It has definitely been a challenging year for many industries around the world, however Malta’s maritime industry is experiencing exciting times both from a results perspective as well as in the light of a number of regulatory changes which will better serve the needs of the yachting industry.
In fact, despite the effects of the unexpected COVID pandemic, the Maltese Shipping Registry has seen a 7% increase in the number of registered yachts over 2020, and the registry is now recognised as the largest superyachts register worldwide, with 850 vessel larger than 24m.
In the meantime, the Shipping Directorate has issued a revised and improved the Commercial Yacht Code (CYC) and has also launched a consultation paper in relation to a new Passenger Yacht Code.
The primary purpose of the new CYC is to optimise the regulatory regime to the particular needs, demands and technologies of the yachting sector in adherence with international safety regulations and standards. The new CYC will come into force on the 01st of January 2021.
The Passenger Yacht code is also being developed in consultation with various industry stake holders to address the 12 passenger limitation that has become outdated, particularly for modern newbuild yachts. The code is intended for passenger yachts equal or greater than 500GT which carry more than 12 passengers, up to 36 passengers, which carry not more than 200 persons, do not carry cargo and which are engaged on international voyages.
These figures, and the proactive approach taken by the Maltese Shipping Registry in fine tuning its regulations, give testimony to the fact that the Malta Flag is further consolidating its reputation as the primary Flag of Confidence of choice.
For more information or to discuss these developments with us, please contact us on [email protected]