Palumbo Group has announced the acquisition of a fifth shipyard, located in Tenerife. This latest addition to the Palumbo Group portfolio complements the Mediterranean infrastructure that the Italian group already has in place and marks a milestone for Palumbo Superyachts expanding its services beyond of the Mediterranean.
Tenerife falls with the Zona Especial Canaria (ZEC), a special low tax zone that allows the Canary Islands to boast one of the lowest tax rates in Europe. The ZEC was implemented and authorised by the European Union in or to encourage economic development across the Canary Islands.
The below map of the port shows four arrows that indicate the location of Palumbo Superyachts Tenerife inside the Port of Santa Cruz: Area DL-5, Area L2, Office, Warehouse. Area DL5 has a total area of 6,300sqm and a dock 490m in length, Area L2 has an area of 4,000sqm and a 70m dock. The warehouse is 603sqm and there is also an anchoring zone sheltered from the islands prevailing winds and currents.
Palumbo shipyard, Tenerife
Palumbo intends to invest heavily in the new shipyard, having reportedly spent around €5 million to date, and the investment is set to increase if Palumbo continues with its plan to build a new floating dock. While the shipyards primary focus will be catering for larger commercial markets, it will also cater for superyachts passing through the region.
“As the Tenerife yard has only opened this year we are expecting for business to pick up around September-October, when superyachts begin to transit to the Caribbean,” explains Francesco du Vuono, Palumbo Group’s general manager.