Through the joint venture, MSC Cruises acquires 50% of the shipyard and becomes a partner of Palumbo Shipyard, one of the largest of its kind in Europe, with four dry docks of varying sizes, offering repair and maintenance services to vessels. MSC Cruises' cruise ships, as well as the MSC Group's ferries and cargo ships, will be serviced at Palumbo Shipyard Malta alongside existing clients, following the company's entry into the joint venture.
The shipyard plans to introduce cutting-edge technology to enable the servicing and repair of the next generation of LNG-powered cruise ships being built for the MSC fleet. Both companies have already committed to capital investments to improve the shipyard's operational and environmental efficiency.
Pierfrancesco Vago, Executive Chairman of MSC Cruises, said: “I am proud to form this joint venture with Mr. Palumbo and his group. This is a natural culmination of our close relationship, which has developed from the professionalism he has demonstrated over the years. We look forward to the professional service and repairs our ships will receive.”.
Antonio Palumbo, the founder and Chairman of the Palumbo Group, added: “This agreement is not just a financial transaction, but is intended to strengthen our network and is part of the group's corporate strategy.”.
“The new joint venture will generate significant economic benefits for Malta, including huge demand for specialized local suppliers to support the shipyard,” the companies said.
The agreement was concluded by Pierfrancesco Vago, CEO of MSC Cruises, and Antonio Palumbo, founder and chairman of the Palumbo Group, in the presence of Transport Minister Ian Borg.
