premier especially commended the Maritime Authority of the Cayman Islands CEO Joel Walton and his team for their guidance on the legislation.
Ebanks said the authority has “taken a small shipping registry and made it a global powerhouse” in its 120 years of existence.
The bill will need to be assented to by Governor Jane Owen before it can be enacted.
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