Shipping Management Services
Cayman Management provides the following shipping management services to ensure routine matters are handled efficiently and that you are kept up to date on all new regulatory requirements.
Shipping Vessel Change of Ownership
Cayman Management can arrange the change of ownership for vessels already registered in the Cayman Islands. The degree of documentation required is similar to full registration but there is no requirement for a new survey, a copy of the existing Certificate of Survey and Tonnage Certificate will suffice. We would also require a current Transcript of Registry showing the vessel to be free from encumbrance together with an executed Bill of Sale.
Registration/Deletion of Marine Mortgage
The registration or deletion of mortgages is a very important part of a vessel’s registration and as a Class 1 registry the CISR affords security of title to mortgagees. Cayman Management can assist with this process.
The registration of a mortgage on a Cayman Islands registered vessel is a straight forward process requiring the delivery of the duly executed mortgage documents.
The Registrar will record the details of the mortgage on the Register and endorse on the mortgage document itself the date and time of registration.
Types of Marine Mortgage Registration
Mortgages rank for priority in order of the date and time of registration and may be in one of two forms:
- Principal Sum and Interest – the Registrar will record the principal sum and interest as agreed, where available
- Account Current – the Registrar will record that the mortgage amount due at a particular point in time is subject to the sum that is due on the account at that time
In the event of a vessel being seized or impounded, the mortgagee’s interest remains registered and subject to a Court Order, if applicable. A mortgage may be recorded irrespective of the underlying vessel type and these mortgages remain registered until they are discharged, even if a vessel ceases to be registered in the Cayman Islands.
Ship Radio Licensing
A Ship Radio License is required for all vessels registered in the Cayman Islands that are fitted with a radio transceiver. A call sign will be issued in the vessel registration process. The radio license is issued by the Information and Communications Technology Authority (ICTA) in the Cayman Islands once the yacht registration is completed. It must be kept on the vessel at all times. Penalties for non-compliance with this requirement are severe.
Cayman Management will handle this requirement on registration of the vessel and annually when renewal falls due.
The Annual License fee is dependent on gross tonnage. For further details on licensing requirements see ICTA (www.icta.ky).
EPIRB
An Emergency Position Indicating Radio Beacon (EPIRB) facilitates search and rescue operations. The Cayman Islands does not maintain an EPIRB register, but has an agreement to utilise the UK database maintained by the Maritime and Coastguard Agency (MCA) (epirb@mcga.gov.uk) or the United States database maintained by the National Oceanic and Atmospheric Administration (NOAA) (www.beaconregistration.noaa.gov). Both these agencies require Cayman flagged vessels to program their EPIRBs with the serialised protocol appropriate to their respective countries. Registration with either of these agencies is strongly recommended.
