Malta Maritime Hub (MMH) is preparing for a third straight year reporting a loss before tax, with the forecast for 2023 showing a loss of €611,000. This marks a marked improvement over the €1.76 million and €1.65 million losses respectively registered in 2021 and 2022.

The company posted a €676,000 profit before tax in 2020.

As per its financial analysis for 2023,  the €17.17 million in revenue the MMH brought in during 2022 is expected to shrink to €14.82 million, comparable to the €14.87 million and €14.03 million it generated in 2020 and 2021, respectively.

The group’s portfolio of services is targeted at the oil industry and its related operators in the Mediterranean region and West Africa, as well as the supply of personnel to operators in Las Palmas, Brazil, Angola, and Nigeria.

A relatively new line of business is the provision of services to the yachting industry, with two new travel lifts installed in the Hub in 2019, and the Group notes that the revenue stream has “historically exceeded expected income and have shown persistent growth throughout”.

The company notes that higher oil prices are driving interest in exploration and production projects, and expects such projects to materialise around the end of 2023 and in 2024.

In the commercial marine support activities sector, MMH reported “a shift” in activity “from 2021's COVID recovery and decommissioning of vessels, to 2022's increased activity in the energy sector, resulting in an increased demand for offshore supply vessels, which were scarce on the market.”

Investment in the Hub’s premises in Marsa remains ongoing, with total investment reaching €38.6 million since it acquired a lease on the site.

As reported earlier this year, the company’s major shareholder, Paul Abela, is in talks with Virtu Holdings and LTV Group – the latter being connecting to the Francis Busuttil & Sons Group – for the eventual transfer of a 70 per cent shareholding in the group.

“Binding definitive documentation” related to the deal needs to be entered into by not later than 30th June 2023.