MSC Cruises has formally taken a 50% stake in Palumbo Malta Shipyard in a joint venture first announced in February.
"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 shipyard said.
That will include the introduction of cutting-edge technology to allow servicing and repair of the next generation of LNG powered cruise ships being built for the MSC Cruises’ fleet.
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 its current clients.
Pierfrancesco Vago, Executive Chairman, 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 professionality he has shown over the years."
Antonio Palumbo, the 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.
"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."
Transport Minister Ian Borg, who was present for the signing ceremony, said this partnership would give Malta added value and generate more economic activity.
Palumbo took over the dockyard 10 years ago when the complex was privatised by the government.