A Message From Our CEO
As some of you may be aware, the Cayman Islands Shipping Registry is celebrating 110 years of service to the industry. We are very proud of our heritage and recognition as a quality flag in the world rankings. As evidenced by the latest International Chamber of Shipping Performance Table, the Cayman Islands continues to be a top performing flag. Maintaining 'white-listed' status in all the major port state control regions remains fundamental to our business strategy. Furthermore we now have representation in strategic locations, spanning 10 time zones, to better service our clients needs.
Our strategy for success is based on technical excellence, quality and innovation, and client focus. Some recent projects led by Cayman Registry were the development of the Passenger Yacht Code and a computer-based training programme for flag state surveyors in conjunction with Videotel. Future projects will explore other opportunities to share our knowledge with the industry through our consulting arm and the establishment of a 'Cayman Maritime Services Park' in the Cayman Enterprise City. It is hoped that due to the strategic location in the Caribbean, the park will attract new sectors of the maritime service provider market to the islands, from management companies and manning agencies to engineering services.
This e-mailer is a new initiative which we will use to channel short, timely and newsworthy information to the industry.
A brief synopsis for those who were unable to attend this year's forum.
There were sessions covering Global Economic Trends Impacting Yachting, Navigating the Regulatory Wave and Choosing Flag; some of the presentations have been posted and can be downloaded.
Boat International reported that production in 24-40m sector is recovering whilst the 40m+ sector is holding steady. Furthermore, there is a record number of 100m+ yachts in build and pedigree yards have healthy order books.
Updates on the VAT were provided by a number of specialists. This has become an increasingly dynamic and complex area, and sometimes leads to confused thinking about how a yacht's registration/flag impacts its VAT situation. The requirements for Temporary Admission/Importation of a yacht into the EU for purely private use have not changed but it was reiterated that a non-EU flag and non-EU ownership are some of the pre-conditions.
The event allowed law firms, Maples and Calder, and Campbells the opportunity to raise awareness that it is quite acceptable for a Cayman-flagged yacht to be owned by a company which is incorporated in the EU, BVI, Panama or Marshall Islands to name but a few.
Mr Coles, of Gateley, presented the many factors which influence an owner's choice of flag once any over-riding VAT issues have been taken into account, and placed significant emphasis on quality and reputation.
Peter Southgate, Advisor, Maritime Policy and Legislation Development and Shipping Master, has recently left us and taken up a senior position in a yacht management company.
Angus McLean has been promoted to Head, Maritime Policy, Quality and Casualty Investigations.
James Hatcher has been promoted to Martime Policy and Legislation Development Officer & Shipping Master.
Jason Collings has been promoted from Senior Surveyor to Principal Surveyor.
CISN 04/2013 (Rev. 1): Security related training and instruction for seafarers A reminder of the introduction of STCW Regulation VI/6 which will enter into force on 1 January, 2014. This regulation requires all seafarers on ships subject to the ISPS Code to have received security related training and instruction relevant to their assigned duties onboard. The notice details transitional provisions acceptable to the Cayman Islands Administration that follow the provisions in Section A-VI/6.9 of the STCW Code.
This first issue has only been sent to yacht management companies. We have undertaken testing using a number of viewing devices and so hopefully any bugs have been ironed out but we would be grateful if you would advise us of any viewing issues.
Furthermore, if you have any suggestions for articles please feel free to send those through.
For further information contact: Corporate Communication