Could seafaring, once a primary driver of Cayman’s economy, be making a resurgence?
Those in the maritime industry say it’s a possiblity.
The country’s shipping registry, for a 5th year, ranks among the world’s elite, and the addition of the maritime services park at Cayman Enterprise City aims to entice more maritime industry businesses to set up a physical presence in the jurisdiction.
Those factors, coupled with the aggressive targeting of expanding markets such as Brazil, could mean more opportunities for careers in shipping for young Caymanians, not just limited to ship-based positions.
“The maritime industry is not only being on board of a ship,” explained Karen Kokabi, founder of OreCoal. “The Caymanians have so many other opportunities. They could enter within the financial segment of the maritime industry, or the legal segment of the financial industry, or the accounting segments.”
Last week in the Legislative Assembly, it was revealed that the Maritime Authority’s net worth jumped almost 8% over the previous fiscal year, to $3.5 million CI.
The report cited the shipping registry’s dominance in the passenger yacht segment, and its effective and aggressive competition against other shipping registries.