The new site, the fifth in Palumbo's network, occupies four areas inside the Port of Santa Cruz in the Canary Islands, Spain.

Tenerife port anchoring zone

Tenerife port anchoring zone

Palumbo Group S.p.A. recently announced the acquisition of a yard located in Tenerife. The new site, the fifth in Palumbo’s network, occupies four areas inside the Port of Santa Cruz in the Canary Islands, Spain.

This recent acquisition reinforces the presence of Palumbo Superyachts outside the Mediterranean, complementing its actual infrastructure network in Naples, Messina, Malta and Marseilles. The first three locations are focused on repair, construction, modifications, refitting and maintenance of all types of ships and cruise liners, which include Columbus Yachts, while Malta and Marseilles are highly specialized in the superyacht segment.

The map of the port (see below) shows the four location of Palumbo Superyachts Tenerife inside the port: Area DL-5, Area L2, Office, Warehouse. The company currently operates with four cranes for various tonnages (20, 50, 100, 300).

Palumnbo’s space in Area DL5 comprises 6,300sq m including a 490m dock with 12 depth. In Area L2 the company operates in a total area of 4,000sq m including a 70m dock with 8m depth.

Palumbo Superyacht Tenerife offices are spread in two levels for a total of 200sq m located in the Muelle Ribera Nord, in front of the Port Authority.

Palumbo Superyacht Tenerife occupies four areas inside the port

Palumbo Superyacht Tenerife occupies four areas inside the port

In addition, Palumbo has a 603sq m warehouse with two entrances, one giving on to the service road (inland), the other directly onto the port. The company also has an anchoring zone sheltered from the prevailing winds and currents.

Daniela Spinelli, Palumbo Group S.p.A. marketing and communication manager comments: “Our medium and long-term goals are to become the reference point in the Canaries using resources and know how of the Palumbo Group in the naval repair sector as a new and innovative logistic platform for three continents, offering a complete range of services. We will react commercially and technically to market tendencies remaining focused on quality and safety while respecting delivery dates and commitments.”

Fee trade zone
The Canary Islands Archipelago is an integral part of the EU customs territory since July 1st, 1991. Since 2001, the AAC is applied to imports from other countries. This gives the islands the possibility to introduce key economic advantages, which develop businesses located in the area.

Inside the free trade zone it is possible to produce and transform products, semifinished products and raw materials, storage, packaging and distribution of goods, without charges or indirect taxes. The purpose of the free trade zone is to reinforce international commerce.

The ZEC (Zona Especial Canaria) is a special low-tax zone, with one of the lowest rates in Europe, created in order to promote social/economic development and diversify the productive structure. Note that this situation is not part of the offshore and black-list areas, as it is recognized and authorized by the European Union.

Companies based in the ZEC can take considerable advantage of the fact that operations of inward processing (generating surplus value) cannot be limited by economic conditions because competition requirements regarding other businesses in the EU are not applied.

These operations are not subject to VAT; this will only be applied when exporting products to the EU, while exporting outside the EU is VAT exempt.

Lucia de Suñer Machado, managing director Palumbo Superyacht Tenerife adds: “The privileged geographical location of the Canary Islands makes them a magnificent platform, both logistical and commercial, able to offer technological and business services integrated in the primary shipping lanes of international commerce. The Canaries happen to be a crossroad in between Europe, America, Africa and Asia, and has recently become a strategic naval supply and repair station in the central Atlantic Ocean.”