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Maltese shipping register grows by over 14%

Malta has maintained its dominance as the flagship register of European vessels, as its shipping register reached new heights in 2015.

The Maltese Register of Shipping registered an increase of almost 8.3 million gross tonnage in 2015, representing a growth rate of 14.3% over the previous year. Transport Malta, the Authority responsible for the Malta Ship Register, reports that the registered gross tonnage was 66.2 million gross tons at the end of 2015, a new record for the Malta Flag. Over 900 ships were registered during the year. This means that Malta continued to consolidate its position as the leading European Ship Register and the 6th largest in the world.

Malta has also continued to consolidate its positive results in terms of its technical performance, Transport Mata reports. The average age of merchant ships registered under the Merchant Shipping Act during 2015 was of 6.7 years, thus decreasing the average age of all the registered merchant fleet to 12 years.

“This status was achieved thanks to the efforts of all stakeholders including ship owners, seafarers and the efforts and commitment of the personnel of the Merchant Shipping Directorate of Transport Malta. Such achievement is testimony that commitment to quality pays and that the Malta Flag Administration has managed to concurrently increase both its growth rate and enhance the technical performance of its registered fleet,” James Piscopo, Chairman and CEO of Transport Malta, says.

The Malta Register has also become a world leader in super yacht (yachts of over 24 metre in length) registration. Despite the current financial situation worldwide, the Malta flag registered an increase of 10.8% over the previous year. There are now more than 500 yachts registered in Malta.

“These positive results encourage us to work harder to ensure that Maritime Malta continues to benefit from the associated positioning within these international sectors, both from the substantial direct foreign revenue and the indirect added value to its economy. These results also represent yet another milestone towards further consolidating Malta as an international centre of maritime excellence in the Mediterranean and a solid contribution towards the creation of quality jobs in Malta,” James Piscopo explains.

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