Malta, World’s Largest Superyacht Registry Announces Commercial Yacht Code 2020

2020-12-01T10:22:27+01:00November 30th, 2020|News and Events|

Throughout the years, Malta’s ship registry has been praised for its hard and diligent work. It has the largest registered fleet in Europe and the sixth-largest globally, as well as earlier this year, in August, Maltese ship registry has been ranked 17th in the Paris Memorandum of Understanding (MOU)’s ‘White List’, breaking into the top 20 worldwide.

Last week, on Tuesday 24th November, during a press conference on advancements of Malta’s maritime sector, Minister for Transport, Infrastructure and Capital Projects Ian Borg announced that Malta’s Ship Registry has been officially proclaimed the Biggest Register of Superyachts Worldwide, brining another prestigious award into Malta’s ship registry portfolio.

Currently, there are 850 vessels larger than 24 m registered under Malta Flag. This number demonstrates an increase of more than 7% this year alone, comparing to the end of 2019, despite the global COVID-19 pandemic situation. This also means a total surplus of 50% during the past 5 years.

Furthermore, the revised Code for Commercial Yachts was announced during the press conference, which covers revised standards for large vessels, the efficiency with regards to emissions, and a new concept of green yachts. Through this, Malta is setting up a high standard and incentivise yachts that are more environmentally friendly, with the main aim of encouraging yacht builders and owners to move towards more sustainable choices in the maritime industry.

Minister Borg highlighted that in order to give rise to better and more opportunities for youth, Malta is going to offer more specialised courses and training for those interested in the Superyacht sector and maritime industry. This is expected to provide more valuable job opportunities in the future.

The key pillars on which maritime industry in Malta is based on are “quality, reputation and confidence”. Built on these three pillars, the Maltese maritime industry has not only achieved great results and extreme growth in the eyes of the whole world but demonstrated the determination and strength of the sector.

For further information and guidance about yacht registration in Malta contact SMM Group or call +356 2123 7167.

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