Minister of Financial Services and Home Affairs, the Hon. Tara Rivers, JP

REG Conference

(Delivered by Deputy Chief Officer Kathryn Dinspel-Powell)

9:25 am, 11 July 2017 | Grand Cayman Marriott Beach Resort, 3rd Floor Ballroom, West Bay Road

Good morning everyone. On behalf of the Minister for Financial Services and Home Affairs Tara Rivers, it is my pleasure to welcome you to the Cayman Islands and address you at the beginning of what promises to be an enlightening week.

Over the next few days, you’ll be hearing about best practices and the latest developments within the Red Ensign Group. My hope is that when you leave these shores, you’ll be further inspired to continue the good work you have done to make this collection of British shipping registries the ninth largest flag state in the world.

As many of you already know, the Cayman Islands have played a substantial part in that success as a category one member. We continue to gain international accolades for our practices and ensure the more than 2,100 vessels that are registered with us proudly fly the Cayman Red Ensign into their multiple ports of call.

Recently, our jurisdiction has been blessed to earn two very significant achievements. The Cayman Islands Shipping Registry, a division of the Maritime Authority of the Cayman Islands, was listed as the Number 1 performing Flag State in the Paris Memorandum of Understanding (MOU) on Port State Control (PSC) in 2016.

In addition, the Registry was listed as a top performing flag in the United States Coast Guard’s recently released 2016 Annual Report on Port State Control in the United States. As a result, Cayman-registered vessels qualify for the prestigious Qualship 21 programme which rewards their commitment to safety and quality.

All of these achievements speak to the synergy and attention to detail shared by our maritime authority and our fleet. To boast one of the world’s lowest detention ratios when our ships undergo various port inspections speaks volumes. It also shows our shared commitment to making life at sea safe, minimising ship pollution and encouraging optimal living and working conditions on board ships.

Indeed, our maritime authority strives to uphold the guidelines and regulations concerning maritime safety, coastal protection issues and the control of marine pollution from ships espoused in the International Maritime Organisation Instruments Implementation Code.

Since the International Maritime Organisation passed that decree four years ago, the maritime authority has been working with the Ministry to formulate a national maritime strategy whereby all of our stakeholders with IMO responsibilities are working together to better control Cayman’s waters.

The result will be more regulations down the road to ensure best practices. However, we are confident that our fleet and the wider Red Ensign Group will be encouraged by Cayman’s commitment to uphold the highest international standards.

In the fast-paced world we live in, we understand those standards are constantly shifting. This week, for example, you’ll be hearing more about the new regulatory framework for yachts, entitled the ‘Red Ensign Group Yacht Code’, that will be unveiled to the public at the 2017 Monaco Yacht Show in September.

The new code will consolidate an updated version of the Large Yacht Code and the latest edition of the Passenger Yacht Code to address the needs of the large yacht industry. With the blessing of the technical forum group and the wider Red Ensign Group, Cayman’s shipping registry will take the lead in the secretariat function of the new code.

You’ll also get an idea as to the changes in store for our industry due to Brexit. As the UK separates itself from the European Union, the extent of possible trade restrictions could lead to a multitude of implications for our fleet.

Ultimately, regardless of what changes lay ahead, we can rest in the collective strength of the Red Ensign Group. Together, we can move forward with one unified voice for all UK flag states and collaborate appropriately to ensure our combined high level of competency continues to boost our economies and maintain our reputations at the forefront of international shipping.

It is with great pride that we are able to host you over the coming days, and on behalf of my Ministry and the Cayman Islands Government, we hope you have a worthwhile experience. Thank you.

IMAGE: (L-R) CISR Representative South East Asia Regional Office (Singapore) Evelyn Soon; with Acting Chief Office Financial Services and Home Affairs Kathryn Dinspel-Powell.