‘Terribly proud’ – Ann Fenech reflects on registering latest Ritz-Carlton superyacht hotel in Malta

The successful registration of the Ritz-Carlton Yacht Collection’s third vessel – the 226-suite Luminara – to the Malta Ship Registry was a “hugely gratifying” experience for leading maritime lawyer Ann Fenech, who shares her deep satisfaction at seeing such a prestigious brand fly the Malta flag.

“We feel terribly proud in knowing that we registered her,” she tells MaltaCEOs.mt. “The cruise line industry is a very particular industry with its specific requirements, and of course Ritz-Carlton is no exception.”

She says Fenech & Fenech Marine Services feels “honoured and privileged” that the brand has once again used the firm to assist in the registration: “We are thrilled that they believed in us being able to deliver the services being required.”

The Ritz-Carlton Yacht Collection’s superyacht hotels have a deep connection to Malta, with reservations from Europe, Asia, the Middle East and Africa being received by the firm’s Malta office, situated in the Forni Complex at the Valletta Waterfront.

The company is evidently pleased to promote its Maltese roots, with the second vessel being named ‘Ilma’, making the connection loud and clear.

The latest addition, Luminara, is a 241m superyacht capable of accommodating 452 guests and 374 crew members. It boasts five restaurants, seven bars and a wine vault.

Asked what attracted the Ritz-Carlton Yacht Collection to Malta, Dr Fenech says the answer is no different to the factors that attract other major ship owners.

“It’s a combination of things,” she says. “The Malta flag comes with a very stable legal regime in all its important facets, including being foremost in its ratification of all of the important international safety and regulatory international conventions, which has seen Malta as a white listed flag for decades, as well its being a council member of the International Maritime Organisation (IMO) – hence its very strong international reputation.”

She also points to the “strong legal basis” which ship owners and their financiers need, require and demand: “The Malta Flag a European Flag, which brings with it peace of mind to the ship owner and his financier. Additionally, English is an official language, which means that owners can immediately understand the laws under which their vessels are being registered, and it also means that the authorities will accept the various registration documents in English, avoiding the sometimes hugely bureaucratic translation challenges which you have with other registries.”

Dr Fenech notes that the Malta Ship Registry is open on a 24-hour basis for urgent matters: “This means that owners who come from one continent and their financiers who come from another continent may because of time differences need to register their ship and mortgage at what would normally be considered as outside office hours. The Maltese registry is open on a 24-hour basis for urgent matters and it is perfectly possible to register and mortgage a vessel at say 2am.”

Having also been engaged to handle the mortgage security financing aspect of the transaction, Dr Fenech sheds light on Malta’s offering for financiers.

“The Maltese mortgage is what is called an ‘executive title’. What this means in practice is that if things go south for a ship owner who becomes unable to meet their mortgage repayments, the mortgagee – the financier – can proceed directly against the vessel without the need to embark on very time consuming actions on the merits. The mortgagee can proceed directly with enforcement, get the vessel sold in a judicial sale and hopefully get paid.

“This is a very powerful tool in the hands of the financiers which also assists owners in getting first class financing. As a result the Malta flag is a flag of choice with a great number of leading ship financiers.”

Tying it all together is the deep knowledge of the industry on the part of the legal and corporate service providers coupled with maximum co-operation from the flag administration and efforts made by successive governments in this area, which “should be the catalyst for the continued growth and development of this sector,” according to the industry stalwart.