News

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, the Hon. 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.

“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,” Mr Walton continued. “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.