Austin gatt hails Freeport’s success story after privatisation

The Ministry for Infrastructure, Transport and Communications has expressed satisfaction at the Freeport agreement with Maersk Line for Maersk to use Malta Freeport as its hub for the central Mediterranean region.

The contract is expected to generate significant volumes and secure the employment prospects of the 1,200 personnel, including port workers, gainfully employed by Malta Freeport Terminals Limited.

“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 6 years ago,” minister Austin GAtt said.

Since privatisation, Malta Freeport Terminals Limited has invested €175 million in both infrastructure and equipment.The services provided by Maersk 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 Malta Freeport Corporation has received a request from CMA-CGM seeking consent with respect to the transfer of 50% 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 USD 500 million in redeemable bonds issued by CMA-CGM, giving them access to 20% of CMA-CGM.

This request is being evaluated by Malta Freeport Corporation prior to making a recommendation to government.