Freeport expecting 2003 to be a good year

Malta Freeport chairman Mark Portelli described the flow of work at the freeport as very encouraging and indicated that the turnover in 2003 could exceed that of last year.

Speaking during a visit to Malta Freeport by Economic Services Minister Josef Bonnici, Mr Portelli yesterday said that the pace of work at the freeport was very steady and that the corporation was projecting that this year would be good.

He said that Malta Freeport was negotiating with a number of international shipping lines to attract more work to the Malta Freeport and also to shortly replace the shipping lines Yang Ming and "K" Line which have just suspended their vessels' calls at the Freeport.

He stressed that the lines represented less than 10 per cent of the work at the freeport and explained that they decided to suspend their work in Malta because they would no longer transship Mediterranean cargo.

Mr Portelli said the Malta Freeport's achievements have made it one of the leading transshipment ports in the Mediterranean.

Prof. Bonnici, who visited the different operations at the freeport terminals, said he was informed that the freeport was having serious discussions with a number of shipping lines which have expressed a keen interest in establishing their Mediterranean transshipment hub in Malta.

Prof. Bonnici said this augured well not only for the freeport but for the economy in general. "Everyone is aware that the freeport has become a crucial player in our economy. It is not only a hub for transshipment but is giving a very good service to our export/import players by handling a significant number of their consignments."

Mr Portelli said the Freeport was projecting that the throughput volumes reached last year, in excess of 1.24 million TEUs (containers), would be maintained and possibly increased.

Asked whether he believed the war in Iraq could have a negative effect on the freeport, Mr Portelli said the indications so far showed that the war should not have any impact.

On Thursday the Freeport said Yang Ming and "K" Line had decided to deploy their mainline vessels currently calling at Malta on a direct service between the Far East and Northern Europe.

This was because the existing service was experiencing delays due to the congestion at the ports in Northern Europe. To mitigate these delays it had been decided to omit a Mediterranean call en route from Rotterdam to Singapore.

In order to continue serving the Mediterranean market, the lines intend to introduce a new service between the Far East and direct calls to the Mediterranean, using similar vessels.

"This decision represents a major change in the strategy of the lines by making direct calls in the Mediterranean as opposed to using a transshipment hub," the Freeport said.