The Marshall Islands is just one of the widely respected flag states that megayacht owners can choose. Officially the Republic of the Marshall Islands (RMI) Registry, the Marshall Islands registry signed its 1,000th yacht last month. It’s the latest significant accomplishment in its 23-year history.
Shortly after opening up for yachts in 2001—its services for commercial ships, for instance, date back many more decades—the RMI Registry created a specialized Yacht Team. Currently, the Yacht Team has personnel in Fort Lauderdale, Geneva, Istanbul, London, and Roosendaal in The Netherlands. They assist not only owners of megayachts, but also owners of yachts less than 78 feet (24 meters). In fact, the registry made it simpler for owners of smaller craft to register starting in 2018, based on feedback. The adaptation has paid off. The RMI Registry has experienced upwards of 25-percent year-on-year growth since 2023.
Yet another growth area is the Yachts Engaged in Trade (YET) program. Here, too, customer feedback drove the decision. The Marshall Islands Registry added it in 2015 to permit private yachts to engage in limited charter without having to re-register as commercial yachts. In Europe, yachts were either officially private yachts or commercial (charter) yachts. The owner of a commercial yacht could use the vessel privately, but not the other way around. Initially only available in French and Monegasque waters, YET now applies throughout the European Union. Notably, the registry has seen the program grow, on average year-on-year, about 40 percent since 2019.
The expansion of the YET program in 2022 is further notable. Briefly, this opened up the opportunity to large superyachts carrying 36 passengers. “A yacht is a highly emotional asset for its owner,” says Patrick Bachofner, director of the Geneva office and worldwide director for yachts. “We aim to think outside the box to find solutions. That’s attracted owners who value compliance, while also wanting operational flexibility.”
All the while, the Yachts Team has focused on forging stronger relationships with shipyards. It’s especially important considering advances in battery-related power and propulsion and other new technologies. Understanding the complexities of these technologies and their impact on regulations helps them guide shipyards in taking practical steps. This, in turn, benefits captains and owners.
Besides signing its 1,000th yacht, the Marshall Islands Registry continues to grow in other ways. Notably, the Fort Lauderdale-based team recently brought on a Yacht Safety Manager. The role provides extra client assistance in North, Central, and South America.
“We have an incredibly diverse yacht fleet,” says Marc Verburg, a director of yacht operations in Roosendaal. “From 12-meter catamarans to motoryachts over 100 meters, a luxuriously restored and cared-for 100-year-old sailing yacht, rebuilt offshore support vessels, hybrid battery-powered vessels, and everything in between, the diversity of the fleet represents our high-quality, personalized service. We treat each vessel as unique and carefully consider its technical needs and requirements.”
Republic of the Marshall Islands Registry register-iri.com/yacht
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