January 2012
In a press conference about the Malta Maritime Register, Transport Minister Austin Gatt declared that for the first time in its maritime history, Malta has become the largest ship register in Europe. Being the seventh largest in the world, Malta has increased its tonnage by 16 per cent last year over 2010.
A contributing factor to Malta’s success as an international sound ship register is the diversity of vessel listings, to include cruise liners and super yachts. Secondly, the minster continued to state that Malta’s competitiveness is not solely about setting the right financial conditions but on a clear focus to further increase the high-level of service provided. This in turn attracted reputable companies. He added that applicants had to pass through a rigorous selection process and not every ship-owner who expressed interest in joining the register was accepted.
Some facts
- Although the smallest European country, Malta has the seventh largest ship register in the world.
- By 2011, 5,830 vessels – a total of 46.6 million tonnes were registered under the Maltese flag.
- Some 300 super yachts were registered on Malta's register by last year when there was an increase of 19 per cent over 2010.
- The condition and the age of applicant vessels were a major factor in the determination of whether or not they would make it to the register.
Why register under a Maltese Flag?
Some benefits include:
- Strategically located between the cross roads of Europe and Africa, Malta has a strong maritime history and is ideal for establishing international trade and commerce. In addition, Malta has a serious and efficient maritime administration and actively participates in international shipping fora.
- High-level quality administrative services with twenty four hours, seven days a week service in respect of urgent matters and flag state inspectorate that ensures adherence to international standards.
- Vessels may be registered in the name of legally constituted corporate bodies or entities irrespective of nationality, or by European Union citizens
- Low company formation, ship registration and tonnage tax costs; progressive reduction in registration and tonnage tax costs for younger ships
- Attractive incentives to owners, registered charterers and financiers of Maltese ships of over 1,000 net tonnage; these incentives may also be extended to smaller ships
- No restrictions on the nationality of the master, officers and crew
- No restrictions on the sale or transfer of shares of a company owning Maltese ships
- No restrictions on the sale and mortgaging of Maltese ships
- No trading restrictions and, preferential treatment to Maltese ships in certain ports
- Malta is an international maritime centre providing the whole range of maritime services.