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Malta Flag - The Largest In Europe

20 Jan. 2012

For the first time in its maritime history, Malta has the largest ship register in Europe, Transport Minister Austin Gatt said this morning.

Addressing a press conference about the Malta Maritime Register, the minister said Malta was seventh in the world, increasing its tonnage by 16 per cent last year over 2010.

Malta's register was very diverse and listed all types of vessels including cruise liners and super yachts.

Some 300 super yachts were registered on Malta's register by last year when there was an increase of 19 per cent over 2010.

The Minister said that competition is not about financial conditions but the level of service. Not every applicant vessel made it to Malta's register and there was a rigorous process which had to be followed.

The Minister said the Maltese flag is a serious one and for years the country had been on the white list.

DF Marine acknowledge and thank the Times of Malta as the source of this report.

2011 Will Place Malta en route

17 Jan. 2011

The year that just started is poised to see Malta become a hub for superyachts and business jets.  Advisors and service providers involved in tax planning and the set-up of holding structures necessary for the acquisition and operation of superyachts and business jets are bound to find in Malta a safe haven in the midst of the ever mounting pressure by European authorities, and possibly over-regulation.

Last year saw the enactment of a new Aircraft Registration Act which placed the Malta register in the news for all the right reasons. This law is the centre piece of a number of other initiatives adopted by the Maltese Government set to create the confidence necessary for financiers, owners and managers to set-up operations and possibly register business jets in Malta. A solid political, legal and corporate environment coupled with the new sector specific measures such as the leasing rules, improvements relating to the procedures for the registration of mortgages and other charges on aircraft and engines, and the ratification of the Cape Town Convention, create a complete and most interesting package. Therefore, it is no surprise that 2010 saw an increase in interest by the business aviation industry in Malta and furthermore an increase in the number of AOC holders.

In the yachting industry, 2010 marked a year of consolidation for the Maltese leasing structure, and a year of investment for the Maltese authorities in the yacht register. Maltese authorities have recognized this industry as an area of potential growth and have commenced an extensive marketing effort to inform about Malta and the services it offers in terms of berths, yacht maintenance and registration facilities.  As for business aviation, Malta is also seen as an excellent centre for owners and managers to set-up holding structures and operations.

The Maltese Commercial Yacht Code has been reviewed following the experiences of the successful commercial yacht register commenced in 2006. The need was felt to stream-line a number of provisions, including those relating to the crew working conditions and crew certification, which regulations will be in force as of the 1^st January 2011.

With the Maltese authorities so closely assisting, investing in and monitoring the growth of the business aviation and superyacht industries, in line with its international obligations and EU membership, 2011 is set to become an important year. Both industries have come under enormous pressure from the economic downturn of the last few years, and more recently from the fiscal authorities seeking new sources of revenue - it should be refreshing news to these industries to know that there is at least one EU member state supporting these industries and recognizing the added value they provide to the local and European economy.

Monaco Yacht Show 2010

30 Nov. 2010

Monaco Yacht Show 2010

MYS 2010 promises to be one of the busiest ever.  With so many topics on the agendas and so much opportunity for networking this year there will barely be time to appreciate the reason why everyone in the yachting industry will once again keep their annual appointment and flock to Montecarlo for one of the most prestigious if not the most prestigious yacht shows on the yachting calendar.

The week will kick start with the 3^rd Annual Superyacht Finance Forum.  The organizers have already announced this will be the largest conference in terms of attendance - the reasons for this success are clear: it's the largest conference of its kind organized just before the yacht show, while the topics addressed are most actual [www.marinemoney.com/forums/monaco/monacoprogram2010.pdf] The topics covered this time will include yacht finance where the panellists will discuss the current lending trends and future lending activity prospects as well as the legal and fiscal implications of cruising EU waters.

Dr. Anthony Galea from DF Marine will be a panellist in the discussion relating to the legal and fiscal matters. Anthony will also deliver a short presentation on the most interesting topic of Maltese Yacht Leasing.

The builder and broker panels will without any doubt raise a lot of interest amongst the numerous delegates who will attend the conference.  The sale and purchase order book will be reviewed and we expect that during the  ensuing discussion panellists will submit a number of proposals as to the actions and measures which the industry could possibly adopt to bring new stimulus to the owners, the life blood of our industry. Owners have not lost the passion but they need support, whilst authorities and institutions need to understand that the industry is the livelihood of many people and the witch hunt undertaken of recent is not a correct way to augment state coffers. Various fora have of recent been set up to address operational, management and even legislative changes. It is high time that concrete action is taken in the interests of the industry.

The figures divulged by the organizers of MYS are most impressive so let us hope that purchase/sale/charter activity will be on the increase and that MYS will serve as a stage for industry leaders to discuss  and take the necessary action to solve the numerous difficulties which the industry is presently facing.

ITALIAN SUPERYACHT FORUM, Viareggio 14th - 15th April

14 Apr. 2010

DF Marine will be attending the Italian Superyacht Forum organized by The Yacht Report Group.

Dr. Anthony Galea will also be presenting a paper during the first day wherein he discusses leasing structures presently existing and future of the same having regard to recent legislative changes, and the various rumours around the industry.

The conference is well timed and looks to address a number of topics affecting the global yachting industry, as well as explore the lessons learnt in the recent years.

For more information please feel free to contact us or visit www.superyachtevents.com/isf

The Desire for Yachting in back in 2010

17 Feb. 2010

Reports are flocking in the media regarding the bad year which has just gone by with regards yacht sales and the playing of new build contracts. Moreover, the prospects for 2010, as reported by the larger manager/broker companies, do not appear to be promising.

Nonetheless, DF Marine is pleased to report an encouraging start for 2010. We have experienced important activity and are pleased to report that a number of clients have approached us and requested our services in connection with new yacht acquisitions. A number of deals have already been concluded and clients are awaiting delivery in the coming months whilst other purchase operations have just commenced.

 

Prospective yacht owners who have acted in a considerate manner during the worst days of the global recession, are seeing the light at the end of the tunnel and are planning to go back to enjoy their favourite pass time during next summer.  Reports on international newspapers indicate that bonuses for 2009 have been distributed, while the uncomfortable social stigma related to the purchase of a new yacht seems to have subsided.

 

Undeniably, no prospective buyer is going to rush, or be rushed, into a new acquisition - it is a buyers market, and buyers know it well! Hefty reductions advertised by all the main brokerage companies prove them right. But there comes a point when you cannot squeeze a better price off an owner who wishes to sell, or yard, and 2010 is the year during which it may all happen.

 

Possibly, the increase in activity we experienced can be partly attributed to the conscious decision by many yacht owners, resident in EU states to opt for an EU complaint jurisdiction when making their choice related to a service provider, and more so in relation to the their choice of flag. Last year EU authorities have stepped up their efforts to curb abusive behaviour and yacht owners do not wish to be troubled by authorities asking uncomfortable questions, and even worse boarding their yachts, whilst enjoying their few days on holiday with family and friends.

 

We hope that the increase in activity in the market which we are witnessing will find resonance with the figures produced in 2010, although we acknowledge that it will take some years before the market recovers completely from the problems encountered in 2008 and 2009.

 

We look forward to a promising 2010 for prospective owners and wish you all a prosperous new year.

Malta Marinas Privatisation

30 Nov. 2009

The Maltese Government announces preferred bidders for the privitisation of its Marinas

 

On the 21^st October 2009 the Government of Malta announced the preferred bidders for the privatization of the Ta' Xbiex Yacht Marina and Mgarr Gozo Yacht Marina. The Privatisation Unit Evaluation Committee has recommended Creek Developments Foundation as the Preferred Bidder for the Ta' Xbiex Yachting Centre and Harbour Management Limited as the Preferred Bidder for the Mgarr Gozo Yacht Marina.

 

Harbour Management Limited is the existing operator of Manoel Island Marina and forms part of the Melita Marine Group. DF Advocates have been appointed to act as legal advisors for Harbour Management Limited in the privatization process. Harbour Management Limited has now commenced negotiations with the Privitisation Unit which negotiations will lead to the signing of the concession agreement.

 

For further information please Contact Us on info@dfmarineconsultancy.com or visit the website of DF Advocates at www.dfadvocates.com

 

Anthony Galea chairs Marine Money Forum

2 Oct. 2009 The 2nd Annual Superyacht Finance Forum was held yesterday at the Auditorium Rainier III in Monaco organized by Marine Money. DF Marine again was one of the sponsors of the event which was very well attended with over 100 delegates including representatives from the major lending institutions, yacht management companies, builders and brokers in the yachting industry. 

The day kicked off to a great start with a most interesting report presented by Mr Ash Rajan, Head of Investment Policy at Merrill Lynch, who presented most interesting information relating to consumer behavior patterns and trends of the ultra high net worth individuals residing in the countries traditionally providing superyacht owners (commercial yacht), whilst all present had an eye of regard for trends in the upcoming markets of Brazil, China, and India. 

The focus of the Forum was, of course, on the current situation of the industry, sales and purchase activity and the order book, after the crash which occurred at the end of last year. Whilst the order book remained healthy for the yards building superyachts, with little defaults being reported, the decreased activity in sales and purchase contracts reported in the first two quarters was unsettling for all those present. 

Anthony Galea from DF Marine chaired the panel related to superyacht finance. The representatives of the institutions represented on the panel reported an increased level of requests from prospective yacht owners since September 2008. However, this was not of itself sufficient to suggest a recovery in the light of the uncertainty existing in the capital markets and global economy. The commercial yacht finance industry was suffering also, with a number of players leaving the market for various reasons and owners’ representatives confirming the conclusion of only a few yacht finance transactions. 

Yacht finance is still available for the right clients purchasing the right yachts according to the panelists, although it was generally acknowledged that the banks still active in the industry were being more cautious than ever nowadays. Possibly there is room for new players in the yacht finance market if they are able to grasp the opportunity being created by the present low levels of lending?

Definitely the Forum was a successful event and a tremendous opportunity for networking for all those present. We will wait to see the aftermath of the 2009 Monaco Yacht Show, last year the industry experienced an incredible fall in activity, we hope to be able to report an increased activity by the end of the year.

MONACO YACHT SHOW 2009

23 Sep. 2009 DF Marine will again be present at the Monaco yacht Show for the 5th consecutive year.

There is a lot of expectation this year around the yacht show to commence on Wednesday 23rd September in Monaco. As always the Yacht Show promises to be bubbly and will definitely serve as the meeting place for owners, captains, brokers, agents, managers and service providers – a great opportunity for networking and keeping abreast of developments in our industry.

DF Marine has renewed this year its commitment with Marine Money and has sponsored the Superyacht Conference to be held on the 22nd September anticipated to provide attendees with the latest data relating to the first two quarters and a review of the yacht finance market. We will be chairing the panel discussing Superyacht Finance.

We invite our clients and all interested in our services to contact us on info@dfmarineconsultancy.com or on 00356 21331040 to set-up a meeting during the Show to discuss how we may help you. We look forward to a great event and to meeting you at the Show!