Modernised Merchant Shipping Bill 2023 Passed; Cayman Recognised Among Best-performing Flag States – Marine/ Shipping

The Cayman Islands is one of 14 flag States to perform
positively against all criteria in the recent Flag State
Performance Table Report, published by the International Chamber of
Shipping (ICS).

Flag States are countries where a company registers its
commercial and merchant ships. For the ICS report, which covers
2023/2024, 117 flag States were evaluated.

The report encourages shipowners and operators to maintain open
dialogue with their flag administrators about improving safety and
security of life at sea, protecting the marine environment, and
providing decent working conditions for seafarers.

Deputy Premier and Minister for Financial Services and Commerce,
André Ebanks, commended the Cayman Islands Shipping
Registry, which is the administrator of the Cayman Islands’
maritime sector, for the performance. The Cayman Islands Shipping
Registry is a division of the Maritime Authority of the Cayman
Islands.

“Government is proud of the significant milestones our
impressive maritime sector continues to achieve. That said, we will
not rest on our laurels,” he said in a press release.

“The Ministry continues to support the sector and
importantly, the Maritime Authority, to meet international
standards and maintain our global position as an excellent flag
State, as underscored by the passing of the Merchant Shipping Bill
2023. This critical piece of modernised maritime legislation became
an Act following its passage in Parliament on 27 February
2024.”

In the ICS report, the Cayman Islands shows positive indicators
for criteria including:

• Port state control records;




• age of fleet;




• compliance with reporting requirements; and




• International Maritime Organisation (IMO) meeting
  attendance.

Cayman Islands Shipping Registry CEO Joel Walton expressed
gratitude for the recognition from ICS, and for the contribution of
the Registry’s stakeholders.

“Our focus will always be on the quality of the flag and
our clients’ needs,” he said. “We are pleased to be
acknowledged, for the 14th consecutive year, by the ICS as one of
the world’s leading flags.

“Continuing to hold this status demonstrates the Cayman
Islands’ dedication to quality shipping,” Walton said.
“It is a testament to the hardworking Registry team,
shipowners, and managers for their continued outstanding efforts to
set the pace for quality service, through innovative
leadership.”

Benefits of the Cayman Islands as a flag state can include
reduced inspection time for vessels entering foreign ports; safe
work environments for the crew; and facilitation of UK Royal Navy
Protection in conflict areas. These important benchmarks for the
international shipping industry serve to encourage vessel owners
and operators to examine the substance of a flag before registering
their vessel.

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