Malta Looks To Increase Its Slice Of Super-Yacht Berth Market

by Robert Lee, Tax-News.com, London

06 February 2007

A group of Maltese investors and the leading international yacht services company Camper and Nicholson, have joined forces to compete in the arena of super yacht berthing.

The enterprise, in the guise of Grand Harbour Marina, is hoping to tap into increasing demand for yacht-berthing space amid something of an explosion in the construction of super yachts in recent years, driven by an increasing pool of ultra-wealthy individuals.

According to GHM director Anthony Demajo, while in 1984 there were just 200 super-yachts afloat around the world, today there are almost 3,000, with another 700 newly-commissioned vessels in the pipeline.

Consequently, super-yacht berths around the world are at a premium. This is especially so in the Mediterranean where there are geographical constraints, namely a lack of harbours that are large and deep enough to accommodate these vessels, and Demajo says that Malta is well-placed to capitalise on the growing demand.

"Environmental and security considerations rule out much of the Mediterranean coast for the development of super-yacht marinas, and in an urban environment, the only super-yacht moorings are usually in the industrial setting of commercial ports," he said.

"It is not easy to get all the favourable factors to coincide, as they do, in the spectacular setting beneath Fort St Angelo where the local marina is located," he added.

Super yachts are defined as yachts more than 25 metres long. However, Malta's marina has berths for yachts up to 100 metres. Furthermore, a big selling point for Malta is the fact that is has obtained the necessary safety certification from the European Union.

Grand Harbour Marina is selling 25-year leases on its 33 super-yacht berths for up to EUR4 million (US$5.17 million), with the price calculated based on the water surface area occupied by the yacht.

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