The Cayman Islands are represented at the Monaco Yacht Show this week, as Premier Hon. Alden McLaughlin, Minister for Financial Services and Home Affairs Hon .Tara Rivers as well as representatives from the Maritime Authority of the Cayman Islands are there to showcase what the Cayman Islands has on hand to offer stakeholders in the yachting industry.
The Cayman Islands Shipping Registry plays an important role in the Financial Services Industry and the Monaco Yacht Show is important to the Cayman Islands as it showcases its shipping registry to the world.
“The Monaco Yacht Show is the main annual event for the super yacht industry and provides the ultimate showcase for industry influencers,” said Mr. McLaughlin. “It is a key event for Cayman representatives to network with the most influential stakeholders in the industry.”
Super yachts are those with a length of more than 98 feet. Of the current super yachts under construction worldwide, about 45 per cent are being built under the supervision of the Cayman Registry. As a dominating flag state of the ultra-large segment of the yachting industry, the Cayman Islands has more than 80 per cent of the market share and ranks number two in the world, second only to France.
This year there will be 580 exhibitors at the Yacht Show and an anticipated 34,000 participants. There will be 125 yachts on display at a value of more than $2.5 Billion Euros. Represented will be 67 shipyards, 22 brokerage agencies and 26 refit yards as well as 45 new builds.
One of the Cayman Islands events at the Monaco show will be the recognition of the 60th anniversary of Cayman’s Coat of Arms, which is proudly displayed on both the blue (land) and red (sea) flags.
“We are a leading flag state in the super yacht industry and it is important for us to be part of this important event and be available to meet with owners and their representatives to ensure they have the most up-to-date information on what the Cayman Islands can offer and provide the best possible advice for their existing and future super yachts,” Mr. McLaughlin said. “In addition, I will be able to tell them how well the Cayman Islands is doing economically and politically and that we continue to be a good and stable jurisdiction in which to do business.”
The Maritime Authority of the Cayman Islands has been attending the yacht show since 1996.
“This is our 22nd year attending the show,” said Joel Walton, head of the Maritime Authority of the Cayman Islands. “Over these years the Cayman Islands has established itself as the flag of choice for the superyacht industry.”
“Our Shipping Registry has the most experienced staff of the flag states in the yachting industry and our financial and legal sectors provide excellent customer service for our clients,” said Ms Rivers. “That’s what sets the Cayman Islands apart from the competition. We accept a wide choice of ownership structures and our clients appreciate that we have a solid political, legal, fiscal and social environment.”
The Monaco Yacht Show is an annual trade show held in Port Hercules and is Europe’s largest in-water display of yachts. The event was launched in 1991 as a broker-oriented event focused on superyachts over 66-feet in length. Throughout the four-day event there are more than 150 private events including press features, conferences, receptions and product presentations.
Travelling with the Premier is Head of the Office of the Premier Roy Tatum and Cabinet Secretary Samuel Rose.