nassau cruise port investment

Nassau Cruise Port

A transformational project for the city of nassau, offering closed december 17th, 2021, investing in our future, nassau cruise port ltd. will transform prince george wharf, the cruising gateway of nassau, bahamas, into a modern, world-class, authentically bahamian waterfront destination. it is anticipated that this expanded and revitalized port, with the capacity to welcome over 33,000 passengers to our shores daily, will generate an estimated $16 billion for the bahamian economy over 25 years..

The newly redeveloped $300 million waterfront will display and promote the very best of The Bahamas through art, events, restaurants, retail, and other specially designed experiences that will attract new visitors and help our returning guests make unforgettable new memories of our cherished city. The port will become a dynamic cultural center unlike any we have seen before, which will increase annual incremental spending in and around the downtown core by an estimated $400 million, boost our stopover visitor numbers, and support our national vision for cultural and heritage tourism.

This significant, much-needed economic boost will create endless opportunity by increasing the economic boost to Bahamians through the tourism value chain and through increased visitor numbers including:

• Thousands of Bahamians currently employed in the tourism sector
• Bahamians who own tourism-related businesses (restaurants, tour excursions, retail stores, AirBNBs, museums, art galleries, and more)
• Creative entrepreneurs who seek to make their mark in the industry.

The Nassau Cruise Port Ltd. team has engaged many local businesses in the redevelopment effort and will continue to use this participatory approach to ensure that the new port delivers extensive benefits to our entire community including:

• Passenger increase from 3.8 million to 5.2 million per year
• Encourage Stopover Visitors and Residents to Shop Downtown
• Clean, Modern Port Facility
• Enhanced Security with three On-Site Police Stations
• Improved, Authentically Bahamian Retail Spaces
• Junkanoo Museum
• Amphitheater
• Restaurants
• Green Space
• Marketing and Promotional Support
• Training and Business Development Opportunities
• Bay Street and Destination Revitalization

Your participation in this historic offering will support the revitalization of our beloved downtown Nassau into a celebrated, internationally-renowned port of call that will excite visitors and instill a renewed sense of pride within our community. By investing in our cruise port, you are demonstrating your belief in our ability and our capacity for progress and change which will benefit generations of Bahamians.

T he new Nassau Cruise Port will be completed by Summer 2022. For more about the day-to-day activities of Nassau Cruise Port Ltd., visit www.nassaucruiseport.com or follow @NassauCruisePort on Facebook  and  Instagram .

Nassau cruise port ltd. equity offering, through its initial public offering via the bahamas investment fund, nassau cruise port ltd. (ncp) successfully raised $25 million which represents a collective 49% stake in the company. the offering targeted small retail investors, ensuring broad-based participation..

Another forty-nine percent of NCP is held by Global Ports Holding, the world’s largest independent cruise port operator, and  the remaining two percent will be used to establish the YES Foundation – a non-profit charitable venture that will support the advancement of Bahamians in youth, education, and sports-related programs. 

Frequently Asked Questions

Here are questions that we have received about the Nassau Cruise Port initial public offering and the Bahamas Investment Fund. If you have a question that is not answered here, please send it to us at [email protected] .

Nassau Cruise Port Limited is owned 49% by Global Ports Holding Plc, 49% by Bahamas Investment Fund and 2% by the YES Foundation. Hence, shareholders will be investing in the Bahamas Investment Fund. As such, investors in the fund will vote on fund specific issues while the Director’s of the fund will vote at the NCP level.

Nassau Cruise Port Limited is owned 49% by Global Port Holdings Plc, 49% by Bahamas Investment Fund and 2% by the YES Foundation. Hence, shareholders will be investing in the Bahamas Investment Fund. As such, investors in the fund will vote on fund specific issues while the Director’s of the fund will vote at the NCP level.

The amount of the equity offering will be $25 million which will be matched by Global Ports Holding. Of this sum, up to $10 million will be reserved for the deferred payment program.

Shares will be priced at $5 each. The minimum initial investment 200 shares, which means that you must invest at least $1,000 to participate in the Bahamas Investment Fund offering. The minimum increment thereafter is 100 shares or $500.

Eligible investors must be:

• a natural person; and
• over the age of 18 years old; and
• a Bahamian citizen or permanent resident with an unrestricted right to work; and not acting as nominee for any other person that is not a Bahamian citizen or permanent resident with an unrestricted right to work.

If a Corporation:

• the applicant is established under the laws of The Bahamas and is a resident for exchange control purposes; and
• the applicant is wholly owned by individuals who are citizens of The Bahamas or permanent residents with the unrestricted right to work; and
• all necessary corporate actions have been taken to authorize the purchase of the Class B Shares; and
• the applicant is not applying for the Class B Shares as nominee for any other person, corporation, trust or fund that would not be an Eligible Investor.

If a Trust or Pension Fund:

• the beneficiaries of the trust or fund are citizens of The Bahamas or permanent residents with the unrestricted right to work; and
• the applicant is resident for exchange control purposes; and
• the trustees of the trust and managers of the fund represent that they have the necessary power and all requisite actions have been taken to enable them to effect the purchase of the Class B Shares; and

Individual Investors

• Certified copies of two forms of valid government issued identification (passport, driver’s license, NIB card)
• Certified copy of current proof of address (copy of utility bill, bank statement, voters card)
• Approved salary deduction form (individuals under deferral program only)
• Proof of transfer payment to CFAL’s account below.

Corporate Investors

• Certified or Notarized copy of the entity’s formation document (Certificate of Incorporation, Memorandum & Articles of Association, trust agreement, etc.)
• Certified or Notarized copy of list of authorized signatories
• Register of Listing of Directors
• Verification of identification for each Director (Certified or Notarized copy of Passport)
• Proof of address for each Director (Certified or Notarized copy of utility bill, bank statement or voter’s card)
• Proof of transfer payment to CFAL’s account

Below is a short list of individuals who can certify documents:  

• Licensed Public accountants
• Employee of the financial institution at which the service is being requested
• Senior civil servants, including law enforcement officers
• Justice of the peace or notary public
• Minister or Priest
• Counsel & Attorney at law

Applications under 10,000 shares do not need certified documents. Applications exceeding 10,000 shares will be rejected without certified documents and will need to be resubmitted.

Please retain:

• A copy of the application form/registration confirmation
• A record of the transfer of funds
• Your application number

If the application is being submitted on a joint basis, then an individual can have multiple subscriptions submitted.

The deferral program will be for subscriptions of $1,000. To qualify for a deferred Bahamas Investment Fund Subscription, individuals must work for The Bahamas government or a public corporation that can have payment submitted via the Public Treasury.

Individual investors will make 10 equal payments of $100 beginning January 2022 through October 2022. Upon completion of the final payment, investors will receive an official confirmation of their holdings.

After the failure to pay three consecutive payments, an investor’s subscription will be deemed default with shares forfeited. Funds will be refunded without any interest within 28 days of the subscriptions being deemed default.

No partial subscriptions will be accepted.

CFAL’s deduction code for the Public Treasury is 2198.

Applicants must be over 18 years old.

No. All applications, forms, payments, and required information must be received through our online portal on the website.

Yes. The transfer details should clearly state the name of the individual applying.

Returns will ultimately depend upon the success of the Nassau Cruise Port and projections outlined in the offering memorandum may not materialize as projected. Investors will earn returns via dividend payments and NAV appreciation.

The company expects dividend payments to begin in 2025.

For a period of 1 year after 31 December, 2021 the Shareholders will not be able to transfer, sell, pledge, grant any option to purchase, otherwise dispose of, any Shares in the Fund and for a period of 3 years after 31 December, 2021, the Shareholders will not be able to redeem any Shares in the Fund.

Shareholders will have the right to redeem all or a portion of their Class A Shares on any Valuation Date and at such other times, with the consent of, and upon such terms of payment as may be approved by, the Board.

Minimum Redemption Amount

Each redemption will be subject to a minimum redemption number of 100 shares, and no partial redemption will be permitted if a Shareholder’s remaining Class A Shares would be less than 100 shares, provided that such requirements may be waived or amended with respect to any Shareholder by the Board, in its sole discretion.

Payment of Redemptions

When a Shareholder makes a request for redemption of its Class A Shares or its Class B Shares, as applicable, the Fund will endeavor to pay the entirety of the redemption price for the redeemed Investor Shares within thirty (30) calendar days following the applicable Redemption Date.

The fund will have an annual NAV calculated on March 31 of each year. After the lockup period, investors will be able to redeem at this prevailing NAV.

The NAV will reflect the net asset value of the fund on an annual basis. Directors, along with the Investment Manager, will determine appropriate valuation methods for The Nassau Cruise Port shares which are owned by BIF. Directors intend to use the book value of BIF’s ownership stake in NCP as a base case for the value of the shares. This means that the NAV will reflect movements in NCP’s equity and primarily be driven by the performance of the company.

No. The directors of the fund will attend the board meeting of Nassau Cruise Port and vote on behalf of the fund.

Updates on Bahamas Investment Fund investment opportunities will be available on the website of the fund.

• Redevelopment of the Port that will create recreational, entertainment, shopping and food & beverages spaces, and extend berthing capacity of the Port and create a new inner harbor for the transfer of cruise passengers by water,
• Development, Design & Engineering and Inspection of the Project,
• Ancillary community contributions to support Bahamian ownership in the Project and assist local entrepreneurs and merchants to further develop their business that are committed under the Port Operation and Lease Agreement.

The design and engineering works both for marine and landside have already begun. The construction commenced in March 2020 and is targeted to be completed by Q3 2022. NCP will continue its operations without interruption during construction.

• Strategic National Infrastructure Asset – Nassau Cruise Port is essential to The Bahamas’ economy and benefits from the strong support of the government,
• Long-term cruise industry growth – One hundred and thirteen new cruise vessels are on order with a total passenger capacity of 232,172 scheduled for delivery through 2027; the cruise industry is also highly resilient, with a proven track record for quick recovery from recessions and other shocks.
• Experienced port operator – Global Ports Holding, as sponsor and lead responsible for the operations of NCP, is the world’s largest independent cruise port operator.
• Attractive Caribbean cruise market – The Caribbean is the most popular cruise destination in the world.
• Geographical Location – The Bahamas is one of the closest markets to the U.S., making it very attractive to cruise lines in both 3–4-day short cruises, and longer ones as an essential part of their itineraries from Florida homeports.
• Open access regime – This will enable growth from all cruise lines parallel to the increase in berthing capacity.

At least 80% of the labour required to complete the construction of the new port will be provided by Bahamians. Between 2020 and 2022, this project will create nearly 1,000 new jobs and will have a cumulative impact of approximately B$300 million.

NCP’s high-level estimate is that the Project will have a cumulative impact of B$16.0bn from 2020 to 2049 due to the expected increases to cruise passenger arrivals, onshore rates and cruise passenger  spending.

ENKA Construction and Development B.V . will be the EPC contractor. ENKA is an international construction company ranked among the ENR’s Top International Contractors since 1981. With a track-record of more than 2,000 completed projects, ENKA has vast international experience and financial strength to provide full range of required services. The company has deep know-how in marine and superstructure construction and is currently undertaking the construction of the US Embassy in Nassau as general contractor. 21005.

ENKA generated USD 1.9 Billion turnover in 2019 and is publicly traded with a Market Cap of circa USD 5 Billion.

The Bahamas Investment Fund is creating growth and wealth for future generations of Bahamians by creating inclusive, broad-based investor opportunities in traditional and new industries. Investing in growth. Investing in education. Investing in the future of our Bahamas.

BAHAMAS INVESTMENT FUND: Nassau Cruise Port launches $25 mil IPO for Bahamian investors

• Click to share on Twitter (Opens in new window)
• Click to share on X (Opens in new window)
• Click to share on Facebook (Opens in new window)
• Click to share on LinkedIn (Opens in new window)
• Click to share on WhatsApp (Opens in new window)
• Click to email a link to a friend (Opens in new window)

Initial offering open until Dec 17, 2021

Bahamian citizens 18 and over eligible to invest.

NASSAU, BAHAMAS — The Nassau Cruise Port (NCP) has launched its $25 million initial public offering (IPO), allowing for Bahamians to invest in the redevelopment of Nassau’s cruise.

CFAL is the book runner for the Bahamas Investment Fund (BIF) offering, which represents a 49 percent   equity stake in the cruise port.

The cruise port operator has a 25-year concession to operate and manage Prince George Wharf, which starts when construction ends in 2022-2023, with an extension period of 15 years.

It is intended that the vast majority of shareholders will be small investors. – Bahamas Investment Fund

The board of directors of the fund is comprised of Anthony Ferguson, Antoine Bastian and Owen Wells.  

According to BIF documents, Bahamian citizens over the age of 18 are eligible to invest as the retail fund “aims to provide economic opportunity to tens of thousands of Bahamians by providing a pathway to share ownership in the port through NCP”.

“It is intended that the vast majority of shareholders will be small investors,” the BIF documents state.

“In order to ensure wide local participation, NCP will also provide financing to Bahamians so that the ownership base is as widely distributed as possible.

“The fund minimum investment for equity is B$1,000 to facilitate small investors.”

The offering will be open from December 8, 2021, to December 17, 2021.

Work being carried out at the port includes dredging of a new Oasis-class berth on the northeastern cruise pier extension; the creation of a new mega yacht berth, also on the northeastern pier; maintenance dredging to accommodate Quantum-class vessels on the passenger pier; and dredging at the rehabilitated Prince George Wharf pier, which is also being extended, to move from accommodating Dream-class vessels to providing space for the much larger Oasis-class ships.

Those interested in investing should contact CFAL directly at [email protected] or (242) 502-7010.

About Natario McKenzie

24 comments.

How do I get to invest

Morning how do I apply

Good day my name is Mr Eddie Major , i reside on Harbour Island Eleuthera i would like to invest in shares with nassa cruise port , can i get some info or literature on how to sign up . I’m currently a shareholder of the arawak cay shipping port.

Good day my name is Mr Eddie Major , i reside on Harbour Island Eleuthera i would like to invest in shares with nassa cruise port , can i get some info or literature on how to sign up . I’m currently a shareholder of the arawak cay shipping port.

http://www.bahamasinvestmentfund.net This will give you the necessary information.

Good Morning I would to invest in shares with Nassau cruise how to I go about applying

How can I invest?

Good morning my name is Renardo McKenzie.I would like to invest in this project can you send info on how to sign up

Good morning I am interested in investing can I get some information please thank you

Hello my name is Therese A. Farrington-Joseph and my husband is Ary Joseph of New Bight Cat Island. We would like to invest in this project – can you email info on how to sign up? here is my email address [email protected]

would like to know where do i go to sing up for that

Give until the first week of March of 2022

Call CFAL at 502-7010 for guidance.

How to apply?

Application and payment is online. The website is in the article.

Good afternoon , Season greeting to you I’m interested in having some shares what can i do to invest in some stocks

Hi I would like some more information on how to invest in shares of the port

I am a independent bonefish guide and I don’t have any payments stubs so what could I do to make it work for me I Really want too do this I was looking for something like this along time please help me out

Interested, where do I go To apply?

How soon would you see returns on your investment

Hi how do i sign up

Hi ,I am interested in buying shares in the port development, please contact me at the below info

I want in on this opportunity, but only if the deadline can be extended to a longer date because personally I feel as if the the time period is way to soon & I’m sure that no one can come up with $1,000.00 in less than 1 week right on the spot, especially with Christmas coming up, none of that makes sense what so ever. P.S: if you’re going to promote anything at all do it 2-3 weeks ahead of time not on the actual date when it starts then give a short deadline!

How would one go about investing in this venture?

Privacy Overview

• CruiseMapper
• Cruise news
• Cruise Industry
• Bahamas Investment Fund raises US$25M in equity for Nassau...

Bahamas Investment Fund raises US$25M in equity for Nassau Cruise Port

Nassau Cruise Port Ltd announced that the BIF (Bahamas Investment Fund) equity offering, which sought to raise USD 25 million to support the port redevelopment project, had been successful.

The public offering, led by CFAL (Colina Financial Advisors Ltd.), was oversubscribed because of the overwhelming support from Bahamians. 3500+ investors applied for shares.

Mike Maura (Nassau Cruise Port's CEO) said the equity offering had been a once-in-a-lifetime investment opportunity, and they were thrilled that so many Bahamians had embraced it and affirmed confidence in the project through their participation.

“We are grateful to everyone who chose to put their hard-earned dollars into this project. Those who invested have not only contributed to the redevelopment of the port, but more broadly, are supporting the growth and future of our country. As a Bahamian, I cannot think of a better investment.”

According to Anthony Ferguson (CFAL's President), they were extremely pleased by the response from Bahamians in the BIF offering. Their team was reviewing applications and confirming details to complete the process. Shares would be allotted "using a bottom-fill approach so that as many applicants as possible will be confirmed as shareholders.”

Mr. Maura, Jr., noted that their projections showed that 2022 and 2023 would be very successful for the port, and beyond that, the outlook was extremely positive.

“The Nassau Cruise Port project’s success in raising $244 Million in debt financing during this pandemic and today’s successful BIF $25 Million equity offering highlights the great value proposition of our Bahamas. We truly have much to be grateful for. Let’s continue to work to make our Bahamas even better for our guests and for Bahamian generations to come.”

The funds raised are to be used to complete the redevelopment of entertainment, shopping, recreational, and food and beverage spaces; complete marine construction work; as well as to support the design, engineering, development, and inspection-related costs of the project. The port's redevelopment will be completed by the 3rd quarter of 2022. Operations will continue without interruption during the building phases.

• Our Founder
• Missions & Values
• Education & Sport
• Awards & Recognition
• Primary Port Services
• Ancillary Services
• Operating Model
• Health, Safety & Environment
• Cruise Port Development
• Milan Port Equipment
• Integrated Terminal Services
• Our Ports Mainpage
• Antigua Cruise Port
• Nassau Cruise Port
• Prince Rupert Cruise Port
• Saint Lucia Cruise Port
• Bar Cruise Port
• Bodrum Cruise Port
• Ege Port Kusadasi
• Zadar Cruise Port
• Alicante Cruise Port
• Barcelona Cruise Port
• Fuerteventura Cruise Port
• Lanzarote Cruise Port
• Las Palmas Cruise Port
• Lisbon Cruise Port
• Malaga Cruise Port
• Tarragona Cruise Port
• Valencia Cruise Port
• Vigo Cruise Port
• Kalundborg Cruise Port
• Cagliari Cruise Port
• Catania Cruise Port
• Crotone Cruise Port
• La Goulette Cruise Port
• Taranto Cruise Port
• Valletta Cruise Port
• Venice Cruise Port
• Ha Long Cruise Port
• Singapore Cruise Port
• Port of Adria
• What's New
• In The Press
• Videos & Gallery

Nassau is one of the most popular cruise destinations in the world, attracting 3.7 million passengers per year with its unique combination of natural beauty and rich cultural heritage. It is in close proximity to the United States, served by the largest cruise port in the world, Miami, within easy cruising distance.

Nassau Cruise Port (NCP), Nassau’s cruise gateway, has been transformed into one of the great waterfronts of the world. The project involves the redevelopment of the port and local town of Nassau. NCP enhanced the passenger experience and provided additional business opportunities for the local population. The project also features the building of a new terminal building, the creation of an event and entertainment area, investments in retail facilities, and the design and construction of new food and beverage facilities.

The new waterfront is an attraction in its own right. The port has become a modern, safe world-class destination with large open spaces, as well as sufficient shaded areas to enable visitor comfort while being attentive to special needs, elderly passengers and children. The project features improved transportation connections, traffic flow and signage, and will include an intermodal area for bus stops, taxis and parking. The new retail area offers a great shopping experience to cruise passengers with the ability to experience Bahamian culture by providing retail space for local artisans. Underpinning the whole development is the key environmental stewardship considerations.

NCP began operations in October 2019 as part of a consortium comprising Global Ports Holding Plc, the Bahamas Investment Fund ("BIF") and the Yes Foundation.

Nassau, the capital city of The Bahamas, is located on 21-mile-long New Providence, Bahamas’s 11th largest island. From historical forts and botanical gardens to the glitzy Atlantis Paradise Resort, Nassau has its fair share of fascinating sites. Visitors can drive off-road along scenic coastal trails and, step into the endless white sand beaches and swim in the turquoise calm waters of the ocean. Whether you come to shop, eat, party or sightsee, Nassau is the place for a dose of urban excitement.

• Fort Charlotte Ardastra Gardens, Zoo and Conservation Centre
• Fort Fincastle
• National Art Gallery
• The Fish Fry
• Paradise Island
• The Swimming Pigs
• Black Beard’s Castle

The Tribune

Jump to content

• Login or Sign up
• Crime & Court
• Weekend Pages
• Weekend PDF Archive
• Letters to the Editor
• Life of Crime
• Obituaries Archive
• Weather Forecast
• Weather News
• Tribune PDF edition
• Tribune PDF archive
• Photo Galleries
• Home Buyers' Guide
• Tribune Classifieds
• Email Alerts
• Classifieds

Cruise port targeting $40m yearly revenue

Nassau Cruise Port. Photo: Donavan McIntosh/Tribune staff

As of Tuesday, August 23, 2022

• Sign in to favorite this
• Discuss 9 comments , Blog about
• Share this Email , Facebook , Twitter

• Eyes 2023 record with arrivals to beat 4m

• Passenger fee to over $9 via inflation tweak

• Downtown Nassau back to 80% pre-COVID

By NEIL HARTNELL

Tribune Business Editor

[email protected]

Nassau Cruise Port will generate up to $40m in annual operating revenues from 2023 onwards, it has been revealed, with next year’s passenger volumes forecast to hit a record high by breaching the four million mark.

Michael Maura, its chief executive, yesterday voiced optimism to Tribune Business that the financial forecast by controlling shareholder, Global Ports Holding, will be met with help from a 6.8 percent increase to the present $8.50 passenger and port facility fee charged to every Prince George Wharf user.

The increase to $9.08 per passenger, which will take effect from January 1 next year, results from this fee being tied directly to inflation as measured by the US consumer price index (CPI). Mr Maura revealed that projections of 4.3m total cruise visitors for 2023, a 12 percent increase upon 2019’s pre-COVID record of 3.85m, place Nassau Cruise Port’s likely annual revenues from the passenger charge alone at just over $39m - at the top end of the target $35m-$40m range.

“As per the concession agreement, we have a combined port facility charge and passenger facility charge of $8.50 that increases by the US CPI each year,” the Nassau Cruise Port chief explained to this newspaper. “The US CPI feature not only increases the combination of the port facility charge and passenger facility charge, but also increases the concession lease fees that the cruise port will be paying to the Government.”

Mr Maura did not disclose the likely lease payment increase, but added in relation to the passenger user fee: “The Ministry of Finance have reviewed the US CPI. This goes back to late December/early January of this year, and based off their review they identified the US CPI number at 6.8 percent. As of January 1, 2023, the $8.50 number will be increased by 6.8 percent.

“Taking that, and considering our passenger forecasts are good for 2023, being in excess of 4m passengers, I would say it’s [$35m-$40m] an accurate estimate. We anticipate, and I think we could even exceed that 4m number based on the number of ships and occupancy levels. We’re already at 105 percent occupancy today for those ships coming in, and if you look at Nassau for 2019, the average occupancy for the year was 112 percent. We’re quite confident.”

Mr Maura revealed that Nassau Cruise Port is currently projecting that it will handle 1,285 vessel calls in 2023, a 6.6 percent increase compared to the 1,206 ships received in the last pre-COVID year of 2019. More significantly, it is forecasting a near-500,000 increase in total passengers to 4.3m compared to 3.85m in 2019, which amounts to an almost-12 percent increase over that present annual record.

“We’ve already seen better ship bookings for 2023 than we had in 2019,” he affirmed. “A lot of that has been facilitated by the investment we’ve made in the piers to accommodate larger ships as well as the upland construction of the food and beverage, entertainment and retail components that will drive passenger flows.

“And that $39m does not include ancillary revenues, which would be the rents. We’ll have retail, we’ll have food and beverage, and entertainment. That will be the icing on top of the cake. That’s not only driving cruise passengers. It’s expected to be pulling Atlantis and Baha Mar guests, and Bahamians, downtown.

“We hope the retail and food and beverage tenants will be doing well. There’s a revenue sharing component in that, so the better they do, the better we do.” Nassau Cruise Port’s annual operating revenue targets were disclosed in the recently-released annual results announcement by its 49 percent controlling shareholder, Global Ports Holding.

“The first phase of the construction has started in November 2020 and is expected to be completed in the second half of 2022,” Global Ports said in relation to Nassau Cruise Port. “The second phase of the construction is expected to be completed by the end of the upcoming reporting period [March 2023]. Once construction has been completed total revenues are expected to be in the range of $35-$40m per annum.”

The cruise port operator affirmed it is currently paying the Government a $2m “minimum fixed fee” annually until construction work finishes next year. This fee then increases to a minimum annual USD $2.5m for the 25-year duration of Global Ports Holding’s concession agreement.

Cruise passengers are effectively The Bahamas’ volume tourism business, with land-based stopover visitors representing the higher-yield variety by virtue of their per capita spending. Many observers will be doubtless be watching keenly to see how many cruise visitors disembark their vessels while in Nassau once construction on the new port is completed, and if this translates into greater passenger spending and benefits for Bahamian entrepreneurs and their staff alike.

While describing Nassau as “the busiest cruise port” in the Caribbean region, Mr Maura said the post-COVID recovery on Bay Street and in surrounding areas of downtown Nassau has yet to complete. “We still have some room to go,” he acknowledged. “From a retail perspective, those I spoke to felt they were at about 80 percent of pre-pandemic levels.

“On the labour front, and I didn’t speak to everyone, but everyone I talked to said they do not have employment at the same level as 2019. Because business was not back to 2019, labour was not either. In conversations with hotel properties, they see their group business as very strong. The hotel sector is quite bullish, and Lynden Pindling International Airport has also been doing well. Obviously the air side of our tourism has recovered faster than cruise.”

Nassau Cruise Port’s importance to Global Ports Holding was highlighted by the latter’s annual results for the year to end-March 2022. Nassau accounted for 38.5 percent, or $12.2m, of the total $31.7m in adjusted cruise revenue produced by the group’s 14 ports. And it also generated 1.29m, or 53.5 percent, of the total 2.41m passengers catered to by Global Ports Holding over that 12-month period.

Mehmet Kutman, Global Ports’ chairman and chief executive, told shareholders that almost $90m had been invested in Nassau Cruise Port’s transformation during that time. Some $110m was raised from US-based investors in three tranches between June and November 2021 to help complete the construction financing.

“The work scheduled to be carried out over the next 12 months will bring to life the vision we had for the transformation of this cruise port,” he added. “Once we complete this exciting project, I believe it will showcase to global cruise industry stakeholders our capabilities to transform an important cruise port into an iconic cruise port destination.

“In the fourth quarter of the reporting period, Nassau welcomed 333 cruise ship calls, a 5 percent increase from the 316 calls in the same period of 2019.” Global Ports itself added: “Nassau Cruise Port was particularly strong, benefiting from its close proximity to the world’s largest sourcing market and the key Florida homeports in the US, reporting adjusted revenue of $12.2m.

“On a number of days, the port hosted six cruise ships simultaneously during the main winter season 2021-2022, utilising the new berthing capacity that has been recently added as part of our significant investment into this port. Our significant investment plans for our Nassau Cruise Port continued in the reporting period, with $89.6m invested in the port infrastructure.”

This continued through the three months to end-June, with Global Ports hailing the “strong volumes at Nassau” for driving its group-wide cruise ship call volumes to 114 percent of 2019’s pre-pandemic levels, meaning that berthings now exceed those experienced before COVID.

“By the end of the 2023 reporting period, our $250m investment into Nassau Cruise Port will be near completion. As our vision for this port becomes a reality, we believe it will stand as a blueprint for future cruise port investment and will position the group well for further cruise port expansion,” Global Ports added.

tribanon 1 year, 8 months ago

The cruise port operator affirmed it is currently paying the Government a $2m “minimum fixed fee” annually until construction work finishes next year. This fee then increases to a minimum annual USD $2.5m for the 25-year duration of Global Ports Holding’s concession agreement.

The annual amount paid to government is a shameful pittance, especially if the annual amount is being expensed on the books of NCP. That would mean the government is actually bearing 49% of the cost of the "minimum fixed fee" being paid to itself. The Bahamas has the largest and closest well protected port to the U.S. and all we get for it is this piddly annual amount.

And we all know these port operators and their cruise ship partners contribute little to our local economy with the cheap-skate visitors they bring to our shores whose pockets have already been picked clean by the ruthlessly greedy business model of these foreign owned port and cruise ship operators. Then there's the enormous pollution problem and damage to our marine environment caused by the behemoth and filthy floating hotels.

Why didn't Neil Hartnell ask corrupt Maura about the current stance of the 'bait and switch' transaction whereby his Turkish friends who own (owned?) Global Ports Holding were proposing to sell that enterprise and NCP to the Mediterranean Shipping Company (MSC) Group? Come on Neil, surely you can do better than just spoon feed us all of the financial garbage corrupt Maura wants you to throw our way.

Time to go fly fishing!

• Sign in to reply
• Sign in to suggest removal

Dawes 1 year, 8 months ago

The question really is how much was Government making before this, after all the costs were taken into account. If less then this is a win for government and therefore the public. .

A prostitute making no money before that first trick never justifies becoming a prostitute.

DonAnthony 1 year, 8 months ago

Great news for the thousands of Bahamian investors who can now share in a meaningful way in the wealth creation of our beloved Bahamaland. The port is beautiful and will be a smashing success, something every Bahamian can and should be proud of. We expected no less from the highly competent Maura and Global Ports.

You even sound like the very corrupt Anthony Ferguson. Any investor in NCP through the CFAL controlled Bahamas Investment Fund is going to be razored to death by every kind of fee that the CFAL group can possibly think of. LMAO

You sound like a person who hates to see Bahamians share in the wealth creation of our country and sees a boogeyman under every rock, one who sits all day ruminating over the next fictitious and jealous tirade to lambaste hardworking, successful Bahamians with. This port will be a smashing success nonetheless.

With CFAL having absolute control of the Bahamas Investment Fund (BIF), there will be no fair sharing of wealth creation, but I strongly suspect you already know that. I also suspect many Bahamians who thought they would be investing directly in NCP were quite surprised to learn that they would actually be investing in the BIF, a vehicle that was created by CFAL with Tyrant Minnis's consent at the time he blessed the port project. A big cheque must have gone Tyrant Minnis's way as an election campaign contribution. LOL

The BIF currently owns 49% of NCP but may eventually hold any number of other investments, all of which would generate loads of fee income for CFAL, with CFAL having no fiduciary obligation to pay an investor returns based on the performance of any particular underlying investment held by the BIF, including its 49% stake in NCP.

The smart money carefully read the BIF's Offering Prospectus and quickly realized the whole thing was structured to be a "smashing success" for CFAL but not the investor. As the saying goes, a fool and their money are all too easily parted.

You represent the worst of social media. Espousing wild, deranged, and paranoid speculation while providing no evidence of such outlandish statements, Trump would be proud LOL. Savvy investors know better than to believe the crap you are saying.

The BIF Offering Prospectus says it all.

Sign in to comment

• I have an account.

Password Forgot?

Confirm password

Or login with:

Special features.

• NEW OBITUARIES NOW UNDER ARCHIVES/TRIBUNE PDF EDITION
• Floyd Cleare
• John Whylly
• LEEVAN SANDS
• Shawn Hanna Sr

PDF Edition

Contents of this site are © Copyright 2024 Ellington. All rights reserved.

Nassau is one of the most popular cruise destinations in the world, attracting 3.7 million passengers per year with its unique combination of natural beauty and rich cultural heritage. Only 50 miles southeast of the coast of Florida, this world-famous destination is served by three of the largest and busiest cruise ports in the world - PortMiami, Port Everglades, and Port Canaveral, within easy cruising distance.

Nassau Cruise Port (NCP), Nassau’s international cruise gateway, has been transformed into one of the great waterfronts of the world through a $300 million redevelopment project. This extensive undertaking includes the repair and expansion of Prince George Wharf and the addition of a sixth berth that gives the port the capacity to accommodate three Oasis-Class vessels simultaneously.

This exciting transformation includes the construction of a new terminal building, a Junkanoo museum, event & entertainment spaces, a 3,500-person Amphitheatre, a taxi dispatch center, unique local stores, and new food and beverage facilities. Through a well-planned, customer-centric design, passengers will flow easily into downtown Nassau to experience the vibrant flavour of this 300-year-old city.

The revitalized port became a beloved cultural and entertainment destination that celebrates the heritage and history of Nassau, which was designated a UNESCO Creative City of Crafts and Folk Arts in 2014. By showcasing the best of the country’s “Authentically Bahamian” culture, the port offers a one-of-a-kind experience for all visitors. NCP also incorporates environmental sustainability into key areas of the project and will promote and support environmental protection in partnership with local and international stakeholders.

NCP serves as a catalyst for the wider development of downtown Nassau. The construction phase began in Q4 2019 and completed in May 2023.

NCP began operations in October 2019 as part of a consortium comprising Global Ports Holding Plc, the Bahamas Investment Fund ("BIF") and the Yes Foundation.

Plans for Phase Two of the project are underway. Download the NCP Pool Project RFP by following this link and clicking "Media" at the top of the page:  Pool Project RFP