Turnpage

Please visit our sponsors

RSS Feed
 

Current News & Press

 

Advertisement

The Bahamas Investor

News & Press Archives

 
The Bahamas Investor on facebookFollow The Bahamas Investor on TwitterSubscribe to RSS feeds from The Bahamas Investor
HOME > 
News & Press > 
New port facility officially opened

Prime Minister Hubert Ingraham highlighted the historic importance of Arawak Port Development (APD) Ltd's public share offering at the port's official opening this week. 

Source:
Date:
Updated:
TheBahamasInvestor.com
Friday, May 4, 2012
Friday, May 4, 2012

The official opening of Arawak Port Development (APD) Ltd marked “a red-letter day” in terms of the ongoing development of a new port of Nassau, according to Prime Minister Hubert Ingraham.

Cutting the ribbon to officially open the new Nassau Container Port at Arawak Cay

Cutting the ribbon to officially open the new Nassau Container Port at Arawak Cay are left to right: Michael Maura Jr, chief executive officer Arawak Port Development; Betty Mackey, widow of the late George Mackey; Godfrey “Tippy” Lightbourne; Prime Minister Hubert Ingraham; and James Mosko. (BIS Photo/Peter Ramsay)

Although it has been in operation for quite some time, the port facility was officially opened for business May 3 at Arawak Cay.

Recently APD offered some 20 per cent of its shares to the public. The founding shareholders were excluded from this offering.

The share offering was the most successful ever in The Bahamas. The APD sought to raise $10 million through the public offering of shares. The share offering, however, was oversubscribed by $35 million.

Collectively, the government, the wider public and pension funds own 60 per cent of the port operations.

At present, some 11,065 Bahamians are now shareholders in this lucrative sector.

“How significant, and what a cause for celebration, that the men and women who run and service the container ships and this port from the ground now own shares in its operation and success,” said Ingraham at the opening.

“That the children of stevedores and seamen of yesteryear now own shares in a new 21st century Port of Nassau is a mark of considerable progress and an accomplishment of great note.”

A key part of the revitalization of the country’s historic city centre, the relocation of the container port from downtown Nassau freed up prime property for touristic and other commercial developments.

tblair@dupuch.com

Prime Minister Hubert Ingraham and State Minister of Finance Zhivargo Laing unveil the plaque to officially open the new Nassau Container Port at Arawak Cay

Prime Minister Hubert Ingraham and State Minister of Finance Zhivargo Laing unveil the plaque to officially open the new Nassau Container Port at Arawak Cay, May 3. Also pictured from left: Minister of the Environment Earl Deveaux, James Mosko, and Michael Maura Jr, CEO Arawak Port Development. At far right is National Security Minister Tommy Turnquest. (BIS Photo/Peter Ramsay)

Sidebar: Port facility features

  • 25,000 sq ft of warehouse space and 25,000 sq ft of administrative space;
  • General containerized cargo, bulk and break bulk operations;
  • The port will meet international security standards, while utilizing 24/7 hour Royal Bahamas Police Force presence, perimeter fencing and surveillance cameras;
  • Onsite customs department to provide entry processing and freight inspection;
  • Three container vessel berths totaling 1,167 linear feet;
  • 26 ft draft at Arawak Cay offering shippers lower vessel cost per TEU;
  • Three container cranes;
  • A container and cargo pickup and delivery port facility that is open between 8am and 4pm daily–Monday through Saturday;
  • Importers can use several ocean carriers simultaneously and conduct essentially all of their business at Arawak Cay;
  • Greater centralized customs control will lower the risk level and facilitate faster cargo delivery;
  • State-of-the art terminal management with off site backup ensuring accurate rate and complete trade records;
  • One-stop convenience for processing shipments with Customs, Agriculture & Fisheries and Environmental Health departments, all of which will be represented at Arawak Cay;
  • Dedicated deconsolidation of large containers at the Gladstone Road Customs Warehouse Facility for importers with less than full container load imports.

New $2.3-million Fish Fry and Cultural Centre is to be built at Eight Mile Rock, Grand Bahama. Noula Investment Company has been awarded the contract to construct the new facility.

Buckeye Partners LP today reported net income attributable to Buckeye's unitholders for the first quarter of 2012 of $52 million, according to press release distributed through GlobeNewswire.

The Bahamas Investor
Administrative Links
  


  © 2017 ETIENNE DUPUCH JR PUBLICATIONS LTD