The government has granted CMA CGM an extension of its terminal concession at the Marsaxlokk Port, held through its subsidiary, Malta Freeport Terminals Ltd.

The world’s third largest container shipping company signed the agreement with the government yesterday, during a ceremony at the Auberge de Castille.

In October 2004 the company was awarded a 30-year concession to operate and develop Malta Freeport Terminals.

Since then, the group continued to develop its presence in Malta by expanding operations, increasing its investment and creating numerous jobs. CMA CGM’s evident commitment prompted the Maltese authorities to extend the company’s concession to 65 years.

The agreement was signed by Investments, Industry and IT Minister Austin Gatt and CMA CGM president J.R. Saadé, at a ceremony attended by Prime Minister Lawrence Gonzi.

This agreement marks the beginning of an ambitious expansion and modernisation programme targeting the port’s infrastructure and equipment. These developments come in response to increasing international traffic, and will enable the berthing of vessels with a capacity for more than 13,000 20-foot equivalent units (TEU).

This sizeable investment programme includes important dredging works, expansion of the yard, as well as installation of the most modern equipment. It will boost the terminal’s capacity to three million TEUs and help create 500 jobs in the years to come.

The largest shipping operator in Malta with 14 weekly services, CMA CGM will continue to operate Malta Freeport as a common user facility and bolster its transhipment activities.

This is possible since the port is strategically located at the crossroads of some of the world’s greatest shipping routes, serving Asia, the Middle East, the Aegean, Adriatic and Black Seas, along with the European continent.

CMA CGM is currently ranked as the number one shipping company in France. Operating a fleet of 377 vessels, including 101 that are company-owned, the group serves 400 ports of call around the world.

Last year it carried over seven million TEUs. With a presence on all continents and in 150 countries through its network of 600 agencies, the group employs 16,000 people, 4,200 of them in France alone.