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Cruise port projects 59% revenue surge to $78m t 'VMM ZFBS BSSJWBMT GPSFDBTU SBJTFE L UP N t *OWFTUJOH N GPS CFUUFS GFSSZ HSPVOE transport t .BSDI OFX EBJMZ SFDPSE OFBS N VQ GPS A
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU Cruise Port is projecting 2025 revenues will increase by 59 percent to $78m, its top executive revealed yesterday, with passenger volumes now forecast to rise by a further 300,000 and hit 6.5m. Michael Maura, the Prince George Wharf operator’s chief executive, told Tribune Business the improved predictions show how cruise tourism is continuing to expand despite last month’s hints that the Trump administration may launch a tax crackdown on operators such as Carnival and Royal Caribbean for using non-US flagged ships.
‘No escape’ for Bahamas amid global recession fear By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN economist yesterday warned “there’s really no escape” for this nation with the global economy “on trajectory” for a recession due to the stock market and trade turmoil sparked by US policies Rupert Pinder, assistant professor of economics at the University of The Bahamas (UoB), told Tribune Business that a global economic contraction is “a real possibility” due to the uncertainty caused by Donald Trump’s trade and tariff wars with this nation’s status as a small, open and import-dependent economy leaving it especially vulnerable to the fall-out. Speaking amid rising concern over the up to $1m per port call fee that the US proposes to impose on Chinese-made ships, and the impact this could have on consumer prices, he added that the inflationary
RUPERT PINDER and cost pressures effect for The Bahamas “goes without saying”. But, with major US trading partners such as China and Canada already retaliating to Mr Trump’s tariffs with protectionist levies of their own, and others set to potentially follow, Mr Pinder told this newspaper that such actions - as well as reduced wealth from the resulting stock market turmoil and battered consumer confidence - meant fears of a global economic
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MICHAEL MAURA Disclosing that both Nassau Cruise Port and its controlling 49 percent shareholder, Global Ports Holdings, are continuing with their growth push, he added that some $2m is being invested locally to enhance both ground transportation and provide additional
ferry terminal capacity that will service Royal Caribbean’s Paradise Island beach club that is set to open to visitors in December 2025. And, with Nassau Cruise Port having set a new daily passenger record of 30,598 arrivals last week on March 11, Mr Maura told this newspaper that the projected 2.65m passenger increase above 2019’s pre-Dorian and COVID levels has to be benefiting businesses and their employees who cater to cruise visitors via increased revenues, tips and business volumes. Asserting that Nassau’s ranking as a cruise destination has also improved in passenger surveys, although further improvement is required, the cruise port chief revealed that 2025 passenger
numbers are projected to increase by almost one million or 15 percent compared to 2024 due to strong demand for this tourism segment. “In 2024, we did 5.65m passengers,” Mr Maura told Tribune Business. “In earlier discussions with you, I had been sharing we expect to to 6.2m in 2025. That number has increased to 6.5m. Obviously that’s a huge increase [of 4.8 percent]. It’s a lot of people. It’s almost one million more than the prior year. “The business is strong. Our revenues are climbing from $34m in 2023 to $49m in 2024 and to $78m in 2025. The figure for 2025 is projected.” Voicing optimism that cruise tourism, which accounted for 9.5m or 84.7
Mall at Marathon wants $358k from ex-Galleria chief’s estate By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas’ largest retail shopping mall is demanding $358,532 from the estate of the late Galleria Cinemas’ chief, and ex-deputy DNA leader, to settle an unpaid debt dating from before COVID-19 struck. The Mall at Marathon, according to legal documents obtained by Tribune Business, is alleging that Chris Mortimer defaulted on repayments due under a $409,674 loan agreement in September 2020 when the pandemic was at its peak and all his cinema and restaurant businesses were closed due to lockdowns and other health-related restrictions.
GALLERIA CINEMAS The mall, in its standard claim, says the monthly repayments never resumed prior to Mr Mortimer’s passing on June 8, 2023, at the age of 2023. As a result, it is now seeking to recover the outstanding debt from the former Galleria,
Outback Steakhouse and Bennigan’s restaurant principal’s estate. Revealing that the debt was secured by a promissory note agreement, signed and executed by both parties, the Mall at Marathon alleged: “The
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t %FNBOE PWFS VOQBJE QSF $07*% MPBO t 4BZT .PSUJNFS IBMUFE QBZNFOUT JO t /P QSPCBUF ZFU PG FY %/" EFQVUZ T FTUBUF salient terms of the promissory note are as follows. Mr Mortimer, for value received, unconditionally promised to pay the claimant [the Mall] upon demand the sum of $409,674 together with interest thereon at a rate of Prime plus 2 percent annually.” It also claims he agreed to repay the loan via monthly repayments of $8,209, which would “be applied initially to interest” and then the principal balance, plus cover legal
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Minister wanting $290m hospital ‘to move faster’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A CABINET minister says he would like New Providence’s proposed $290m hospital project “to move faster” although talks with the Chinese bank financing it are “moving in a favourable direction”. Dr Michael Darville, minister of health and wellness, declined to give Tribune Business a timeline for when ground-breaking
DR MICHAEL DARVILLE for the Perpall Tract facility will likely occur but reaffirmed that The Bahamas has been approved for a “concessional loan”
that will be offered by the China Export-Import Bank. That is the Chinese state-owned institution that also financed Baha Mar’s development. “We are in the final stages of discussions with the Export-Import Bank of China,” he confirmed to this newspaper. “I’d like it to move faster, but the discussions are progressing favourably. I’d like the discussions to come to an end shortly. I’d like to break ground on the facility and get it started, but I don’t want to talk about
a timeline until the final approval is done. “I do have money in the Budget to start land preparation, which is the responsibility of the Government. I’d like this to come to an end shortly. We are getting favourable results. I’d like to put on record that we are in communication with the China Export-Import Bank, things are moving in a favourable direction and we’d like it to be completed in the short-term
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Gov’t signs first utility-scale solar agreement for Nassau By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net THE Government yesterday signed what is expected to be the first of several utility scale solar energy power purchase agreements (PPAs) for New Providence with Madeleine Solar Power. Prime Minister Philip Davis KC said the deal is “only the beginning” and the project will increase
generation capacity at Bahamas Power & Light’s (BPL) Blue Hills power station. He added that renewable energy projects will be rolled out on the Family Islands as well, and the integration of renewables into the energy mix will create a new future that “Bahamian families and businesses no longer struggle with keeping the lights on”. “INTI’s solar project will integrate seamlessly
into the national grid, adding critical capacity right here at Blue Hills power station. Seventy mega watts (MW) of solar power is supported by 35 MW of battery storage. This system is designed to stabilise, sustain and support our growing energy demands,” said Mr Davis. “Of course, our solar expansion is bigger than New Providence. Across our Family Islands, independent power producers are laying the foundation
for a cleaner, more independent energy future. From Abaco to Andros, Eleuthera to Exuma, Long Island to San Salvador, the shift is happening with tailor-made solutions for each island.” JoBeth Coleby-Davis, minister of energy and transport, said BPL employees will be involved in the project and have the opportunity to gain new knowledge and skills
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