Ancona to build larger ships

2023-11-30T21:15:00+00:00 November 30th, 2023|Ports|

The Port System Authority of the Central Adriatic Sea (ADSP) has signed an agreement with Fincantieri to develop the port of Ancona.

Signed by Fincantieri’s CEO and Managing Director, Pierroberto Folgiero and ADSP President, Vincenzo Garofalo, the agreement is aimed at developing the port’s current infrastructure – construction piers, drydock, technological and lifting facilities.

Also part of the agreement is to allow Ancona to build larger ships, both in the cruise and merchant sectors.

At a value of €80 mill, of which €40 mill is publicly funded, €20 will be earmarked for the building of a new construction facility and €20 for the extension of the drydock, including the securing of the breakwater.

The remaining €40 mill will come from a private investment by Fincantieri, as part of a plan for a new Italian state concession for the next 40 years and will concern the development of Ancona’s shipbuilding activities.

This agreement follows a 2018 Memorandum of Understanding (MoU) for infrastructure investments aimed at the development of shipbuilding in Ancona signed by the Italian Ministry of Infrastructure and Transport and the Authority, plus the subsequent ministerial decree by which the public financing of €40 mill was approved.

Garofalo, said:” (This is) An agreement and an investment that will have a strong impact on the future development prospects of the port of Ancona, with positive economic and social repercussions on the city and the region.

“Fincantieri, one of the port’s primary operators, has thus reaffirmed its confidence in the possibilities of growth and development of the facility in Ancona and the entire port infrastructure,” he said.

Fincantieri’s Folgiero, added:”With the development of the port of Ancona we’re moving into the future with ambition and innovation. This agreement underscores our ability to invest in the Italian system and to create value for the region and the entire shipbuilding sector.

“It’s an important step: to make things happen resources aren’t enough, you have to actually put them on the ground,” he said.

Meanwhile, Fincantieri has reported a 60% rise in EBITDA for the first nine months of this year to €276 mill, compared to the same period of 2022, giving a margin of 5.1%.

Revenues were €5,383 mill, a rise of 4.5% on last year’s nine-month figure. However, Fincantieri reported a negative net financial position of €2,705 mill, which was in line with the 2023 outlook.

The shipbuilder had 26 ships on its orderbook with deliveries up to 2030 worth around €22.2 bill. This year’s order intake was €4 bill, versus €3.3 bill in the first nine months of last year.

The Group also had access to €800 mill sustainability linked finance, which is 70% guaranteed by SACE and also claimed that its 2023-2027 Business Plan was well on track.