business@tribunemedia.net
WEDNESDAY, JUNE 18, 2025
$5.39 $4.75
$5.40
$5.39
$5.48
‘Take advantage’ of Bahamas largest-ever $1.067bn bond By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas must "take advantage" of the momentum generated by the launch of its largest-ever $1.067bn foreign currency bond issue to global investors, a well-known businessman urged yesterday. Sir Franklyn Wilson, the Arawak Homes and Sunshine Holdings chairman, told Tribune Business that this nation's sovereign debt finance raise is "a
t 4JS 'SBOLMZO /BUJPO PO AUSFNFOEPVT USBKFDUPSZ t 1SPDFFET UP GVOE N JOWFTUPS SFmOBODF t N CBMBODF GPS /BUJPOBM *OWFTUNFOU 'VOE
significant event for the country" given that it will gauge capital markets confidence in the credibility and integrity of the Davis administration's fiscal and economic revival strategy. While conceding that The Bahamas is "not out of the woods" from a long-term perspective, he added that the $1.067bn issue's successful placement as part of a strategy to refinance existing US dollar bonds series may also cause naysayers to view the Prime Minister's projected $75.5m Budget
surplus for the 2025-2026 fiscal year with "less sceptical eyes". Sir Franklyn spoke out after International Financing Review confirmed that The Bahamas had launched a new sovereign bond, priced with an interest coupon of between 8.25 percent and 8.375 percent, into the global markets. The $1.067bn issue's principal will mature in 11 years' time in 2026, meaning that this is the date when the Government will either have to refinance or pay investors their monies.
SEE PAGE B2
Bahamian and foreign Frequent flyer concessions brokers split over ‘unlikely’ to aid private pilots yacht charter reform t -PDBM TPMJDJUBUJPO FYDMVTJWJUZ IBJMFE BT AMPOH UJNF DPNJOH t 1PSU DIJFG $IBOHFT HJWF #BIBNJBOT AB QJFDF PG UIF QJF t #VU DPVOUFSQBSUT XBSO AIVOESFET PG DIBSUFST JO EBOHFS By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net BAHAMIAN brokers and their foreign counterparts were yesterday divided over proposed legal reforms that end the ban on soliciting yacht charters in this nation by giving locals exclusivity in this business. While Bahamian professionals have hailed the Boat Registration (Amendment) Bill’s reforms as “a great opportunity for Bahamians” that “has been a long time coming”, overseas yacht owners and charter managers are warning that the changes “jeopardise hundreds of charter agreements already booked through 2026” and threaten to “significantly disrupt” the sector to this nation’s economic detriment. Lieutenant Commander Berne Wright, the Port Department’s controller, told a Friday seminar organised by his agency with maritime industry stakeholders that the Bill’s reforms were designed to give Bahamian yacht brokers “a piece of the pie” in a lucrative industry by eliminating the existing
mandate that all charters must originate from outside The Bahamas come July 1. The Bill, if passed as is by Parliament, will insert a new section 4A into the existing Boat Registration Act to give Bahamian yacht brokers/agents exclusivity, or a monopoly, on soliciting charters when the subject vessel is in Bahamian waters. Those soliciting the charters must be either a Bahamian citizen, or company, approved by the Port Department and possessing an active Business Licence. However, a position paper issued to the Government by the recently-formed Bahamas Charter Yacht Owners and Managers Association, warns that the Bill as written threatens to deprive this nation of “millions of tourism dollars” by driving “term charter operators” and their vessels from this market. Tribune Business was told that “a lot of vessels” used in foreign-flagged charters are typically in Bahamian waters for nine months or more per year. They added
SEE PAGE B4
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
THE Government’s bid to ease entry costs for private aviation through the new frequent digital cruising card (FDCC) was yesterday deemed “unlikely” to attract increased business or generate pilot value. CST Flight Services, which provides flight coordination and trip support services to the general aviation industry, told pilots in a website posting that the $2,000 permit, which is valid for two years and exempts pilots from having to pay the Customs processing fee and departure taxes for up to five passengers, will likely only
benefit homeowners who are frequent visitors to The Bahamas, CST, whose director is Bahamas flying ambassador, Rick Gardner, said that for the FDCC card’s $150 Customs processing fee saving and $29 departure tax exemption for one passenger to make economic sense, a private pilot would have to make 11.2 trips over the two-year period to break even. And, with the departure tax savings peaking at $145 per trip, it added that a plane with the maximum five passengers would have to make almost seven trips over those two years to recoup the permit’s $2,000 costs. Those planes carrying two, three and four passengers would have to
make 9.6, 8.4 and 7.5 trips respectively. The FDCC, which was unveiled as part of reforms to the Customs Management (Amendment) Regulations 2025, takes effect on July 1, 2025, and applies only to ‘propeller driven’ aircraft. “There is no mention of the number of propellers nor whether the aircraft must be reciprocating or gas turbine powered,” CTS told pilots and its clients. “The FDCC will be ‘linked’ to the aircraft registration number and will exempt the operator from having to pay the Bahamas Customs Processing fee and passenger departure tax up to five passengers. Bahamas Customs law does not exempt the pilots of pleasure aircraft from
SIR FRANKLYN WILSON
PHILIP DAVIS KC the departure tax, so they are considered as passengers for this tax. “However, every sixth passenger, and each passenger thereafter, will have to pay a fee of $50 (versus the normal $29 departure tax).” Predicting the likely impact, CTS said: “If you are a first-time traveller to The Bahamas, there is probably little value to you to obtain an FDCC. “Depending on the number of people on board your aircraft, and the number of times you will fly to The Bahamas during the two-year validity of the FDCC, you will need to exceed a certain number of trips to make the FDCC an economically practical option for you..... “It is important to note that the FDCC does not exempt you from landing fees, terminal fees, parking fees, tourism tax, FBO fees, air navigation fees and any other fee assessed on a private aircraft by
SEE PAGE B5
Minister slams liquor store Mailboat operator expansion as ‘exploitation’ hits out following criticism
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET minister yesterday branded the explosive growth of liquor stores in inner-city and Over-the-Hill communities as “exploitation”; Keith Bell, minister of housing and urban renewal, addressing the House of Assembly during the 2025-2026 Budget debate said the Business Licence (Amendment) Bill 2025 requires new liquor licence and renewal applications to undergo a public consultation. He added that it is important to balance commercial freedom with community well-being “The unchecked clustering of liquor outlets in vulnerable communities is not economic development; it is exploitation. We must strike a more responsible balance between commercial freedom and community wellness, and this legislation seeks to do just that,” said Mr Bell. “The Urban Renewal Authority has received dozens upon dozens of complaints from concerned citizens about the unchecked proliferation of liquor stores in their communities. Many of these establishments operate without regard for community standards, and have become magnets for loitering and vice activity.” Mr Bell said a survey revealed there are 32 liquor stores on a 3.89 mile section of East Street, and 16 liquor stores on a 2.45 mile section of Wulff Road. He added that the “over-saturation” of liquor stores has led to safety concerns and traffic congestion. “Many of these establishments are operating with inadequate parking, causing congestion and
By ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
safety concerns. Alarmingly, a number of them are also selling liquor through take-out windows, and at least one features a drivethrough window effectively turning the sale of alcohol into a fast-food-style transaction with minimal oversight or accountability,” said Mr Bell. “This is not economic empowerment — this is over-saturation. Too many liquor outlets are operating without regard for the safety, order or dignity of the communities they serve.” Mr Bell said the amendments will allow residents, school boards, churches and civic groups to object to the renewal of all liquor licences through public consultations. “Unlike the 2010 reforms, the public will have a formal and meaningful voice in the approval of liquor establishments. Under the amendments to the Business Licence Act, any person applying for a new liquor licence must submit a registration application at least 90 days in advance, triggering a process of public consultation,” said Mr Bell. “The secretary is required to publish a public notice, whether
A MAILBOAT operator yesterday urged the Government to focus on addressing the run-down state of Potter’s Cay Dock amid complaints that the sector is “price gouging” and offering poor service. Jed Munroe, the Island Link mailboat operator, and a member of the Mailboat association, pushed back while confirming he has heard the same allegations. JoBeth Coleby-Davis, minister of energy and transport, had on Monday told the House of Assembly that her ministry “will complete a review of mailboat services which will entail a review of routes, finances, dockside services, freight logistics and freight services” after receiving complaints of “infrequent service, price gouging and damage or loss of goods”. She added: “The bulk of the ministry’s recurrent expenditure allocation is largely assigned to support subsidy payments to support the mailboat service. The mailboat service is for the essential benefit of each island and the Bahamian people. The subsidy is not for profit. “Several Family Islands have reached out to the ministry to report some concerns with mailboat operators, which are actively being addressed. The concerns pertain to infrequent service, price gouging and damage or loss of goods. These concerns are being investigated and the necessary actions taken. “During the upcoming Budget period, the ministry will complete a review of mailboat services which will entail a review of routes, finances, dockside services, freight logistics and freight services. The ministry is looking forward to fostering a greater relationship with the Mailboat Association to allow for a better understanding of the roles each agency plays in the mailboat operations, and to provide a better understanding of what
SEE PAGE B2
SEE PAGE B4
KEITH BELL