For the first time, Malta's ship registry has been placed in the top 20 of the Paris MOU's white list, in the 17th position. With Malta being published on the white list adds significance and esteem to the nation's flag.
Malta is home to the largest registered fleet in Europe and sixth-largest worldwide.
Regular inspections are carried out by the port state control agreement to maintain quality assurance among maritime agencies covering North American and European waters.
During a press conference held on Friday, Transport Minister Ian Borg stated that this is a consequence of "hard and diligent work" done by the state regulator.
Borg continued in saying, "we are striving to create quality, confidence and a good reputation in the industry, by not only seeking out quantity but quality vessels to enrich the fleet".
Similarly, Malta also placed in the 17th position on the Tokyo MOU white list, registering less than 2% detention rate.
In seven years, Malta has doubled its tonnage from 42 million to 83 million, with the shipping industry currently accounting for 14% of the GDP as well as generating high-value jobs.
Borg also remarked that Malta's fleet included 800 superyachts by the end of 2019, and by July of 2020, another 37 yachts were registered. The minister continued to say that such registrations also brought in investment, such as the signed agreement between MSC and Palumbo Shipyards.
Celebrities such as Cristiano Ronaldo have been snapped vacationing on superyachts in the Maltese waters. As a niche industry, flagged superyachts in Malta have garnered the island positive attention, while raising the regulator's profile and prestige.