The Malta Yacht Register with a strong growth of 97% over the last 5 years

Minister Ian Borg was in Monaco participating in the Monaco Yacht Show - the world’s leading superyacht event. During the visit, the minister held several meetings with key industry players to identify areas in which this industry can be further developed and consolidated to continue bringing to Malta substantial economic returns and foreign currency. Exhibiting with the brand ‘Maritime Malta’, Transport Malta provides the local yachting 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 worldwide superyacht industry and its recognition as the largest ship register in Europe and a popular yachting destination in the Mediterranean. The government, through the Ministry for Transport, Infra- structure and Capital Projects and Transport Malta, is taking several initiatives in support of the yachting industry in Malta, to further consolidate Malta’s position as a leading jurisdiction in yachting both as a destination and the flag of choice. 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, have resulted in very positive results to be achieved in superyacht registration under the Malta flag. It is worth pointing out that over the last five years the number of superyachts over 24 metres increased by 97%, with a record increase of 15% registered during the last nine months. Minister Borg commented: “This status was achieved thanks to the efforts of all stakeholders and commitment of the personnel of Transport Malta. Such 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”.