The Minister for Commerce, Planning and Infrastructure, Hon. Joey Hew was the keynote speaker at the Mare Forum on Friday, 27 September.
The Mare Forum conferences take place across the world and are regarded as highly influential for key players in the maritime and shipping industries. They host prestigious discussions and debates relating to current and future issues pertaining to the sector.
The theme for the Superyacht Europe 2019 conference held in Monaco was: What’s next in yachting?
The high-profile symposium gave Minister Hew a platform to stress that the Cayman Islands is open for business and will continue to grow the portfolio of mega yachts that operate under the Cayman Red Standard.
“A huge cross-section of powerful industry voices came together at this prestigious forum to share views and debate business strategy alongside policy-makers,” Minister Hew explains.
He adds: “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 has the top-rated shipping registry in the world, with the most experienced staff of the flag states in the yachting industry. An efficient registration system and competitive pricing structure, coupled with highly specialised service providers, contribute to the Cayman Islands being the preferred choice for discerning ship owners.
In his speech, Minister Hew noted that the Cayman Islands is continually updating legislation and introducing innovations, which enhance safety. These also help to make the industry sustainable, by promoting improvements such as helping prevent pollution.
He emphasised how the highly-skilled technical staff at the Registry has, for more than two decades, been involved in the majority of the largest new-build yacht projects in the world.
Under the leadership of Maritime Authority of the Cayman Islands (MACI), which falls under the remit of the Ministry of International Trade, Investment, Aviation and Maritime Affairs (MITIAMA), the Cayman Registry team is able to offer the best possible advice to owners and find actionable solutions to new yacht designs, without compromising on quality or safety.
The Cayman Islands also recently qualified for continuance in the United States Coastguard’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 have to meet the highest international requirements. The Cayman Islands is one of the very few flag states, which have managed to maintain their QUALSHIP 21 status consistently since 2011.
While the Cayman Islands earns substantial fees from the work of the Shipping Registry, the abundance of luxury yachts that are registered in the Cayman Islands and fly the Red Standard further enhance the Islands’ global image.