Cayman Registry’s Success Continues

Thursday, 13 January, 2011

GEORGE TOWN, Grand Cayman — Many business establishments find the year’s end to be a time of reflection on their achievements over the past 12 months, and Cayman Maritime, the parent organisation of the Cayman Registry, is no exception to this annual custom. Happily, as it turns out, 2010 was a very good year. In fact, when it came to vessel registration, the statistics paint a rosy picture, indeed, despite economic difficulties on a global scale.

In fact, it was the best year ever for the historic Register, established in 1903, in terms of both the total number of vessels registered and the combined gross registered tonnage. At the end of 2010, a total of 1,870 vessels were listed on the Register, up from 1,815 in 2009. Gross registered tonnage also showed an increase, going from 3.7 million in 2009, to 3.9 million at the end of 2010.

Chalking up some 254 new vessel registrations in 2010, it was the second best year ever in terms of new units registered. This placed it just slightly behind the organisation’s best year, 2008, which had a total of 275 new units listed, according to Ms. Lorna Washington, Registrar of Shipping.

Cayman is a Category 1 Red Ensign Registry, meaning it can register a vessel of any age, type and size, providing it meets the requisite international standards, as well as those of the Cayman Registry itself. The world leader in the registration of superyachts, Cayman also has supertankers and cargo carriers amongst its fleet. Some 85 percent of the vessels are private yachts, with the remaining 15 percent falling into the commercial category.

In addition to the Registration section, the Business Development and Client Relationships section of the organisation also contributes to the success of the Cayman Registry, according to Cayman Maritime’s CEO Mr. A. Joel Walton, by organising promotional activities around the globe. For example, Cayman Maritime/Registry representatives annually attend the world’s two most preeminent boat shows, the Monaco Yacht Show held in September and the Ft. Lauderdale International Boat Show in October/November. Both events are attended by thousands of individual boat owners, managers and maritime industry professionals and interest expressed in the Cayman Registry is always considerable, according to Ms. Exie Tomlinson-Panton, Head, Business Development and Client Relationships.

“It is partly through the relationships forged through these promotional initiatives that the Cayman Registry has been able to achieve the status of global leader in the registration of superyachts,” adds Mr. Walton. “These are vitally important venues for us to see, and be seen in,” he emphasised.

Further promotional activities also took place last year in Asia, a growing target market for the Cayman Registry, which maintains representatives in Japan, Hong Kong, and Singapore.

In fact, Cayman Maritime’s global network is another factor in the success story of this client-focused organisation. Because it maintains offices and representatives around the world, it can provide a more cost-effective service to its valued clientele. In addition to Grand Cayman Headquarters, and the European Regional Office in Southampton, the Cayman Registry has representatives in Ft. Lauderdale, Florida; London; the Prinicipality of Monaco, Italy and Greece, as well as the three aforementioned Asian locations.

Cayman Registry/Maritime’s pool of talented expertise and knowledge in the industry is well respected by maritime professionals. For the last several years, the organisation took the lead in the development of the significant 13 – 36 Passenger Yacht Code, launched last year. The Code was developed to address the difficulties in applying some of the international Convention standards (in particular the Safety of Life at Sea [SOLAS] Convention and the Load Line Convention), which were designed for “merchant” ships, to the present day superyacht. The Code sets technical, safety and operational standards for these yachts, and addresses everything from construction and equipment to manning specifications. This highly technical and important document was several years in making, and drafted in conjunction with the Red Ensign Group.

Cayman Registry also maintains a large portfolio of “new builds” or ships under construction, which its surveyors keep a consultative eye on during the entire construction phase to ensure that all vessels are built to the highest international construction standards and regulations. The vast majority of these, upon launch, then “flag” Cayman. In fact, for discerning shipowners of all types of vessels, Cayman is the flag seen ‘round the world. At year’s end, there were 111 Cayman ships under construction worldwide.

The organisation also shares its expertise and knowledge through sending representatives to a number of annual technical meetings and conferences worldwide, such as the Global Superyacht Forum and the Superyacht Design Symposium, to name just two, for example.

For infrastructural support, the organisation is constantly streamlining and expanding its Information Technology platforms and systems to further facilitate communication across all areas and offices and enhance the timely dissemination of information. This technology is applied across the various departments within Cayman Maritime, from accounts, where greater efficiency with regard to invoicing was realised, and improved tracking of incoming and outgoing documentation relating to all sections – from Client Relationships to Registration, Crew Compliance and Survey, all of which results in superior client services.

Cayman Maritime continues to encourage further education and offers initiatives to all staff members to pursue higher training and also offers academic scholarships for students and more mature individuals within the community to encourage interest in the maritime industry, thereby continuing the long-standing and rich marine heritage of its people.

Thus, Cayman Maritime is pleased to report, that although there were many difficulties and challenges on a number of fronts, all in all, upon reflection, 2010 was a highly successful year.

 

For further information contact: Corporate Communications