Competitiveness and Communications Minister Censu Galea announced, according to the Times of Malta, that:

"This is a great result following excellent work by the Malta Maritime Authority (MMA) over the past years and, particularly, since Malta joined the EU."

"Despite a lot of scaremongering that Malta's maritime register would disappear after EU membership we have managed to show that, through perseverance and the use of EU rules to our advantage, we have not only obtained better results but also to improve by leaps and bounds the quality of the Maltese flag."

Statistics show that during the first years of EU membership, Malta's register did in fact undergo a drop, with its lowest point in recent memory occurring in 2004.

However, its fortunes have since recovered, culminating in this months record results.

One of the major developments contributing to the rise was the registration of greater numbers of cruise liners, following recent changes to Maltese shipping laws.

Continuing his speech, Mr Galea reportedly observed that the future of Malta's shipping industry also looks very healthy:

"Seventy ships, which are still being built, have already taken administrative steps to register their ships in Malta. According to Fairplay Solutions, an authoritative shipping journal, another 201 ships under construction at various shipyards around the world have expressed their intention to fly the Maltese flag once they are out of the dock," the Times quoted him as announcing.

In addition, the Malta Maritime Authority has presided over moves raise the Maltese flag to the white list level under the Paris memorandum of understanding.