Glossary

Maritime Administration of the Cayman Islands (MACI), is a statutory corporation formed as a separate legal entity under the Maritime Authority of the Cayman Islands Law (2005) which came into effect on July 1, 2005. MACI is wholly-owned by the Government of the Cayman Islands but governed by a Board of Directors

Typically a third party that provides a complete range of integrated marine services on behalf of an owner or operator.

The International Convention for the Prevention of Pollution of Ships (MARPOL), 1973 as modified by the 1978 Protocol is the main international convention covering prevention of pollution of the marine environment by ships from operational or accidental causes and governs the design and equipment of ships; establishes system of certificates and inspections; requires states to provide reception facilities for the disposal of oily waste and chemicals. It combines two treaties adopted in 1973 and 1978 respectively and updated by amendments through the years. MARPOL currently includes 6 technical Annexes dealing with oil, noxious liquid substances, harmful substances, sewage, garbage, and air pollution, respectively.

Marine and Coastguard Agency, (UK)

These are the governing documents of a company and must be filed on incorporation with the Companies Registry. They set out in detail the rights of the members, objectives of the company, share capital of the company, voting rights, classes of shares, procedures at directors and members meetings and various other issues regards the running of the company.

Marine Investigation and International Participation 

Maritime Mobile Service Identity (MMSI) is a unique 9 digit number that is assigned to a ship’s radio station. This radio technology allows enhanced distress radio messages to be sent digitally. It primarily registers the ship’s information in national distress databases worldwide for use in emergency situations. See also EPIRB.

A party that lends money.

A party that borrows money.

Memorandum of Understanding