Shipping and Large Yacht Services

Shipping and Large Yacht Registration

The Cayman Islands is becoming increasingly well recognised as a reputable medium-sized global niche market leader in the provision of client-focused and distinctive quality maritime administration and related services. The Maritime Authority of the Cayman Islands (“MACI”) is keen to provide a service which will add value, meet and promote international standards, and positively contribute to the development of the Cayman Islands. MACI currently maintains the majority global market share in large yacht design and construction advisory services for vessels over 50 metres in length through its Cayman Islands Large Yacht Services department.

The Cayman Islands currently has “White flag” status under the Paris Memorandum of Understanding (with white flag status under the Tokyo Memorandum targeted for 2008). The average age of the fleet is currently maintained at an age under 15 years old. The Cayman Islands currently participates in the affairs of the International Maritime Organization (“IMO”) through representation on the UK delegation.

Cayman Islands Shipping Registry Offices are located:

• Head Office: Grand Cayman, Cayman Islands
• European Regional Office HQ: Southampton, UK
• Representative Office: Athens, Greece
• Representative Office: Ft. Lauderdale, USA
• Representative Office: Shreveport, USA
• Representative Office: Tokyo, Japan
• Cayman Islands Government Office: London, UK

Large Yachts

MACI were a key player in the development of The Code of Practice for Large Commercial Sailing and Motor Vessels (Large Yacht Code) and lays down the standards and requirements applicable to “commercial” yachts. The code was introduced as an equivalent to the following conventions:

• The Safety of Life at Sea (“SOLAS”);
• The Collision Regulations (“COLREGS”);
• The Load Line Convention (“LOAD LINE”); and
• Standards for Training, Certification, and Watch keeping (“STCW”)

The primary purpose of owners deciding to comply with this code is for vessels engaged in trade (chartering) but owners often opt to comply simply for peace of mind and to increase resale value. There are also various tax advantages associated with the commercial registration of large yachts.

Please see www.cishipping.com for further information about the Cayman Islands Shipping Registry and www.superyachtsociety.com for more information on large yachts in general.

DIAMOND has developed expertise in assisting with the registration of commercial and private vessels here in the Cayman Islands and is a member of the International Superyacht Society ("ISS"). The International Superyacht Society was founded as a non-profit trade organization in 1989. The top management of more than 80% of the major companies in the megayacht industry are participants.

DIAMOND has a continuing relationship with individuals at MACI and the Cayman Islands Shipping Registry, together with ongoing training, means that DIAMOND is fully acquainted with the steps necessary to register vessels here in the Cayman Islands. DIAMOND is kept up to date with any developments as the service becomes increasingly technologically developed with more and more services becoming available online through a ‘Virtual Office Environment’. Client service is a key target for MACI.

   Ownership Structures

DIAMOND can incorporate a Cayman Islands company to act as the ownership vehicle. DIAMOND provides the Local Representative Person services necessary to enable vessel registration and to deal with ongoing matters which may be relevant to a vessel’s operation.

Please contact Jeremy.Channon@dla.ky for more information on how DIAMOND can assist you.

DIAMOND shipping related articles in the media:

Dockwalk Magazine for Captains and Crew - November 2007

- Cayman Islands Proposed 7 Day Charter Itinerary

- Not Just a Name on the Transom