Cayman Granted Most Favored Nation Status for Chinese Ports
The Chinese Ambassador to the United Kingdom (U.K) Liu Xiaoming visited the Cayman Islands on an official two-day visit.
During the visit, Ambassador Liu confirmed that China would implement an agreement signed by the U.K. to grant Most Favored Nation Status to the Cayman Islands. The agreement allows shipowners and charters to enjoy favorable treatment when calling at Chinese ports.
“This is a significant advancement for the Cayman Islands. Cayman flagged vessels will benefit from this agreement, as it provides our shipowners and charters a preferential rate on port tonnage fees when visiting ports in China.” A. Joel Walton, CEO of Cayman Registry.
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