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Palumbo Group announces new joint venture for Palumbo Malta Shipyard

Business
Written by
Georgia Tindale

Palumbo Group has announced a joint venture to operate its Palumbo Malta Shipyard with global cruise line MSC Cruises. To this end, MSC Cruises will own 50% stake in the Malta yard going forward.Palumbo Malta Shipyard Photo: Keith Abela The shipyard will also benefit from significant upgrades, although further details of these have not yet been revealed, and will also serve as the first port of call for MSC Cruises' fleet in the Mediterranean, as outlined in a joint press release: "The Palumbo Malta Shipyard will receive custom from MSC Cruises’ vessels as well as from MSC Group cargo ships and ferries, while continuing to serve the shipyard's loyal clientele."Pierfrancesco Vago and Antonio PalumboPhoto: Palumbo SuperyachtsPierfrancesco Vago, Executive Chairman of MSC Cruises said: “I am proud to be forming this joint venture with Mr. Palumbo and his group today. This is a natural culmination of our already warm and close relationship that has developed from the professionalism he has shown over the years. We look forward to the professional service and repairs our vessels will receive.”

Antonio Palumbo, founder and Chairman of Palumbo Group, added: “I am happy with this joint venture with the Aponte family because, in addition to having a personal and consolidated friendship over the years, it unites us with a common business philosophy. This agreement is not just a financial transaction but is aimed at strengthening our network and is part of a group corporate strategy."

Palumbo Malta Shipyard Photo: Keith Abela Antonio Palumbo continued, "Today I am proud to expand our services, consolidated over the years thanks to far-reaching experiences, through this partnership with a world-class player. I am sure that the future will prove us right, leading this shipyard to consolidate itself as one of the most important multi-purpose structures in the markets of cruise, merchant and advanced-technology ships, providing refitting services, general maintenance and installation of eco-friendly systems where Palumbo Shipyards already holds a leading position. Not least, the whole Maltese community will benefit from a new economic boost."

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