Super yachts may be built at Cospicua facility

Palumbo hopes to start building super yachts that are from 57 to over 70 metres long at the super yacht facility in Cospicua.

The super yacht facility has been handed over to Italian company under a 30-year concession agreement with the government last month.

The company paid €7.5 million upfront and will be paying another €500,000 a year in rent. This sum will be revised 15 per cent upwards every five years.

Palumbo’s had bid had been the highest of the two made, Finance Minister Tonio Fenech said during a visit this morning.

He added that the government was confident in the company’s abilities.

Palumbo Group managing director Antonio Palumbo told the minister he wanted to make Malta a Mediterranean hub in the ship repair sector.