MSC Cruises buys 50% stake in Palumbo Malta Shipyard

Vessels belonging to MSC will be serviced at the Palumbo Malta Shipyard after the company entered into a joint venture with the Palumbo Group

The Palumbo Malta Shipyard is now jointly owned by MSC Cruises and the Palumbo Group (Photo: Keith Abela)
The Palumbo Malta Shipyard is now jointly owned by MSC Cruises and the Palumbo Group (Photo: Keith Abela)

MSC Cruises will service its Mediterranean fleet at the Palumbo Malta Shipyard after entering into a joint venture with the Palumbo Group, the companies announced on Thursday.

MSC Cruises took a 50% stake in the shipyard, which boasts one of the biggest dry docks in Europe. The Palumbo Group retained the other half of the shareholding.

The deal will see the Maltese shipyard experience a change in ownership, 10 years after the Palumbo Group took it over.

“A major upgrade is now envisaged for the shipyard to further enhance every aspect of its already market-leading operations, as well as intensifying its specialist cruise line focus,” the companies said in a joint statement, adding that capital expenditure has already been committed to improve the operational and environmental efficiency of the shipyard.

Cruise, cargo and ferry ships belonging to MSC will be serviced at the Malta yard alongside other clients.

“The new joint venture will generate significant economic benefit for Malta including huge demand for local specialist suppliers to support the shipyard,” the companies said.

The shipyard is planning on introducing cutting-edge technology to allow servicing and repair of the next generation of LNG-powered cruise ships that are being built for the MSC fleet.

The deal was concluded by Pierfrancesco Vago, executive chairperson, MSC Cruises, and Antonio Palumbo, founder and chairperson of the Palumbo Group in the presence of Transport Minister Ian Borg.

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