The Malta Flag has once again performed highly and has secured its place in the White List of the Paris Memorandum of Understanding on Port State Control List. Once again, the Malta Flag has reaffirmed its reputation as a jurisdiction that is reputable and stable.
The Paris MoU on Port State Control involves the inspection of foreign ships for an evaluation of a vessel’s risk profile and verify international compliance on safety and pollution prevention, among others. Based on several inspections, the new White, Grey and Black list rates quality flags.
Since the flag’s ranking is taken into account when targeting ships for future inspection, ship owners or charterers of vessels bearing the Malta Flag are reassured that their vessel is less likely to be detained in a port for inspections, unlike vessels of less-reputable flags that face potential bans from certain regions after multiple detentions.
Furthermore, the reputation of a Malta Flag reassures and gives confidence to financial institutions when granting credit facilities to vessels registered in Malta in knowing that their financial interests are being protected by a solid and efficient legal regime.
In total there are 42 flags in the White List, 20 countries in the Grey List and 17 countries in the Black Lists.
The new performance list for flag states and recognised organisations will take effect from 1 July 2012.
