Freeport in important deal with Maersk Line

The Malta Freeport has just concluded a deal with Maersk Line to use Malta as its hub for the central Mediterranean region.

“This contract is expected to generate significant volumes, securing the employment prospects of the 1,200 personnel, including port workers, gainfully employed by Malta Freeport Terminals Limited,” the Transport Ministry yesterday.

The ability of Malta Freeport to secure this contract in the face of stiff competition from other Mediterranean transhipment ports demonstrates the competitiveness of Malta and the success associated with the privatisation process which was concluded more than six years ago, it added.

Since the privatisation, the Freeport has invested €175 million in infrastructure and equipment, ensuring the terminal can continue to handle the largest vessels afloat at a productivity rate which exceeds the rate achieved in other competing ports.

The new deal will link Malta directly to a number of ports in the Mediterranean, Northern Europe (including Felixstowe and Antwerp) and Scandinavia as well as the network of ports served by Maersk worldwide, “providing greater access to local importers and exporters”.

The Freeport has also received a request from CMA-CGM seeking consent to transfer half of the equity of Malta Freeport Terminals Limited from Terminal Link, a subsidiary of CMA-CGM, to the Yildrim Group, a Turkish company which operates two ports in Turkey and holds $500 million in redeemable bonds issued by CMA-CGM, giving them access to 20 per cent of CMA-CGM.

“This request is being evaluated by Malta Freeport Corporation prior to making a recommendation to government,” the ministry said.