Commercially, a bareboat charter transaction takes the form of a lease agreement for a fixed period by virtue of which the lessee acquires complete control and possession of the ship for the duration of the lease, and this transaction is legally formalised through bareboat charter registration. Such transactions are opted for a plethora of reasons which include subsidies or certain cargo reservations which are offered by a particular state at a particular time, and also to lower crewing costs.

When we talk about digitalization, the Blockchain brings us to a whole new level. The so-called distributed-ledger-technology (DLT) does away with the previous thinking of intermediaries and closed systems. But companies still struggle to adopt the new technology and harvest its success. Luckily, Europe and especially Malta are at the forefront of this Development.

There is little doubt that when we talk about the EU, one of the first things that springs to mind is the Single Market. It is probably fair to say that the creation and functioning of the Single Market is one of the, if not the, greatest achievement of the European Union. The implementation of complete freedom of movement of goods, capital, services and labour across such a vast and diverse market is unique and unparalleled.

Membership of the European Union was possibly the most divisive political question since our Independence. Once the decision was taken Malta embarked on a process which saw us officially join the ranks of fully integrated members of the EU some 15 years ago.

Survival of Air Malta is essential for our small island.

With hundreds of MEPs affiliated with political groups of different ideology and emanating from member states of diverse economic and cultural backgrounds, success is only possible through persuasion, persistence and the art of compromise.