Malta flag registers record increase in superyachts

The Maltese flag registered a record increase of over 51 per cent in the registration of superyachts over 24 metres – thus making the Maltese flag the jurisdiction of choice and one of the leaders in this sector with over 1,030 super yachts registered. 

This was announced by Minister for Transport, Infrastructure and Capital Projects Aaron Farrugia during the first Malta Superyacht Symposium organised by the Malta Chamber of Commerce and the Malta Maritime Law Association. “This is a record growth, never registered before and that gives us more strength to continue working towards making this industry a strong economic niche for our country that will continue to help us diversify and exploit our sea and geographical position in the middle of the Mediterranean,” he added. 

This event, the minister stated, is being held at the same time as the ministry, together with the experts and stakeholders in the sector, started the process for Malta to have the first national policy for the yachting industry.

“Just as Malta has become a global leader in ship registration, and as a transhipment hub, so too Malta’s vision is to develop the island as a leading yachting hub in the Mediterranean. This industry took off on a strong basis but now must continue evolving on another level. We must be a stronger alternative and above all, agile and flexible, without any extra bureaucracy, features that have always given us an edge over our competitors. We cannot find comfort in yesterday’s practices, laws and regulations. The ideas that emerge from this symposium from the best local and international leaders in this industry are important for shaping the national yachting policy,” he stated. 

Minister Farrugia said that Malta’s ship register has grown not only in numbers but also in repute, and today, the country is increasingly adding high-class yachts to its fleet. This is also a result of the good quality of service backed by various initiatives and strategies in favour of the industry offering a holistic package, which is recognised by owners and industry stakeholders worldwide, he said.

“As a government we are committed to continue supporting the yachting industry by eliminating red tape, continually promoting our position and the services we will be offering. We will create an ecosystem that rivals the best, above all we will see to it that we have a trained workforce. And to complement all this, there is the work that is currently underway and that will pave the path for the regeneration of the Grand Harbour, as well as land reclamation that offers areas of excellence for this economic niche for our country. We appeal for vision and the courage to change and invest—that has always served this country best,” he concluded.