MALTA INVESTS IN SHIP MANAGEMENT
Committee Launched to Establish National Maritime Strategy
Malta has launched the Integrated Maritime National Strategy Committee which would enable the country to realise its full potential in the ship management sector. The main objective is to devise a sustainable strategy to manage maritime activities holistically in the prospect of growing this industry.
It is the country’s aims to set up an integrated maritime policy to fulfil its vision of transforming Malta into a maritime hub. The maritime sector contributes substantially towards Malta’s economy.
The European country is looking to open up this market further to seek new and emerging niche markets. With Malta’s strategic geographical location and its availability of qualified maritime professionals, the country believes time is ripe to look at ship management as the next growth area for the maritime industry.
Shipping companies are increasingly outsourcing the management of their ships to third-party ship management companies. This can help shipping companies improve their day to day operational efficiency of their respective vessels.
Given the link between current shipping operations and ship management requirements, the development of this sector is crucial for Malta’s further growth in this sector. The country’s legal and fiscal framework relating to ship management activities already make Malta an attractive proposition, bringing it on a level playing field with major European ship management jurisdictions.