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Cayman Ship Registry Announces Successful Year

Thursday, January 20, 2011

Cayman Maritime, the parent organization of the Cayman Island shipping registry, has welcomed what has been a successful year for the islands’ maritime industry.

Over the past twelve months, Cayman Maritime reported, there has been significant interest in the island in terms of vessel registration, despite economic difficulties on a global scale and in other industries.

In fact, 2010 was among the best years ever experienced by the Register, established in 1903, in terms of both the total number of vessels registered and the combined gross registered tonnage.

At the end of 2010, a total of 1,870 vessels were listed on the Register, up from 1,815 in 2009. Gross registered tonnage also showed an increase, going from 3.7 million in 2009, to 3.9 million at the end of 2010.

Chalking up some 254 new vessel registrations in 2010, it was the second best year ever in terms of new units registered. This placed it just slightly behind the organisation’s best year, 2008, which had a total of 275 new units listed.

Cayman is a Category 1 Red Ensign Registry, meaning it can register a vessel of any age, type and size, providing it meets the requisite international standards, as well as those of the Cayman Registry itself. The world leader in the registration of superyachts, some 85% of registered vessels are private yachts, with the remaining 15% falling into the commercial category.

Cayman Registry also maintains a large portfolio of “new builds” or ships under construction, which Registry surveyors keep a consultative eye on during the entire construction phase to ensure that all vessels are built to the highest international construction standards and regulations. The vast majority of these, upon launch, then adopt the Cayman flag. At year’s end, there were 111 Cayman ships under construction worldwide.