Palumbo, the company that has just taken over the super yacht facilities, is planning to start ­building yachts in the Maltese plant.

The Italian company, which last year took over the shipyards, currently builds yachts measuring over 70 metres at its plant in Naples. Managing director Antonio Palumbo now hopes to bring this activity to the Maltese facility, which his company took on for a 30-year lease on March 18 after submitting the winning bid.

“We want to make Malta a hub for super yachts in the Mediterranean,” Mr Palumbo said.

Palumbo will be paying €7.5 million upfront and a lease of €500,000 a year, which will be revised upwards by 15 per cent every year, yielding the government over €29 million by the end of the 30-year period.

With two huge docks at its disposal, Palumbo was informing super yacht owners it was in business by attending fairs and contacting individual owners, general manager Joseph Calleja said.

Speaking at a visit to the Cospicua facility yesterday, Finance and Investment Minister Tonio Fenech said he was confident the shipyards would see more growth, as it had been the “only profitable operation” when the shipyards were government-owned.

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