GEORGE TOWN, Grand Cayman; 19 May 2015

The 20th Annual Cayman Islands Shipowners’ Advisory Council (CISAC) was held this month on the 4th May 2015 at the Grand Cayman Marriott Beach Resort, Cayman Islands.

The CISAC incorporates a plethora of shipping company operators, managers, representatives, owners, as well as internationally operated, Cayman-registered vessels totalling 4.33 million gross tonnes as at 31, March 2015.

Speaking at the meeting, the Hon. Wayne Panton, Minister of Financial Services, Commerce and Environment, underlined the significant strides being taken by Cayman Registry. “One of the areas that deserves significant attention is the international recognition that Cayman has earned in terms of its high quality service and technical excellence, including our ranking on the International Chamber of Shipping’s annual Flag State Performance Table, which has Cayman listed as one of the top-14 flags in the world.”

Other important issues discussed include Cayman’s excellent safety and pollution prevention record, and the development of the Passenger Yacht Code. Steady commitment to being a premium, comprehensive, international maritime centre was also highlighted as the country continues to find ways to offer a structured system of incentives to attract maritime service companies allowing for more efficient and cost-effective procedures to do business in Cayman.

Following the CISAC Meeting, the MARE FORUM held the 3rd Cayman Islands Shipping Summit on the 5th May 2015 at the same venue. Cayman Registry was a sponsor of this event and the Summit was chaired by the CEO, A. Joel Walton of Cayman Registry.

The Mare Forum conferences are considered by many to be among the most global and influential forums for the maritime and shipping industry. MARE FORUM’s goal as a professional conference organisation is to be bring together policy makers and chief executives of industry in a decisive dialogue and debate, where business strategy and policy-making for today and tomorrow’ issues can be realised with optimal results.

The most notable announcement made by the Premier, Hon. Alden McLaughlin, during his opening remarks at the Summit has come to fruition; the establishment of a Maritime Services Park to be operated by Cayman Enterprise City. It is anticipated that this Park will bring maritime services businesses to the Cayman Islands and will help in the establishment of the Cayman Islands as the largest maritime cluster in the region. Cayman Maritime Services Park is intended to cater to a broad selection of businesses, including ship owners, shipbrokers, shipping financiers, head offices or satellite offices of maritime industrial businesses, yacht manufacturing, and shipping operations.

The Maritime Authority of the Cayman Islands (MACI) of which the CISR is a division, 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. The Authority is wholly-owned by the Government of the Cayman Islands but governed by a Board of Directors appointed by the Governor of the Cayman Islands.

In general, MACI functions as the maritime administration of the Cayman Islands and as such discharges, on behalf of the Cayman Islands Government, the range of responsibilities and services normally associated with such a maritime administration.