The United Kingdom and Chinese governments have signed an agreement on behalf of the Cayman Islands which bestows ‘Most Favoured Nation’ status to Cayman Islands registered vessels entering Chinese ports.

This agreement will boost the status and competitiveness of the Cayman Islands Shipping Registry (the “Registry”) by significantly reducing the port dues paid by Cayman Islands registered vessels trading into Chinese ports.

The Registry is a member of the Red Ensign Group with Category 1 status. The Registry is renowned for its efficiency and responsiveness in facilitating the registration of vessels and, as a jurisdiction which actively seeks new vessel registrations (both commercial and private), the Cayman Islands has exemplary legislation which allows for a fast and streamlined registration process.

The Cayman Islands offers five types of vessel registration (full, interim, provisional, under construction and demise charter) and there are no age limits on qualified vessels.

The reputation of the Registry and that of the Cayman Islands flag, the ease of the registration process and the highly developed common law based legal system make the Cayman Islands a choice domicile when considering where to register a vessel.

For more on this story go to http://www.mondaq.com/caymanislands/x/563520/Marine+Shipping/Cayman+Islands+Shipping+Registry+Receives+Most+Favoured+Nation+Status+From+China