The Maltese Maritime Registry qualified for the Paris Memorandum of Understanding on Port State Control for the first time in its history, confirmed the Minister for Transport, Infrastructure and Capital Projects Ian Borg on Friday July 31.
Minister Borg announced that the Maltese Maritime Registry got into 17th place in the prestigious Paris MoU, whilst also retaining its place as Europe’s top registry and the sixth best registry in the world.
He also confirmed that Malta performed very well in the Tokyo MoU and also in the United States.
Minister Borg claimed that Malta has “a registry that in the last 7 years nearly doubled its registered tonnage, from little more than 42 million tons at end 2012 to nearly 83 million tons at the end of last year.”
Adding to this, he said that whilst the industry was going through a rough period, “in 2019 we witnessed a growth of over 7% and saw the same growth percentage in superyacht registrations”.
During the first half of the year, the registry managed to oversee 30 new registrations.
Minister Borg added that these registrations have “resulted in an increase of over 13% in income in foreign currency, as the authority made more than €22 million in foreign currency in one year”.
Malta also managed a historic feat in registering a detention rate that is lower than 2%.
He also claimed that there have been numerous achievements with regards to digitalisation over the past few months, as an investment of €250,000 in European funds has led to the finalisation of the project, aimed at being a pilot project by the European Commission.
Over the coming weeks, two other digitalisation initiatives will commence, the Minister stated.
Several courses are also being set up for both the local and international yachting industry, in order to continue the development in the sector.