At the annual seminar of the Mediterranean Shipping Company of the United States held in Freeport May 24, he invited investors to explore means of taking advantage of such a possibility.
Presently, Grand Bahama is the major shipping hub of The Bahamas. It is home to the Freeport Container Port which is currently undergoing a $75 million expansion to increase its capacity to handle 1.5 million TEUs (Twenty-foot Equivalent Units). Its harbour is also being deepened by 52 feet to accommodate larger vessels.
The handling capacity of the harbour is expected to further increase to 1.9 million TEUs when another extension will be conducted to create an additional 350m (1150ft) of berth space.
“Let me remind you that opportunities, equally attractive, also exist throughout our archipelago,” the Prime Minister said. “There is no reason, for example, why several of the islands in the Southeast Bahamas namely, Mayaguana and Inagua, because of the same lines as the container port facilities here in Freeport, cannot facilitate shipping through the Caribbean and into South America.”
According to Luther Smith, a Senior Executive Assistant in the Cabinet Office, given the geographical location of Inagua and Mayaguana, it is not unreasonable to assume the possibility of such developments. Especially ones that would help to facilitate more shipping to the Caribbean and South America.
“The features of these islands are ideal for it,” he said. “One, deep water comes right into the land; two, Mayaguana and Inagua are closer to Puerto Rico than they are to Nassau.
“Clearly there are synergies there which would make this possible. Even though the Prime Minister was not saying that there were active proposals, in talking with investors, it is always possible that someone may pick up and carry the idea forward.”
He said islands like Inagua are ‘ripe for the picking’ in terms of investment. In fact, Inagua has already become a station for the United States Coast Guard and the Defence Force.
Therefore, it is only a matter of time for other shipping linkages to be formed there as well.
The Bahamas is continually seeking to diversify its economy via the maritime industry and has passed legislation to promote it as a premier ship registry centre.
Evidence of this is seen in the active ship registry which is comprised of a variety of ships particularly tanker, bulk cargo, container and cruise ships.
Ship registration is different from establishing a shipping hub. A ship can be registered in the Bahamas without ever having to come into Bahamian waters.
Mr. Smith said the Government not only wants more ships registered in the country, but wants those ships to use Bahamian ports.
“Such developments in these islands could bring about a big boost in the economy,” he said. “Investors need only go through the normal process like applying for the necessary licences. The opportunity is there if they want it.”
The Bahamas is one of the world’s leading ship registry centres. This success in the maritime sector is due mainly to the focus placed on quality instead of quantity.
The Freeport Container Port in Grand Bahama has become the ideal transshipment point for cargo crossing the globe. Should Inagua and Mayaguana become additional shipping hubs, The Bahamas would experience an economic ‘shipping explosion.’
By Lisa Albury, The Nassau Guardian
