On 18 November, Grand Harbour Marina plc published its Interim Directors’ Statement revealing continued high level of occupancy at the marina during the third quarter of 2010. The number of super-yachts visiting the marina during the first nine months of the year amounted to 152 compared to 104 super-yacht visits during the first three quarters of 2009. GHM announced that berthing revenues from pontoon berths and super-yacht visits between January and September 2010 rose by 13.2% to €1.1 million.
On the other hand, the Company has not yet managed to concluded a super-yacht berth sale despite the buoyant enquiries. Nonetheless the Directors reiterated that although progress is slow they are cautiously optimistic that discussions currently taking place will result in a positive outcome.
The Directors also stated that no final decision has as yet been taken on the tender of the 50-year concession of the Mandraki Marina in Rhodes, Greece. GHM had been selected as one of the three shortlisted bidders. Meanwhile, Grand Harbour Marina is considering a number of investment opportunities with Camper & Nicholsons Marina Investment Ltd in line with the use of proceeds outlined in the January 2010 bond prospectus.