In July 2024, the Republic of the Marshall Islands (RMI) Registry achieved a new milestone upon reaching 1,000 registered yachts. International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the RMI Registry, reflected on this milestone as a recognition of the yacht team’s efforts and dedication to running a solution focused registry.
“For our team, this milestone reflects the trust and confidence yacht owners and stakeholders have placed in the RMI Registry. It underscores the considerable efforts of our dedicated team, whose commitment to continuously delivering high level technical, registration, marine safety, and administrative support services have been pivotal,” commented Patrick Bachofner, Director, Geneva Office and Worldwide Director, Yachts.
The RMI Registry opened to yachts in 2001, establishing a dedicated Yacht Team soon thereafter, and creating a solid foundation of yacht specific resources. Today the Yacht Team has expanded resources in Fort Lauderdale, Geneva, Istanbul, London, and Roosendaal. Most recently a new Yacht Safety Manager, based in Fort Lauderdale, was hired to leverage additional technical and safety expertise for clients operating in the Americas.
“We have experienced significant growth since the global pandemic by adapting to what the market needs and staying ahead of industry challenges. The market is responding to this proactive approach, which allows us to focus on delivering rapid, efficient, and excellent services,” noted Jo Assael, Yachts Commercial Director based in London.
In 2018, the RMI Registry streamlined the registration process for yachts under 24 meters (m) and has since experienced substantial growth in the under 24m yacht sector with over 25% year-on-year growth since 2023.
“The feedback we received was specific for this segment. Our process needed to be streamlined for yachts under 24m,” said Ionna Hernandez, Business Development Manager, Yachts based in Fort Lauderdale. “We reviewed our processes and adapted, adjusting our vetting and registration processes to better meet the needs of the market.”
Similarly, the RMI Registry’s Yacht Engaged in Trade (YET) program, introduced in 2015 to respond to client needs, also continues to see significant growth. From 2019 to 2024, the RMI Registry saw an average year-on-year growth of nearly 40%, reflecting the continued popularity of this program and the RMI Registry’s ability to generate innovative industry leading solutions.
“We have an incredibly diverse yacht fleet,” noted Marc Verburg, Director, Yacht Operations, based in Roosendaal. “From 12m catamarans to motor yachts over 100m, 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,” Marc continued.
The Yacht Team has intentionally worked to strengthen technical and professional relationships with shipyards in the last ten years as well, building a reputation for being practical while also supporting the client’s vision. This solution-driven philosophy has been particularly attractive to captains, shipyards, and clients.
“We collaborate and assist the yards with regulatory compliance as they navigate innovative new technology, such as battery-power and hybrid power generation, digital automation of key systems, and new applications of building materials,” said Marc. “We have demonstrated our capability and expertise in handling complex situations, guiding yards through the regulatory framework with pragmatic approaches while ensuring safety and environmental standards are maintained.”
The effort to include all stakeholders, from the client’s side as well as within the Registry, requires strong communication and teamwork to meet client expectations.
“We maintain a ‘client needs’ approach, recognizing that a yacht is a highly emotional asset for its owner. We want to find a way to fulfill their dream while maintaining a safe, secure, and environmentally sound asset in terms of compliance,” noted Patrick. “We aim to think outside the box to find solutions. That’s attracted owners who value compliance, while also wanting operational flexibility,” continued Patrick.
The RMI Registry pulls on the yacht team’s technical expertise and specialists to support the dynamic global yacht. The RMI Yacht Code 2021, as amended through August 2023 (hereinafter, the “Code”), is the most significant update to the Code since it was first released in 2013. The Code reflects a commonsense and practical approach to evolving safety and technical issues, as well as the expansion of the YET program in 2022.
“We are constantly evolving to augment our client services,” noted Patrick. “That adaptability and willingness to find a solution has drawn so many unique yacht projects to our program, and earned us a reputation for being practical, innovative, and supportive,” he concluded.
