Last week marked the sixth anniversary of the closure of the Malta Shipyards. The decision taken by the government of the day led to different reactions. Many pointed their fingers to the Fairmount Contract, yet it is more likely that such fate was driven by historic reasons. As Michael Cassar noted in Malta Drydocks 1963-2010, “the Malta Drydocks fortunes were continually being challenged by the winds of change that blew from abroad and ultimately made an irrevocable case for privatisation”.

The process of privatisation and subsequent lease to Palumbo has been criticised by many, yet the impact on the industry and local economy was significant. Over the years Palumbo Malta Shipyard has invested heavily in both human capital and machinery and adhered to international standards, ensuring very positive results.

The shipyard was and will remain subject to controversy. However, its key role in Malta’s economy, identity and history are undisputed. Moreover, the Palumbo takeover has ensured a continuation in Malta’s maritime legacy and a regeneration of the yacht and shipping industry, as well as placing Malta as a key strategic maritime hub. The recent investments in the yards by Palumbo are a positive prospect for further growth of the local maritime industry.