Friday 19 October, 2018

Premier among four Cayman gov’t officials attending Monaco Yacht Show

At least four representatives from the Cayman Islands government are expected to be in attendance at this year’s staging of the Monaco Yacht Show.

The Monaco Yacht Show is one of the most prestigious boat shows in the world, with the likes of Prince Albert II of Monaco and other socialites making the event a staple of their yearly calendar.

Premier Alden McLaughlin, Minister for Financial Services and Home Affairs Tara Rivers, as well as representatives from the Maritime Authority of the Cayman Islands will be in attendance at the event which kicks off on September 26.

Travelling with the Premier is Head of the Office of the Premier, Roy Tatum, and Cabinet Secretary Samuel Rose.

The event, which provides a platform to over 500 top companies to showcase their products, is viewed by Cayman Islands officials as ‘the place’ to exhibit their offerings to stakeholders in the yachting industry.

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 a 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.

According to the government, the Cayman Islands Shipping Registry plays an important role in the local 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 McLaughlin.

“It is a key event for Cayman representatives to network with the most influential stakeholders in the industry,” he added.

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,” 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,” he added.

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."

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.