By
Alex Smith |
MSC Cruises and Palumbo Group have formed a joint venture to operate the Palumbo Malta shipyard.
MSC Cruises will take a 50 per cent stake in the shipyard and become an equal partner alongside the current owner Palumbo Shipyards. Upgrades are now planned for the shipyard to enhance its operations and intensify its specialism in cruise shipping. These will potentially include the introduction of technology to allow servicing and repair of the LNG-powered cruise ships being built for MSC Cruises’ fleet.
“I am proud to be forming this joint venture with Mr. Palumbo and his group today,” said Pierfrancesco Vago, executive chairman of MSC Cruises. “This is a natural culmination of our already warm and close relationship that has developed from the professionality he has shown over the years. We look forward to the professional service and repairs our vessels will receive.”
The shipyard will receive calls from MSC Cruises’ vessels and MSC Group ferries, while continuing to serve its other customers.
“This agreement is not just a financial transaction but is aimed at strengthening our network and is part of a group corporate strategy,” said Antonio Palumbo, the founder and chairman of Palumbo Group. “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.”