01Nov

Acumum attends the Malta Boat Show 2024

1 November 2024 GERALDINE SPITERI 98

After the success of Cannes Yachting Festival and Monaco Yacht Show just over a month ago, team members from Acumum are attending the very first full-on edition of the Malta Boat Show, currently being held at Dock One, Vittoriosa.

This event, organized by Yachting Malta, has attracted some of the larger yacht builders in the mid-to-large yacht range and several ancillary product manufacturers and distributors, as well service providers ranging from repair and refit facilities, surveyors, educational institutions – and, of course, our team.

Set in the beautiful setting of the Senglea / Cospicua / Vittoriosa harbour, this show is intended to promote Malta as a service hub for yachting clients from all over the world. The fair is also intended to showcase Malta as a destination for private and commercial yachts alike – whether for a leisurely stay for onboard passengers, or to carry out repairs, maintenance or entire refits.

Boat on Dock — A boat lies at berth at the Malta Boat Show, 2024

This year, Malta’s tonnage has hit the 81 million tonne mark, record highs for Malta flag, proving Malta is a jurisdiction of choice for ships and yachts. Yachting Malta’s stated its objectives as raising the standards in yachting and ensuring excellence and competitiveness throughout the sector.

Vittoriosa Harbour

Acumum’s team can be found at stand C012, headed up by Dr Geraldine Spiteri.

Acumum – Legal & Advisory

Acumum is an award-winning boutique set of corporate, fiduciary and advisory firms, located in the tax & fiscal efficient European jurisdiction of Malta. Believing in long-term relationships, we provide holistic, sustainable, and practical solutions to clients, whilst being committed to a superb level of client service. Acumum’s senior management of lawyers, accountants & tax advisers, provide expert, trusted & cost efficient, bespoke services to an international clientele: individuals, family offices, corporations, Governments & other service providers.

Key Contact

Dr Geraldine Spiteri – Director, Advocate (Malta)

Dr Geraldine Spiteri has been a Maltese advocate since 2002 and subsequently qualified in EU & Comparative Law (Magister Juris, University of Malta) and International Maritime Law (LL.M. IMO International Maritime Law Institute).

14Jun

Malta launches Small Commercial Yachts Code

14 June 2024 GERALDINE SPITERI 97

Transport Malta has published a new Small Commercial Yacht Code (Code) covering commercial yachts that are 12 to 24 metres. The Code applies as of the 01 April 2024.

Whereas the existing Commercial Yacht Code (CYC) previously catered for yachts of 15m and over, this Code allows smaller yachts to be registered commercially. However, it reduces technical requirements for yachts up to 24 m. It is now also possible to register yachts from 12 m in length for commercial operation. The Code ensures that smaller yachts can be operated under charter in a more feasible manner. The Code takes into account the technical design of such yachts, the needs of the charter market for smaller yachts and feasibility considerations.

Where the yacht is to be operated in the territorial sea of another State, it must also comply with the requirements of that State in order to operate under charter.

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Yachts surveyed under the Code will be provided with navigational notations and will not be able to carry more than 15 passengers.

The Code sets out standards of safety, pollution prevention and crew welfare, appropriate to the yacht’s size and navigation notation. These standards take into account the international conventions, EU measures and industry standards in the industry.

Transport Malta may consider deviations, exemptions or equivalences on a case-by-case basis on the basis of a formal request by the authorized surveyor or recognized organization.

Since this Code deals with yachts intended to be chartered (commercially operated), private yachts are excluded from its application although they may opt to voluntarily comply with its provisions. If they do, they can request a Statement of Compliance and limit their passengers to 12.

Acumum – Legal & Advisory

Key Contact

Dr Geraldine Spiteri – Director, Advocate (Malta)

14Jun

A Passenger Yacht Code for the Maltese Flag

14 June 2021 GERALDINE SPITERI 55

The Malta Flag Administration has recognized that the ever-increasing build of yachts means that they can cater for more than 12 passengers.

Under the Safety of Life at Sea Convention (SOLAS), any vessel carrying more than 12 passengers should be treated as a passenger ship: its construction and equipment therefore have to be adapted to such intended use. While SOLAS only applies to ships over a certain size, smaller yachts may still be equipped for more than 12 passengers and thus, it was seen as desirable to contemplate the operation of charters for more than 12 passengers.

The Merchant Shipping Directorate of Transport Malta has drawn up a code, titled Passenger Yacht Code (PYC), to regulate such yachts after having consulted with major industry stakeholders.

Superyachts in Monaco

In principle, passenger yachts should comply with SOLAS, but these requirements are sized down for smaller yachts that will carry 12 passengers, due to the disproportionately onerous nature of the SOLAS provisions and technical annexes for smaller yachts. It also lays down equivalences for the Load Lines Convention. These equivalencies have been notified to the International Maritime Organisation. This code came into effect on the 25^th May 2021.

The SOLAS equivalencies relate to various construction requirements including double-bottom requirements, safety and survivability, subdivision and stability, materials used for certain parts of the yacht and low flame spread characteristics of exposed surfaces.

Recognized Organizations are given an oversight role, while port and flag state inspections are possible and the yacht is required to comply. The owner and master have an obligations to report incidents to the Maltese authorities as and when they occur.

The PYC came into force on the 25^th May 2021.

Key Contact

Dr Geraldine Spiteri – Director, Advocate (Malta)