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Maltese flag grows over 14% in 2015

Maltese flag grows over 14% in 2015
The flag of the tiny Mediterranean island of Malta at the dawn of 2016 was flying over the stern of ships of some 66.2m gt, 14.3% more, 8.3m gt than at the beginning of 2015.

In 2015 some 900 ships of 12m gt were added to the Maltese flag fleet, a significant achievement for the flag's administration, Transport Malta, which consolidated Malta’s position as the leading ship register in Europe and the sixth largest in the world.

Since the end of 2011 the Malta flag has experienced a growth of over 45% in terms of tonnage.

This growth is likely to continue as for Malta consolidates its position on the maritime map, Transport Malta reports an increasing interest from foreign multinational companies in setting up their maritime operations in Malta which will lead to a substantial increase in direct foreign revenue and the indirect added value to its economy.

Greek owners have been major contributors to this growth and data mid-2015 showed over 600 Greek-controlled merchant vessels of some 20m gt trade under the Maltese flag.

Malta has continued to consolidate its positive results in terms of technical performance, reinforcing the quality of its registered fleet and its firm commitment towards safe, secure and clean shipping as the island's shipping community strives to attract more young and innovative tonnage to the fleet. Average age of ships registered during 2015, was of 6.7 years, decreasing the average age of the fleet to 12 years.