Maritime

The maritime sector in Malta is a vital and thriving part of the country's economy. With its strategic location in the Mediterranean Sea, Malta has developed a strong maritime industry that encompasses various key features. The Malta Ship Registry is renowned as one of the largest and most reputable ship registries in the world, offering favourable legal frameworks, competitive fees, and attractive incentives for ship owners. The ports in Malta, including the Grand Harbour and Freeport Terminal, serve as important gateways for international trade, providing modern facilities for cargo handling and cruise ship services. Malta's ship repair and maintenance sector is robust, supported by dry docks and shipyards that cater to the needs of vessels. The country also offers a wide range of maritime services, including ship management, legal and financial services, and marine insurance. Furthermore, Malta has institutions and training centres that provide maritime education and training programs to develop skilled professionals for the industry. The government actively supports the maritime sector through incentives, investment in port infrastructure, and regulatory frameworks that ensure safety and compliance.

We specialise in providing comprehensive expertise tailored specifically for the maritime sector, delivering strategic financial solutions and guidance to navigate the unique challenges and opportunities within the maritime industry.

Our sector-specific service offerings include but are not limited to:

• Vessel Accounting: We provide specialised accounting services for vessel operations. Our team understands the intricacies of vessel accounting, including revenue recognition, voyage expenses, crew wages, fuel costs, maintenance expenses, and charter party accounting. We ensure accurate recording and reporting of financial transactions related to vessel operations.
• International Tax Planning: International tax planning is crucial for maritime businesses that operate across different jurisdictions. We provide tax planning strategies to help you minimise tax liabilities, optimise tax structures, and take advantage of tax incentives available in various jurisdictions. Our experts understand the complexities of international tax regulations and can assist in managing your global tax obligations.
• Crew Payroll Management: We offer payroll management services tailored specifically for the maritime sector. Our team can handle crew payroll processing and ensuring accurate and timely payments whilst adhering to maritime labour regulations. We assist in managing crew wages, benefits, and tax withholdings.
• Flag State Compliance: We understand the importance of flag state compliance in the maritime industry. Our experts can help you navigate Malta flag state regulations, including maintaining vessel registration, compliance with safety and environmental standards, and adherence to maritime laws and conventions. We ensure that your business remains in good standing with the relevant flag state authorities.
• Financial Analysis and Performance Metrics: We provide financial analysis and key performance indicators that are relevant to the maritime industry. By analysing metrics such as vessel utilisation rates, voyage profitability, operating expenses per vessel, and revenue per ton-mile, we help you assess your business' financial performance, identify areas for improvement, and make data-driven decisions.
• Cash Flow Management: Effective cash flow management is crucial in the maritime industry, where revenue and expenses can fluctuate significantly. We assist you in implementing strategies to optimise cash flow, including managing receivables and payables, monitoring working capital, and forecasting cash flow needs. By maintaining a healthy cash flow, you can meet your financial obligations and make informed investment decisions.
• Financial Due Diligence: We offer financial due diligence services for maritime transactions such as mergers, acquisitions, or financing arrangements. Our team conducts comprehensive financial analysis, identifies potential risks and opportunities, and provides insights to support your decision-making process.