Bahamas flag sees superyachts as a driver for growth
The Financial Services Minister for the Bahamas, Ryan Pinder has claimed that boosting the size of the Bahamas-flagged superyacht fleet will be a powerful driver for economic growth.…
The Bahamas is targeting the superyacht industry as a driving force for the economic growth of its ship registry, says Financial Services Minister Ryan Pinder.
Mr Pinder believes that, by focusing on expanding the size of the Bahamian superyacht fleet, the registry can become more profitable and expand its breadth of services, in turn creating jobs.
According to the Nautilus Telegraph, the Bahamas is enjoying an unprecedented level of superyacht traffic and the sector has been pinpointed as a platform for growth. “It mirrors what we have been able to do in shipping”, Mr Pinder explained. “But with the yachting industry it then allows us to be able to leverage that in our waters as well, and create financial services opportunities, catering opportunities, logistic opportunities and transportation opportunities, because when they register here, generally the yachts cruise our waters.”
The Bahamas Maritime Authority (BMA) will follow in the astute footsteps of neighbours, the Cayman and Marshall Islands, both of whom have established market-leading registries for superyachts. By embracing the residual benefits the superyacht market brings with it, both have enjoyed prolonged growth and these are examples that BMA is sure to have noted.
The BMA itself already has a strong reputation among the maritime community. It scored very highly in the International Chamber of Shipping’s performance indicator table for 2012, attaining near perfect marks. Its only mark against was for its failure to ratify elements of the IMO’s MARPOL convention and its various amendments.
The country claims to represent eight per cent of the world’s tonnage, although only two per cent of its fleet currently comprises yachts.
Mr Pinder believes that, by focusing on expanding the size of the Bahamian superyacht fleet, the registry can become more profitable and expand its breadth of services, in turn creating jobs.
According to the Nautilus Telegraph, the Bahamas is enjoying an unprecedented level of superyacht traffic and the sector has been pinpointed as a platform for growth. “It mirrors what we have been able to do in shipping”, Mr Pinder explained. “But with the yachting industry it then allows us to be able to leverage that in our waters as well, and create financial services opportunities, catering opportunities, logistic opportunities and transportation opportunities, because when they register here, generally the yachts cruise our waters.”
The Bahamas Maritime Authority (BMA) will follow in the astute footsteps of neighbours, the Cayman and Marshall Islands, both of whom have established market-leading registries for superyachts. By embracing the residual benefits the superyacht market brings with it, both have enjoyed prolonged growth and these are examples that BMA is sure to have noted.
The BMA itself already has a strong reputation among the maritime community. It scored very highly in the International Chamber of Shipping’s performance indicator table for 2012, attaining near perfect marks. Its only mark against was for its failure to ratify elements of the IMO’s MARPOL convention and its various amendments.
The country claims to represent eight per cent of the world’s tonnage, although only two per cent of its fleet currently comprises yachts.
Bahamian-flagged Lady Moura is an example of 'the natural fit between these beautiful vessels and the Bahamas' that the flag claims exists.
Profile links
Cayman Islands Shipping Registry
Marshall Islands Yacht Registry (International Registries, Inc.)
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
