With 850 vessels bigger than 24m, the Malta Shipping Register is now the largest superyacht register worldwide. These superyachts employ various specialised sectors on top of the regular seafaring operators. They bring about employment for staff, including catering. The luxury vessel market also provides income related to the conversion of foreign currencies, which is an additional benefit to economic activity.
Whilst speaking at a conference, Ian Borg, Minister of Transport and Capital Projects, said that even though the COVID-19 pandemic has had a great impact on Malta' economy, there has still been a 7% increase in the number of yachts registered throughout this year alone.
Borg praised Transport Malta on regulating the sector and he emphasised that this achievement was only possible through consistent dialogue with stakeholders.
As the minister commented, there has been a 50% increase in the maritime register for these luxury vessels over the last five years. This proves Malta's reliability as a base of operations.
Moreover, Borg explained that promoting green yachts which emit less pollution into the environment, is a part of Transport Malta's efforts. These greener alternatives will be given preference.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.