SHIPPING

Malta has, for years, been a maritime nation of repute. Its strategic location in the centre of the Mediterranean, natural harbours and extensive range of maritime services such as shipbuilding and repair, Freeport, bunkering, ship supplies and towage services have contributed to making Malta a leading maritime hub.

Today, the Maltese flag has earned the confidence of reputable ship owners, ship financiers and ship management companies as attested by the increasing registered tonnage. The Maltese Registry is now amongst the largest in the world.

The Merchant Shipping Act, largely based on its English counterpart, principally governs the registration and operation of vessels. The Merchant Shipping Directorate of the Malta Maritime Authority (MMA) is responsible for ship registration and the provision of related services.

Initiatives have been taken to ensure the reputation of the Maltese flag, and the MMA has appointed inspectors worldwide, to conduct ship safety inspections onboard Maltese registered vessels on a regular basis.

All vessels over six metres in length and not employed solely in navigation on the coasts of Malta can be registered. Vessels, from pleasure yachts to oilrigs may be registered in the Maltese Shipping Register. Previously, vessels had to be owned by Maltese individuals or companies, however by virtue of recent legislation, foreign individuals or companies registered as international owners with the Malta Maritime Authority (MMA) may also own Maltese registered vessels, and a trust or a foundation may also register vessels. It is also possible to register vessels on the Maltese Shipping Register under bareboat charter, and a Maltese vessel may be bareboat chartered under another flag.

Registration takes places firstly by provisional registration, valid for six months and extendable for further months, within which time all formalities for permanent registration of the vessel must be completed.

A mortgage over a Maltese vessel may be registered in the Registry of Shipping at the MMA by the filing of a Mortgage Deed. Mortgages are recorded in the order in time in which they are produced to the Registrar duly executed, stating the day and time of that record. Further mortgages or transfer of the vessel without the mortgagee’s prior are prohibited. A mortgage may also be registered in favour of a security trustee acting on behalf of a person or a syndicate to whom a debt or other obligation is due.

The firm has been active in ship registration and financing since its inception and offers clients a full range of assistance in their shipping requirements.