Freeport investment contract signed

At an official ceremony held today, the government granted CMA CGM, the world’s third largest container shipping company, an extension of its terminal concession held through its subsidiary Malta Freeport Terminals Ltd. at Marsaxlokk.

CMA CGM was awarded a 30-year concession to operate and develop Malta Freeport Terminals in October 2004. Since then, CMA CGM continued to develop its presence in Malta by expanding operations, increasing its investment and creating numerous jobs.

"CMA CGM’s evident commitment prompted the Maltese authorities to extend CMA CGM’s concession to 65 years," the company said.

The agreement to extend the concession was signed by Austin Gatt,Minister for Investments, Industry and IT, and CMA CGM President J.R. Saadé, in a ceremony attended by Prime Minister Lawrence Gonzi

"This agreement marks the beginning of an ambitious expansion and modernisation programme targeting the port’s infrastructure and equipment. These developments come in response to increasing international traffic, and will enable the berthing of vessels exceeding 13,000 TEU," the company said.

"This sizeable investment programme includes important dredging works, expansion of the yard as well as installation of the most modern equipment. It will boost the Terminal’s capacity to three million TEUs and help create 500 jobs in the years to come."