November 30, 2021

Maritime Authority of the Cayman Islands: A Retrospective by Peter Polack

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By Peter Polack

The recent qualified opinion by the office of the Auditor-General has provided a suitable pause to reflect on the operations of the Maritime Authority of the Cayman Islands formerly the Shipping Registry.

The figures below provide conclusions on the operations of MACI for the past 9 years up to 2014:

  1. Expenses has risen from $5.142 in 2015 to $8.681M in 2014 an increase of almost 100%
  2. MACI made losses in 7 of the 9 years of operations or 78% of annual operations.
  3. MACI made losses in 7 of 9 years of $1.39M
  4. MACI made profits in 2 of 9 years of $1.26M
  5. MACI made net losses of $130,000 after 9 years of operation 2005-2014

Other than to generate employment for a few highly paid members of this entity, the operations of MACI would seem only to assist in the profits of prominent law firms several members of which have been directors over the years.

Before the cacophony of self-interest inevitably begins on trickle down employment and contribution to our economy the public should know:

  1. The vast majority of Cayman registered vessels do not provide employment of Caymanians but merely facilitate economic objectives of ship owners.
  2. The vast majority of Cayman registered vessels do not operate from the Cayman Islands and contribute to our economy by purchase of goods and services.

This situation is not dissimilar to the overall conversation on who are the ultimate beneficiaries of the financial sector. Is it the privileged few in their enclaves such as Patrick’s Island or the mass of underpaid and overworked employees striving for their daily bread to keep bailiff and bank from their door.

Perhaps the time has come while several thousand are on public assistance and the civil service having to experience a decline in benefits and salary adjustments to consider what is for who and why.

2005-6    loss 203K     expenses 5.142M     http://www.cishipping.com/portal/pls/portal/docs/1/11946125.PDF

2006-7     loss 69K       expenses 5.142M       http://www.cishipping.com/portal/pls/portal/docs/1/11946131.PDF

2007-8   profit 340K    expenses 7.168M   http://www.cishipping.com/portal/pls/portal/docs/1/11946132.PDF

2008-9    loss 49K         expenses 8.484M       http://www.cishipping.com/portal/pls/portal/docs/1/11946132.PDF

2009-10   loss 404K       expenses 8.691M       http://www.legislativeassembly.ky/portal/pls/portal/docs/1/9852211.PDF   No board of directors

2010-11  loss 133K       expenses 9.140M     http://www.legislativeassembly.ky/portal/pls/portal/docs/1/10978089.PDF

2011-12  loss 156K   expenses 9.139M     http://www.legislativeassembly.ky/portal/pls/portal/docs/1/10978089.PDF   2012 Report

2011-12  loss 156K   expenses 8.930M     http://www.legislativeassembly.ky/portal/pls/portal/docs/1/10760087.PDF  2013 Report

2012-13  loss 377K    expenses  9.237M      http://www.legislativeassembly.ky/portal/pls/portal/docs/1/10760087.PDF   2013 Report

2012-13  loss 286K    expenses  9.146M      http://www.cishipping.com/portal/pls/portal/docs/1/11946271.PDF                  2014 Report

2013-14   profit 924K   expenses  8.681M      http://www.cishipping.com/portal/pls/portal/docs/1/11946271.PDF

 

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