The Monaco Yacht Show, an exhibition of some of the world’s most extraordinary superyachts, this year featured 12 Republic of the Marshall Islands (RMI) flagged yachts. The yacht team of International Registries, Inc. and its affiliates (IRI) attended the show this September, hosting a cocktail reception promoting the benefits of the Yacht Engaged in Trade (YET) program with over 150 attendees.
Patrick Bachofner, Director, Business Development at IRI’s Geneva office said, “this was the biggest ever Monaco Yacht Show and showcased 120 of the most amazing superyachts in the industry. “We were delighted that the RMI was represented by a fleet of 12 yachts, ranging in size from 30-74 meters,” he continued.
After the introduction in 2015 of the RMI’s innovative YET program, the RMI Registry has seen its profile grow in the yacht sector, with an increasing number of owners taking advantage of this initiative. The RMI Yacht Registry pioneered a dual-use system without forcing owners to register their yachts commercially.
“We’ve seen a fantastic summer in Europe, with a number of high profile vessels choosing to utilize our YET initiative,” said Patrick Bachofner. “Owners are now understanding the flexibility that the program offers, as well as the savings that can be made to offset operational costs,” continued Mr. Bachofner. “From the many conversations me and my colleagues had at the Monaco Yacht Show, it’s clear that the reputation of the RMI Registry is good, and owners feel assured of its high standards, experience, and safety record,” he concluded.