Issue link: https://maltatoday.uberflip.com/i/947253
maltatoday WEDNESDAY 28 FEBRUARY 2018 11 Palumbo Group has just opened a new site in Costanza, Roma- nia, to offer its customers the best and most comprehensive offshore services at competitive prices. The group, which runs Malta's shipyard in Cospicua, is expanding rapidly and this latest acquisition on the banks of the Black Sea comes just one month after it invested more than €10 million in taking over the ailing former Mondomarine facility in Savona, Italy. "Our strategy is to continue building on optimising our services and remaining a major player to be reckoned with in the Mediterranean," Group CEO Antonio Palumbo said. "With the new site in Costanza we are focusing on providing specialised services to the offshore and engineering sectors and equipping them with all they require; a one-stop-shop facility," he added. The new project ties in with Palumbo's existing shipbuilding network and follows on the installation of a floating dock at the group's shipyard in Tenerife, that is specifically intended to handle important works in the field of oil and gas. "Through our site in Costanza we are also planning on entering into agreements with universities to set up a training centre for young graduates seeking to build their expertise in the sector's aspects of safety, security and engineering," Palumbo added. The company's expansion plans continue in Naples and this week Palumbo's Napoli Dry Docks entered into a €20 million joint venture with La Nuova Meccanica Navale (a company where MSC Cruises has a minority shareholding) to build a massive floating dock. Palumbo Group is projecting that once complete this floating dock, which is 250 metres long and 50 metres wide, will handle 20 to 25 vessels for ship repair a year. The group, which was started by Antonio's father in 1967 as a small carpentry offering support to the ship repair market in Naples, has grown to become the largest centre for maintenance and refitting, with a rapidly expanding network in the Mediterranean. Today the group is split into two main divisions — commercial shipbuilding and luxury yachts — and owns seven different bases, including the former Malta Drydocks. Following on from 2017's uninterrupted double-digit growth, Malta International Airport started 2018 with an upswing of 16.7% in passenger numbers. January traffic through MIA grew by more than 50,000 movements over the same comparable stretch in 2017, bringing the month to a close with 351,550 passenger movements. Moreover, a number of route developments and increased flight frequencies for the winter season, contributed to a 15.2% increase in aircraft movements and a 16.8% increase in seat capacity. On the other hand, seat load factor (SLF) decreased marginally by 1.1 PPD, and stood at 71.6% for the month of January. Outperforming Italy by just 1,450 passenger movements, the United Kingdom held on to its first place amongst Malta International Airport's top drivers of traffic for January. These two markets were followed by Germany, France, and Poland, which cumulatively accounted for over 22% of the month's total traffic. Whilst all five markets registered double-digit growth, at 82.2%, Poland's increase was by far the strongest, auguring well for the joint endeavours of Malta International Airport, the Government, and the Malta Tourism Authority (MTA) to maximise the potential presented by the Eastern European market through better connections with the region. Meanwhile, traffic results released recently by Airports Council International (ACI) show that Malta International Airport was one of the top five performers, in terms of full- year growth, amongst airports in its class, each hosting between five and 10 million passengers annually. In fact, with a growth of 17.5% over 2016, last year was MIA's fastest-growing one on record, falling in line with ACI's observation that 2017 was the best year for European airports since 2004. The same traffic report also lists Malta International Airport amongst the airports that registered an "impressive performance" between 2012 and 2017, passenger traffic during this period having increased by 65%. Peers in this list include Amsterdam-Schiphol, Dublin and Barcelona. Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way MIA amongst fastest-growing European airports in 2017 Double-digit growth trend persists in winter months, with January traffi c growing by 16.7% Palumbo's rapid expansion reaches Romania Palumbo Group, which runs Malta's shipyard in Cospicua [pictured], has just opened a new site in Romania and last week entered into a €20 million joint venture to build a massive fl oating dock in Naples (Photo: Keith Abela)