Manoel Island Yacht Yard sold
The Manoel Island Yacht Yard was sold to a Maltese consortium today in the second stage of the privatisation of Malta Shipyards.
The consortium includes Bezzina Ship Repair, Mizzi Holdings, Hili International, Virtu' Steamship and Midi.
The privatisation of the shipyard started with the sale of the ship repair facilities to Palumbo. The superyachts facility at Cospicua has been retained by the government because the bids were not deemed to be satisfactory. Talks on the privatisation of the former Marsa Shipbuilding Yard have also not progressed.
Finance Minister Tonio Fenech said there had been three bids for the Manoel Island Yacht Yard, of which the successful one was by far the highest.
He said the 'yard was being transferred on a 30-year concession, during which the new company would invest €18.8 million.
There is a down payment of €5.5 million. The company will pay annual rent and other charges to the government and will in the near future invest €6 million to upgrade the facilities.
The company is expected to employ 70 workers.
Victor Bezzina on behalf of the consortium, said that the maritime sector was going through a recession and the consortium was being careful to offer advantageous rates. He said the rates were established during the privatisation process and would remain the same as today.
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R.Borg
Jul 9th 2010, 08:36
SHOULD IT BE CALLED MIZZI ISLAND?
WHY NOT?
HE DESERVES IT.
VERAMENT, L-GHIRA GGENNEK
GIVE LIL DIN L-ART HELWA L-OMM LI TATNA ISIMHA MORE, MR.MIZZI.
Christian Sciberras
Jul 10th 2010, 11:26
"He" bought it square and fair, what's the problem with that?
Actually I'm seeing greed in someone else right now...
A.Taliana
Jul 8th 2010, 23:52
Boat owners should get together and set up a co-operative with their own boatyard.
Paul Sammut
Jul 8th 2010, 17:17
what a pity. It seems that this hobby is turning out to be more expensive than the average earner can afford. I agree fully with Mr Coppini that the rates offered are going to cut off alot of customers who will search for alternatives or else will just give up the hobby and this to the detriment of the industry. Is it possible that with the number of boats using the facility there was no profit. Shame!
nicholas coppini
Jul 8th 2010, 14:21
A lift out, 3 weeks dry berthing and a lift back in cost me Euro 500 ten months ago. The same exercise will cost me around Euro 1200 after the privatisation of MIYY plus, of course labour that can no longer be carried out by myself. Fancy a shave for 1200 Euros sir! Thanks but I will find a more reasonable alternative. Not everybody who owns a boat is a rich man. But this hobby is fast becoming a hobby for the very rich only. It's a bit sad. The yard was always packed with boats, but not for long due to the new regime. Good luck Manoel Island Yacht Yard, Adieu!
p.piscitelli
Jul 8th 2010, 14:08
Very glad it was sold to a mltese consortium and not given to a forigner like the rest of Malta.
wally vella-zarb
Jul 8th 2010, 13:36
The last paragraph is beyond belief! Not only are the rates higher than those of previous years, the new rules now stipulate that the owner is not allowed to do ANY work below the waterline, not even simple things like applying anti-fouling paint. Now, while I would understand it if the company refused permission for outside tradesmen to be brought in to do work, it does not make sense to a client who is more than able to do the work himself. It seems that I am not the only one to feel this way; in all the twelve years that I used to be a loyal client of what was arguably the best yacht-yard locally, I have never seen so many empty spaces. I would gladly go back to MIYY for a lift-out and to do my regular maintenance - but NOT under the new conditions. The Yard has my details on record: if they are prepared to do business under the old conditions, they are free to contact me and I would be glad to pick up where I left off.
a.sciberras
Jul 8th 2010, 13:04
SHOULD WE CALL IT MIZZI ISLAND?
Joseph Micallef
Jul 8th 2010, 14:22
Its the Yard that was sold not the whole island!