Cayman Registry's Performance for 2018

Friday, 25 January, 2019

George Town, CAYMAN ISLANDS

For the first time in its 115-year history, the Registry ended 2018 with 2,215 vessels registered, which includes 1,897 pleasure vessels and 318 commercial vessels. At the end of 2018, the Register totaled 5.6 million gross tonnes, another first in the Registry’s history and marks the second-best year in recent times with a 8.5% net increase in tonnage.

Cayman continues to dominate the superyacht new build market with a 17% increase in the new build portfolio for 2018. This demonstrates that Cayman is being recognised for its technical excellence, building a solid reputation as a leader in regulatory and advisory services. Furthermore, the Register saw an increase in the merchant fleet, which was a direct result of business development efforts in the European and Asian markets.

A good indicator of upcoming business is the recorded 84 vessel name reservations.  It is common practice for owners to secure their vessel names of choice on a given register before they are fully registered.  There are 3 ports in the Cayman Islands where vessel names can be reserved – George Town, The Creek and Bloody Bay.

The Cayman Registry’s continued growth can be credited to its continued strive towards excellence, ensuring that the infrastructure for Cayman’s maritime industry is sound, responsive and dynamic. This maintained effort to ensure that conditions are attractive has solidified Cayman as the centre of choice in the very competitive maritime market.

The Cayman Islands plays an important role on the global maritime stage by providing quality vessel registration, regulatory and advisory services. Cayman Registry operates in a jurisdiction that has one of the most modern and comprehensive legal frameworks that exists today for shipping and maritime administration in the world. The accolades that the Cayman Islands continues to receive in the global maritime industry elevates the jurisdiction to be seen as the gold standard in the industry.

 

- ENDS –