The transfer of the Gibraltar Yacht Registry from Companies House to the Gibraltar Maritime Adminstration has paved the way for the Rock to pitch for lucrative business from wealthy owners of luxury megayachts.
Joe Holliday, the Minister for Enterprise, Development, Technology and Transport, described the move as “an important milestone” for Gibraltar’s maritime sector.
Gibraltar’s Ship Registry has gone from strength to strength over recent years, consolidating it’s position as a quality flag that attracts owners of merchant ships from around the globe.
The Registry’s commercial fleet continued to grow in 2010, with a 4% increase in ship numbers. In 2010, there were 49 new registrations, bringing the total number of vessels on the Gibraltar Register to 320 ships totalling nearly 2.2 million gross tons.
But the Yacht Register has remained largely static in the same period. That now seems set to change.
A key element of the transfer is a legislative change that now will allow for yachts over 24 metres in length that comply with the internationally recognised Large Yacht Code to be registered in Gibraltar.
“This will open a new and exciting market for Gibraltar’s maritime services and to this end, a surveyor has been recruited to carry out the surveys and inspection on these vessels,” Mr Holliday said.
“A promotional campaign is being worked on to attract these discerning owners to register their yachts in Gibraltar. This is an important sector with immense potential for the future.”
As at March 31, 2010, there were 736 yachts registered in Gibraltar.
Gibraltar, at the western gateway to the Mediterranean, has long been a favoured staging port for yachts moving between the Mediterranean and the Caribbean.
New maina projects built in recent years have included sizeable berths to accommodate large megayachts.