Cayman Stock Exchange Caters to Shipping Community
The Cayman Islands Stock Exchange (CSX) is banking on its strength as a maritime center by tailoring its listing rules toward shipping companies of all fleet sizes.
The official press release reports:
Developing Cayman as a Leading Maritime Center
GEORGE TOWN, Grand Cayman; 22 October 2013
With a reputation as a specialist exchange, the Cayman Islands Stock Exchange (CSX) has built on the popularity of the Cayman Islands as one of the world’s leading maritime centers by issuing listing rules specific to the shipping industry, making it possible to list shipping companies incorporated in any jurisdiction owning anything from a superyacht to a commercial fleet. The CSX provides a solid proposition to shipping companies looking to raise capital, attract new investors or simply to reinforce the security and sustainability of the investment of existing owners.
A listing on the CSX is a cost-effective alternative to listing on larger onshore exchanges and provides benefits to ship owners and managers, such as a listing being a pre-condition for some institutional investors and lenders, as well as the transparency and regulatory oversight that will provide security to private investors. The ability to sell and trade shares also provides a potential exit strategy and a means of syndicating or diluting ownership without complete divestment.
The CSX rules are based on IOSCO disclosure requirements, tailored to the requirements of the specialist market in which shipping companies operate. The core requirement is for a valuation of all material vessels to be carried out by a suitably qualified independent valuation expert (such as a member of the Institute of Chartered Shipbrokers) and for details of fleet operations, compliance with maritime codes and conventions, a summary of legal titles, and enhanced risk disclosure.
Valia Theodoraki, CEO commented on the new listing rules for shipping companies: “The Cayman Islands is among the world’s most recognised maritime and financial centers so it is fitting for the CSX to join the growing body of specialists in the jurisdiction. The service providers are already present in Cayman and many of our listing agents are law firms active in providing registry and financial advice to shipping companies. We feel that the ability to register, finance and list these companies as part of a seamless process should enhance the overall offering of our jurisdiction.”
CEO of the Maritime Authority of the Cayman Islands, Mr. Joel Walton, also welcomed the CSX’s focus on shipping companies. “There is enormous opportunity for the development of the shipping industry in the Cayman Islands, and the inclusion of the Cayman Islands Stock Exchange in this mix uniquely positions Cayman as a jurisdiction that offers a range of sophisticated solutions such as being able to list on a credible exchange.”
Nick Small of the Cayman Stock Exchange spoke to the OGSR on behalf on the new listing rules, which the CSX hopes will attract more shipping companies to list with the exchange over the next few months.
To read the full press release, click here.
The shipping company listing requirements can be found in sections 6.19 and 6.76-6.78 of the complete set of listing rules.
