The Malta Freeport, as reported on the front page, has invested €24.5 million in four new state of the art cranes, in fact they are some of the largest available.

The new cranes, it has been explained, will allow the Freeport to service and unload the latest breed of container ships at a brisk pace. There will come a time when most, if not all ships will actually require the super post-Panamax quayside cranes (as they are called).

But at present, the older cranes (progress waits for no soul), can still operate. This is good forward thinking and has been in the pipeline for some time as the quayside was earmarked for extension to accommodate the new machines quite some time ago.

What is also good to hear is that the Freeport management managed to retain the same business which it attracted in 2008. This has to be taken into context. Many ports around the world are feeling the pinch and the biting recession is likely to worsen performance across the board. In fact, competitor transhipment ports registered a drop in throughput levels of about 20 per cent.

Not so for the Malta Freeport. As already mentioned, it has retained last year’s business and managed to maintain the same traffic volume as last year in the first half of 2009. Traffic volume throughout the rest of the year is expected to be similar to last year’s, or slightly less.

Since its privatisation in October 2004, productivity at the Freeport has nearly doubled, and container handling increased by 60 per cent. The company also employed 254 new people in the last five years, and its workforce now stands at 1,237 – impressive figures indeed.

There are two schools of thought in expanding business during a recession. Some believe that cost cutting and restructuring is the way to do it. Others (especially those who are still doing relatively well) believe that it is the time to spend and this seems to be the case for the Freeport.

It is expected to sustain its expansion programme to further raise performance levels, and it aims to exceed the three million container mark by 2011 (it reached the 2.33 million mark last year).

The new cranes will not only allow the Freeport the facility to unload certain cargo ships that require this new machinery, but will also allow it to increase workload capacity and efficiency in unloading other vessels.

This is certainly forward thinking and will allow the Freeport, which already enjoys a good reputation with cargo operators to consider increasing their operations to and from Malta as a transit point.

It is good to see that in a time of international recession and slowdown of general trade, a company which is based in Malta is not only holding its head above water, but is actually investing and increasing its operations which should boost investor confidence.

While we are sure that the Freeport will not rest on its laurels, one would have to warn against complacency. In a market as volatile as that of today, all players, whether small or large, must keep focused on new developments which will allow them to prosper and grow further, as is the case in point.