In 2008, the industry lost US$5.2b as a result of the sudden increase in oil and jet-fuel prices and the bulk of the losses were sustained in the US where many airlines had insufficient hedging protection in place. Fuel accounted for 32 per cent of airlines’ operating costs in 2008, according to the International Air Transport Association forecast, published in February 2009.
The expertise of the CISR, the reputation of the Cayman Islands flag internationally, the ease with which a vessel and any mortgage can be registered and the security of the Cayman Islands, its developed British based legal system and infrastructure, are all persuasive reasons to register in the Cayman Islands.