Grand Harbour Marina plc - Interim Directors’ Statement

On 5 May, Grand Harbour Marina plc issued its interim Directors’ statement covering the first quarter of 2009. During the first three months of the year, the Directors explained that the Company continued to experience high levels of occupancy throughout the marina. In fact, pontoon berths are fully occupied whilst super-yacht berths recorded the most successful winter as most of the berths were occupied. GHM also reported that it has already received bookings by super-yachts to berth in Malta during the next winter.

The Directors also stated that enquiries for long-term berth sales remained strong. However, due to the current international economic climate, owners are still being cautious in committing themselves. Nonetheless, the Board is optimistic that the reviewed payment mechanisms will show their value in time.

In its announcement, GHM confirmed its interest in bidding in the Government’s privatization programme following last week’s report on the Development of Yachting Facilities in Malta published by the Malta Maritime Authority (MMA) and the announcements by Government in respect of its marina privatization programme. The MMA issued a list of proposed sites for the setting up of permanent and temporary yacht marinas to cater for the excess demand in this industry. Moreover Stanley Portelli, CEO of the MMA, said that Dock 1 in Grand Harbour would be turned into a temporary marina for this summer, and would be able to accommodate 62 yachts.

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