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An increase of ships registered in Malta – annual Government income of €25 million

Date: 30/07/2019

The French company CMA CGM, one of the world’s largest operators of container ships, has transferred the whole of its fleet to the Malta Register of Merchant Vessels. This development has continued to increase Malta’s register and in the words of Transport Minister Ian Borg, this is a vote of confidence for the Maltese flag. Last year the Government income from vessel registrations reached €25 million.

In all, 8,300 ships and 780 superyachts now sail under the Maltese mercantile flag with 6% of the world’s merchant shipping registered in Malta. This places the Malta Register of Merchant Vessels as the largest in the EU and the sixth largest in the world. The General Registrar of Shipping within Transport Malta, Ivan Sammut, said recent months have seen an increased unprecedented number of new registrations.

He said during the first six months the increase of 7% was the largest in the world and it is worth mentioning that the vessels registered rate among the best in the world in quality, ships that are relatively new as far as average age is concerned. He said the average age of the ships registered was that of nine years, which is very good.

An update on the information on the Register was made when Transport Minister Ian Borg visited the Directorate for Merchant Shipping at Transport Malta. Minister Borg announced that CMA CGM, one of the largest operators of container vessels in the world, now has a fleet of 87 ships registered in Malta. He said that in the recent past the company only had half its fleet registered under the Malta flag but has now added a further 49 vessels.

Asked about the annual income from registrations, the Minister said that last year this reached €25 million and there are indications this will increase this year.

He said that much of this income was in foreign currency. Minister Borg said there is also the aspect of positive visibility worldwide because 8,000 vessels sail around the world under the jurisdiction of the Maltese mercantile flag.

Dr Borg said in addition a number of people earn their living from the sector, including professionals such as lawyers, surveyors, persons in the financial sector and others. He said it is estimated that the maritime sector provides employment for 23,000 people.

The Minister said the Government is committed that the Malta Register remains one of high reputation. He also announced that about 25% of cruiseliners currently being built in various ‘yards are indicating they are to be registered in Malta.

Source: TVM

 
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