International Spotlight Focuses On Cayman Shipping Registry Progress

by Amanda Banks, Tax-News.com, London

30 March 2005

At a recent meeting held in London, international owners and managers of the Cayman Islands Shipping Registry (CISR) were briefed on the registry’s progress in the area of compliance with international maritime standards.

The annual Ship Owners’ Advisory Council (SOAC) forum, normally staged in the Cayman Islands, was established to exchange ideas and meet the needs and expectations of registry’s clients.

In addition to a discussion on the recently passed Maritime Authority Law, which comes into effect on July 1, this year’s forum focused on new business development and marketing ideas for further promoting the registry internationally.

Other subjects broached by the participants included the impact of Hurricane Ivan on the Shipping Registry, and on maritime safety and security matters.

Seeking to increase awareness of the Shipping Registry on the local and global front, Mr. Joel Walton, CEO (Designate), noted that: “I would like to see the registry become a firmly integrated part of the Cayman Islands financial services package, and to continue to progress in the same way that banking and insurance have evolved.”

Mr. Walton went on to add that this could be achieved through a number of methods, such as ongoing adherence to and enforcement of the prevailing international regulatory standards, and the delivery of quality services to ship owners.

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