Palumbo Shipyard, an Italian company headquartered in Naples, signed a 30 year deal with the Malta government for the acquisition of Malta Super Yacht Services (MSYS) now called Palumbo Malta Superyachts LTD. Palumbo Group took over the yard on the 18th of March 2011, after having been declared the preferred bidder for the tender to acquire Malta Superyacht Services in late 2010.
Palumbo Malta Superyachts LTD
The total area measures around 45.000 square meters, including two dry docks of 160m x 25m and 140m x 18m. The latter is also equipped with a retractable shed enabling painting work.
The Maltese Government signed the contract for € 29.4 million, which includes a ground rent of € 500,000 to be paid annually over the 30 year period.
Palumbo Shipyard is headquartered in Naples and has been in the shipbuilding industry since 1967. The company was founded by Salvatore Palumbo, father of Antonio Palumbo, current Owner and CEO of the Company.
The growing company operates mainly in repair, construction, modification, conversion and maintenance of several vessels including superyachts. Now with 3 shipyards (Naples, Messina and Malta), the Palumbo Group has great potential especially in terms of location, in the heart of the Mediterranean, with access to yachts en route from the East to the Atlantic..
The acquisition of Maltese Shipyard, which can accommodate ships up to 300,000 tons, is a prestigious project for the Palumbo Group and will significantly shape the Company’s future.
