Record year for MSYS
Malta Super Yacht Services (MSYS) is experiencing a record year, with a large number of orders completed this year and a full order book until November.The superyacht repair and refit facility, which forms part of Malta Shipyards Ltd, has been enjoying...
Malta Super Yacht Services (MSYS) is experiencing a record year, with a large number of orders completed this year and a full order book until November.
The superyacht repair and refit facility, which forms part of Malta Shipyards Ltd, has been enjoying year on year growth since its setting up in 2003.
It also has bookings for January and February 2008, confirming the level of confidence it has gained in the industry, sources said. Although May to September is usually a very quiet period for repair yards, the facility this summer hosted the 40-metre Jeddah-registered Fadlallah for a very extensive refit.
The facility is also currently working on Australian-owned M.Y. Maridome and M.Y. Triton, the boat which has turned many heads with its iconic red helicopter on its aft deck in local waters this summer.
MSYS was initially set up as a joint venture with leading American brand Palmer Johnson and could have suffered a major setback when its partner pulled out due to problems in the US. However, the American entity was involved long enough to train most of the facility's 50 workers and to induce the proper momentum into MSYS by instilling it with credibility.
"MSYS looks positively at the Palmer Johnson experience - it was a success because it was instrumental in getting things going.
"However, the facility is now more confident and ready to stand on its own feet. In fact, by the end of the year it will separate its accounting from that of Malta Shipyards Ltd. This will give its management more corporate governance. As a separate business unit, the turnover now justifies a managerial hierarchy and a number of middle management, technical support and administration staff."
The facility has built its reputation slowly but surely, with a very high percentage of repeat customers; Motor Yacht Samax will arrive this weekend for its seventh visit in four years.
"MSYS is now also exploring different business avenues including that of strategic alliances with builders or yacht fleet management companies who need a Mediterranean base," the sources said.
"This would mean being able to take orders at short notice and have more order consistency through fleet agreements, which is why the government's proposals for a second dock are so welcome."
At present, MSYS uses Dock No. 3. However, the nearby Dock No. 2 is put at its disposal when it is available - such as when Roman Abramovich's 115-metre Pelorus comes in for its regular visits: This size of boat is too big to fit under the cover in Dock No. 3 and therefore the proposal in the Grand Harbour plan to include Dock No. 2 within the yacht repair facility on a permanent basis increases the business opportunities for MSYS.
"The facility has reached the stage where it justifies a second dock. The plan also envisages a separate entrance for MSYS via the two tunnels that link it across the narrow peninsula to Dock No. 1. This is very important for the captains and owners alike who need to come into a yacht yard environment with the implied level of cleanliness not possible in a commercial ship repair yard.
The shipyards have already embarked on a rationalisation of the surrounding area and have removed a number of structures that are no longer needed, while other storage sheds and activities are being moved closer to the central area of the main 'yard.
"The plan also proposes the use of Boiler Wharf as a spill-over quay for cruise liners, something that would complement superyachts repair much more than commercial activity. This is also an activity that has a better multiplier effect on the economy which means more benefits for the whole community," the sources said.
The superyacht repair and refit facility, which forms part of Malta Shipyards Ltd, has been enjoying year on year growth since its setting up in 2003.
It also has bookings for January and February 2008, confirming the level of confidence it has gained in the industry, sources said. Although May to September is usually a very quiet period for repair yards, the facility this summer hosted the 40-metre Jeddah-registered Fadlallah for a very extensive refit.
The facility is also currently working on Australian-owned M.Y. Maridome and M.Y. Triton, the boat which has turned many heads with its iconic red helicopter on its aft deck in local waters this summer.
MSYS was initially set up as a joint venture with leading American brand Palmer Johnson and could have suffered a major setback when its partner pulled out due to problems in the US. However, the American entity was involved long enough to train most of the facility's 50 workers and to induce the proper momentum into MSYS by instilling it with credibility.
"MSYS looks positively at the Palmer Johnson experience - it was a success because it was instrumental in getting things going.
"However, the facility is now more confident and ready to stand on its own feet. In fact, by the end of the year it will separate its accounting from that of Malta Shipyards Ltd. This will give its management more corporate governance. As a separate business unit, the turnover now justifies a managerial hierarchy and a number of middle management, technical support and administration staff."
The facility has built its reputation slowly but surely, with a very high percentage of repeat customers; Motor Yacht Samax will arrive this weekend for its seventh visit in four years.
"MSYS is now also exploring different business avenues including that of strategic alliances with builders or yacht fleet management companies who need a Mediterranean base," the sources said.
"This would mean being able to take orders at short notice and have more order consistency through fleet agreements, which is why the government's proposals for a second dock are so welcome."
At present, MSYS uses Dock No. 3. However, the nearby Dock No. 2 is put at its disposal when it is available - such as when Roman Abramovich's 115-metre Pelorus comes in for its regular visits: This size of boat is too big to fit under the cover in Dock No. 3 and therefore the proposal in the Grand Harbour plan to include Dock No. 2 within the yacht repair facility on a permanent basis increases the business opportunities for MSYS.
"The facility has reached the stage where it justifies a second dock. The plan also envisages a separate entrance for MSYS via the two tunnels that link it across the narrow peninsula to Dock No. 1. This is very important for the captains and owners alike who need to come into a yacht yard environment with the implied level of cleanliness not possible in a commercial ship repair yard.
The shipyards have already embarked on a rationalisation of the surrounding area and have removed a number of structures that are no longer needed, while other storage sheds and activities are being moved closer to the central area of the main 'yard.
"The plan also proposes the use of Boiler Wharf as a spill-over quay for cruise liners, something that would complement superyachts repair much more than commercial activity. This is also an activity that has a better multiplier effect on the economy which means more benefits for the whole community," the sources said.