The Malta Independent 24 October 2021, Sunday

Malta Yacht Register doubles registered fleet over last 5 years

Saturday, 25 September 2021, 09:23 Last update: about 29 days ago

Minister for Transport, Infrastructure and Capital Projects Ian Borg was in Monaco participating at the Monaco Yacht Show, the world’s leading superyacht event. During the visit the Minister held a number of meetings with key industry players to identify areas in which this industry, which brings to Malta substantial economic returns and foreign current, can be further developed and consolidated.  Exhibiting with the brand Maritime Malta, Transport Malta provides the local maritime industry service providers and intermediaries with the ideal promotional platform to showcase Maritime Malta as an international yachting service centre. This further reinforces Malta’s ever-increasing presence in the global superyacht industry and its recognition as the largest ship register in Europe, as well as a popular yachting destination in the Mediterranean.

The government, through the Ministry for Transport, Infrastructure and Capital Projects and Transport Malta, is taking a number of initiatives in support of the yachting industry in Malta with a view to further consolidate Malta’s position as a leading jurisdiction in yachting, both as a destination and the flag of choice. Borg, accompanied by technical people from the Malta Ship Registry, also held meetings in Viareggio and Genova with main superyacht builders.

During the visit, the minister reiterated the firm commitment that the government has towards this industry and thanked all the Maltese economic players for their pivotal role in placing Malta as the strongest yachting jurisdiction in Europe.

These initiatives and the clear government vision for this industry has led to very positive results being achieved in superyacht registration under the Malta flag. It is worth pointing out that over the last five years the number of super yachts over 24 metres doubled with a record increase of 10% registered during the last nine months.

“This status was achieved thanks to the efforts of all stakeholders and commitment of the personnel of the Merchant Shipping Directorate. Such an achievement is testimony that commitment to quality pays and that the Malta Flag Administration has managed to concurrently increase both its growth rate and enhance the technical performance of its registered fleet. I take this opportunity to thank all stakeholders for their contribution and confidence shown in Transport Malta. These positive results encourage us to work harder to ensure that Maritime Malta continues to benefit from the associated positioning within these international sectors, both from the substantial direct foreign revenue and the indirect added value to its economy. These results also represent yet another milestone towards further consolidating Malta as an international centre of maritime excellence in the Mediterranean and a solid contribution towards the creation of quality jobs in Malta,” stated Borg.

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