The owner of Palumbo shipyard, Antonio Palumbo, believes he will exceed the €23.5 million investment obligation imposed on him by the terms of the government concession. Palumbo is obliged to invest €30 million, €23.5 million in the first five years.

Mr Palumbo told Times of Malta Business that the investment already made covered every corner of the shipyard, notably new machinery sheds, a low-loader, PV panels and concave barriers on the sides of the docks to deflect grit during grit blasting.

Mr Palumbo was clearly frustrated by ongoing complaints about grit blasting.

“Our objective is to do things in the maximum correctness. However, if someone wants to damage what we are trying to create, this is a different matter.If it goes on, the moment that we are certain that there is someone creating these problems, we will name and shame,” he warned.

In the three-and-a-half years since Palumbo took over, the dockyard has worked on 650 ships, and in the two-and-a-half years since it took over the superyacht facility, it worked on 50 yachts.

“However, the amount of ships is not the most significant factor. It is the value and the complexity of the work done, thanks to the dedicated and skilled workers..” Mr Palumbo said.

More in the business section of the e-paper on timesofmalta.com Premium.