Nassau Cruise Port Ltd., a partnership formed to manage the port facilities, completed the first of several planned capital raisings to finance the redevelopment of the cruise port on New Providence Island in the Bahamas. The goal of the project is to enhance the passenger experience and increase business opportunities for Bahamians.
The first of the offerings, a private bond, was oversubscribed raising over $130 million that will fund the initial phases of the redevelopment. Nassau Cruise Port also intends to launch an initial public offering and offer additional debt to finance the construction of the new port facilities.
One of the busiest ports for cruise ships, Nassau welcomed nearly three million cruise ship passengers in 2019, better than a 10 percent increase over the prior year. The proximity of the Bahamas to South Florida permits the cruise lines to maintain one of the cruise industry’s most historic itineraries of 3- and 4-day cruises with a visit to Nassau as well as the port being a frequent stop on longer Caribbean cruises.
Tourism, and specifically the cruise industry, is a vital part of the local economy. A 2018 economic impact assessment conducted by KPMG concluded that the port redevelopment project would have a $300 million impact on the Bahamian economy during the development phase and a $15.7 billion contribution over the 25-year concession period granted to Nassau Cruise Port.
Mike Maura, Jr., CEO of Nassau Cruise Port, expressed his appreciation for the support and confidence of so many investors and stakeholders during these difficult times. He noted that the construction and other requirements of the project will produce much-needed jobs and support the creation of small and medium-sized businesses on the island. The project is also expected to serve as a catalyst for the wider development of the downtown area.
The first phase of the redevelopment project, which is already underway, involves the demolition of the current buildings in the port area. The next phase is expected to begin within the next 60 days and includes work to expand the berthing capacity of the port and upgrades to the existing infrastructure.
The final phase of the project involves the construction of new facilities for the port, passengers, and retail businesses. This will include new a passenger terminal and plaza, a museum, retail marketplace, amphitheater, and other food and beverage and entertainment spaces. It will also better integrate the port into Bay Street, the main thoroughfare running along the waterfront in Nassau.
Nassau Cruise Port began operations in October 2019 as part of a consortium comprising Global Ports Holding, the Bahamas Investment Fund, and the Yes Foundation.
A massive fire broke out at the Port of Beirut on Thursday, incinerating a warehouse full of tires and oil within the port’s free zone. The same area was heavily damaged in the ammonium nitrate explosion that leveled the central port area and the adjacent waterfront on August 4. According to Lebanon’s civil defense agency, […]
Over the course of the past five days, the Australian Maritime Safety Authority arranged a medical intervention for an injured aboard a freighter in the Indian Ocean. On Saturday evening, the Spliethoff tweendecker Dolfijngracht called for assistance while under way about 1,000 nauical miles off the coast of Western Australia. A crewmember had sustained serious […]
The UK government’s new post-Brexit tariff regime will result in both winners and losers. The new regime is set to replace the European Union’s Common External Tariff from the end of the Brexit Transition Period on December 31, 2020. The UK’s commitment to the ongoing Brexit process and ending the UK’s transition from EU membership […]
The U-Freight Group (UFL), with its considerable involvement in eCommerce logistics, says that the latest statistics showing that global e-commerce sales hit $25.6 trillion in 2018 are a further vindication of its decision to enter this sector of the international freight market several years ago. The latest available estimates, up 8% from 2017, were recently […]
The First DP2, Twin-Hulled SOV in the World, NB72 Groene Wind met the Sea on September 29. 2020 in Yalova, Turkey. The Groene Wind will be directly chartered to Siemens Gamesa Renewable Energy for the maintenance of the Rentel and Mermaid & Seastar (known as SeaMade) offshore wind farms in Belgium. This is the first DP2, […]
DSV Belgium has solid experience in the transport of pharmaceutical products for different customers. With a pharma hub based at Brussels Airport a lot of experience and know-how has been built up over the years. Last weekend, the forwarder handled one hundred million mouth masks, an important milestone for its Belgian organisation that has put […]
Astral Aviation has increased its intra-African network with cargo freighters during the pandemic. While there has been a reduction in capacity to, from, and within Africa, which has been caused by a stoppage of passenger flights and limited frequencies on freighter aircraft, Astral Aviation continues to operate cargo freighters from its Nairobi hub to 13 destinations […]
The naval forces of the US and Bahrain recently staged a joint force training exercise which showcased the interoperability between coalition warships operating I the Arabian Gulf. Coalition Task Force Sentinel executed combined exercise Sentinel Shield supporting Sentry and Sentinel patrols in the coalition’s area of operations. The guided-missile destroyer USS John Paul Jones and […]
Emirates SkyCargo has expanded its weekly scheduled cargo flight operations to cover 75 destinations across six continents. Through its wider reach, Emirates SkyCargo is able to transport essential commodities and other urgently needed cargo more rapidly across the world, allowing exporters and importers across markets to benefit from direct access to widebody cargo capacity. Some […]
With close to 100 daily cargo flights operated to a destination network spanning more than 65 cities across six continents, Emirates SkyCargo is delivering essential supplies and commodities to people around the world. The air cargo carrier is currently operating 11 Boeing 777 freighter aircraft, each with a capacity to transport about 100 tonnes of […]
Best known as a leading passenger airport serving Germany’s most populated federal state North Rhine-Westphalia, Düsseldorf has become transformed into a vital distribution point, during the COVID 19 pandemic, for medical equipment and other life-saving goods, mostly from China. Gerton Hulsman, managing director of cargo operations, reports that the handling teams are working hard to […]
The National Transportation Safety Board (NTSB) has released a Marine Accident Brief about an accident that occurred on April 15, 2019, involving the towing vessel DeJeanne Maria which struck the end of a submerged dredge pipeline while pushing two spud barges to the Gulf of Mexico. The incident occurred on the Mississippi River in Pass […]
Operators can continue to use pilots and other crew members who have unable to comply with certain training, recent experience, testing, and checking requirements due to the COVID-19 outbreak in support of essential operations. Additionally, this Special Federal Aviation Regulation (SFAR) provides regulatory relief to certain persons and pilot schools unable to meet duration and […]
Global commercial aviation charter company Albion Aviation Group is reporting that it is seeing a considerable uptake in its professional cargo broker training courses from the current global pandemic crisis and surge in charter demand. “We have completed a number webinar courses for a whole of host of companies, looking to manage their own cargo […]
Callan Marine is serving as the prime contractor to the Texas Department of Transportation for a maintenance dredging project located at the Bolivar Ferry Terminal, in Galveston, Texas. Work began in May and is estimated to be complete in late July 2020. The project consists of the removal of 600,000 cubic yards of material and […]
Network Airline Management and TAAG Angola Airlines are pleased to announce the renewal of their long-term freighter aircraft contract by an additional 12 months, sealing an ongoing partnership for the foreseeable future. Operating a regular weekly scheduled service from Liege, Belgium, to the capital of Angola, Luanda, Network Airline Management provides a Boeing 747-400F aircraft […]