Transport Malta reports a solid performance and strong improvement in ship and yacht registration in 2013 registering a growth of 13.6% equivalent to over 6million gross tonnes and a growth of 18% in yacht registration over the previous year.
These positive results consolidated Malta’s position¸ as the largest merchant flag in the European Union and the seventh worldwide.
Vessel registration under the Malta flag and the operation of ships is regulated by the Merchant Shipping Act (Chapter 234 of the Laws of Malta) which is based on the UK legislation but subsequently revised and amended (in 1986¸ 1988¸ 1990 and 2000). Any type of Vessel¸ ranging from oil rigs to pleasure yachts¸ may be registered under the Malta flag under the name of legally constituted corporate bodies or entities or by citizens of the European Union¸ or vessels registered under other flags on a bare boat charter to a Maltese company. Registration of a Maltese shipping company is a straightforward¸ inexpensive and expeditious procedure.
As at the end of December 2013¸ the registered tonnage of ships registered under the Merchant Shipping Act exceeded the 50million gross tons for the first time ever¸ totalling 51.8 million gross tons.
Improved results were also registered in the registration of superyachts. Malta flag registered an increase of 18.1% over the previous year¸ in the registration of superyachts of over 24 metres in length. As of the end of December 2013¸ the superyacht fleet flying the Maltese cross worldwide was 398.
James Piscopo¸ Chairman and CEO of Transport Malta¸ said the past year was a record year for the Malta Ship Register. “We achieved solid growth¸ improved the technical performance of the registered fleet and further consolidated Malta’s position as a European leader in this maritime sector. This success couldn’t have been achieved without the efforts of all stakeholders including ship-owners and seafarers and the unfailing support of the local industry. I must also commend the efforts of the employees at Transport Malta¸ in particular those of the Merchant Shipping Directorate¸ whose sheer commitment and a sense of service was crucial to the success.”
Mr Piscopo concluded: “These record results provide the necessary drive to continue investing in the Maritime sector and consolidating Maritime Malta as an international centre of maritime excellence in the Mediterranean’.
To read more about vessel registration under the Malta flag¸ click here