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€4m investment propels Palumbo’s superyachts division

Date: 30/05/2019

Palumbo Malta Superyachts saw its business grow exponentially in 2018 and we are confident the €2.5 million investment in a 420-ton boat lift will this year reaffirm our standing among the industry’s crème de la crème.

In 2018, the sprawling facility in Cottonera hosted 52 vessels compared to 37 the previous year, handling refitting works on massive superyachts, including an ultra-luxurious beauty that hit 143 metres, the largest to enter its yard to date.

We also succeeded in attracting more business from the Saudi market and handled the biggest paint job – a 90-metre superyacht where the scaffolding superseded the bastions and went up to 40 metres in height, which was very rewarding.

What will give the yard an edge this year is the multimillion investment we made in a 420-ton boat lift – the largest on the island – that will attract more business to the island from superyachts seeking repair and refitting in the winter months.

Tugboats operating in Libya are among those that have already discovered the convenience of coming to Malta for repair works due to our strategic location.

This demand proves that Palumbo’s investment is a huge opportunity for the island to establish itself as a centre for those who previously had no alternative but to journey far from their offshore operational sites for maintenance works.

Apart from this, we have invested a further €250,000 in a state-of-the-art yacht trailer that possesses a variable system and is capable of transporting yachts up to 210 tons. With an overall length of 19 metres and a width of 6.5 metres, it works on seven axles and has a total of 12 driving wheels.

The advantage is that it is equipped with all the necessary components to be able to expand in the future and see its maximum capacity go up to 330 tons.

A boat stacker that can be used to shift yachts up to 400 tons and host a significantly higher number of pleasure craft at the same time has been purchased, the yacht village has been further upgraded, and seven tent structures have been installed to cover the yachts reaching a total investment in Palumbo SY of €4 million.

Located in Malta’s harbour, with an unrestricted entrance to the yard, Palumbo Malta Superyachts represents the only support site for refit, repair, maintenance and conversion able to welcome major superyachts in the harbour of Malta.

Served by one of the biggest docks in Europe and a covered dock, the yard is part of an important maritime cluster that includes our sister superyacht shipyards in Ancona, Malta, Marseilles, Naples and Savona.

Set up in 2011, Palumbo Superyachts keeps going from strength to strength and last month we reached a new milestone with the launch of the 263-foot motor yacht Dragon by Columbus Yachts - the largest ever for the Italian brand, the most technologically complex, and the first of its 80-metre Classic series.

The yacht has a 27-foot swimming pool on its sun deck, along with a 2,200-square-foot beach club and spa on the fourth deck. What is innovative is that at anchor, Dragon’s lowest deck also transforms into an on-water party area.

Under the direction of our group president Antonio Palumbo, the superyacht section has carried out works on approximately 360 superyachts in a matter of eight years.

Our main target and vision remain focused on adapting to our clients’ needs and carrying out the work in the most efficient, economic and environment-friendly way possible.

What distinguishes us from our competition is our reputation to maintain long-term relationships – 90 per cent of our contracts come from repeat business that is built on trust, quality of work and competitive prices.

The market for superyachts ranging between 70 to 90 metres is becoming increasingly strong and we are witnessing a trend where the client wants everything customised to their needs and lifestyle, investing millions to convert their floating mansions to serve this purpose.

As Palumbo SY cruises ahead, we remain vigilant and our constant challenge is to provide a level of continuity to a very unstable sector, and to be agile enough to retain an active role in a very competitive and wild chess game… never forgetting our values of passion, sacrifice, respect and team recognition.

by Simon Zammit, General Manager of Palumbo Superyachts Malta

Source: Times of Malta

 
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