Palumbo Superyachts Refit’s Mondomarine bid challenged by Monaco Marine

Palumbo Superyachts Refit has been reportedly granted provisional long-term use of the contentious Mondomarine yard in Savona, but Monaco Marine has lodged an appeal against the decision.

Palumbo Superyachts Refit and its parent company Palumbo Group currently has a temporary lease of the site, which is due to expire on the 30^th June. The local Port Authority has – according to local Italian newspapers – approved the lease extension on a long-term basis.

Monaco Marine’s appeal, challenging the approval given to Palumbo Group, is yet to be detailed.

In December 2017, Palumbo was given its current six-month lease, and at the time the group hinted at a desire to use the site on a permanent basis. Monaco Marine filed an appeal on Palumbo’s right to use the land in January with the administrative regional court, according to La Stampa and Savona News. Now the two companies are in dispute once more as the original lease deadline approaches.

The Port Authority, which ultimately owns the disputed land, is also looking at a looming expiration – the 30-year land concession given to the Authority in 1987 ended on 31^st December 2017, but its president signed a four-year extension just days before the deadline.

Monaco Marine’s January lawsuit was reportedly spurred on by this extension, given that it arrived after Palumbo’s six-month lease was approved. The company reportedly made its own outright bid for Mondomarine in January – after the bidding process had officially ended. Monaco Marine’s bid was reportedly withdrawn, along with its initial lawsuit, in March.

Mondomarine’s sister company – the prestigious Italian brand Cantieri di Pisa – has also been subject to a bid, although not by Palumbo; Finnish yard Baltic Yachts has reportedly made a concrete offer for the famed builders.

For more information, visit Palumbo Superyachts Refit.