Titled the Red Ensign Group Yacht Code, the new regulatory framework for yacht will consolidate an updated version of the Large Yacht Code (LY3) and the latest version of the Passenger Yacht Code (PYC) to address the needs of the large yacht industry. The Cayman Islands Shipping Registry will take the lead in the secretariat function of the code on behalf of the Red Ensign Group.
The Red Ensign Group (REG) is developing a new regulatory framework for yachts, titled the Red Ensign Group Yacht Code.
The rebrand recognises the work of all the Red Ensign members in the continual developments of the codes. It also recognises the Red Ensign’s dominance of the large yacht market and the important part the codes play in establishing and maintaining this position.
This code will consolidate an updated version of the Large Yacht Code (LY3) and the latest version of the Passenger Yacht Code (PYC) to address the needs of the large yacht industry. The Cayman Islands Shipping Registry will take the lead in the secretariat function of the code on behalf of the Red Ensign Group.
This code further develops the well-established industry standards of LY3 & PYC, combining the lessons learned from almost 20 years of regulating the large yacht sector since the first version of the Large Yacht Code was published by the Maritime and Coastguard Agency in 1997.
Highlighted in the Code are the necessary steps required to adapt to the IMO’s new four yearly adoption and amendment cycle for its conventions to which the codes form equivalences (SOLAS, Load Line & STCW). This will make the Large Yacht Code more dynamic to industry change and development, whilst slowing the annual PYC editions to continue to meet the new international requirements for passenger ships.
The new Red Ensign Group Yacht Code will be a code of two parts with common annexes such as for helicopter landing areas, enabling builders and designers to continue to recognise the familiar formats of the existing REG codes. An updated version of LY3 in Part A will continue to be applicable to yachts which are 24m and over in load line length, are in commercial use for sport or pleasure, do not carry cargo and do not carry more than 12 passengers.
Part B will consist of the latest version of the PYC applicable to pleasure yachts of any size, in private use or engaged in trade, which carry more than 12 but not more than 36 passengers and which do not carry cargo.
The new code will make larger use of industry best practice and international standards such as ISO, as well as following the IMO’s overarching remit for increased ‘Goal Based Standards’ as a form of regulations, allowing room for more flexibility and innovation in the design and construction of yachts.
The Red Ensign Group Yacht Code will be developed alongside the superyacht sector with a series of industry working groups, aimed at ensuring the code is a highly developed, practicable, internationally recognised standard through industry colleagues working together exchanging knowledge and experiences.