Grand Bahama Shipyard Ltd. is expanding its operation, helping it regain its position as the largest cruise ship repair facility in the world. The shipyard, together with Royal Caribbean Group and Carnival Corporation, recently received approval to proceed with an expansion project that is estimated to bring billions of dollars in economic impact to Grand Bahama’s economy over the next 25 years.
 
The $600 million transformation project includes the construction, delivery to Freeport, and commissioning of two world-class floating docks that will allow the shipyard to service the entire range of cruise ships in operation and under construction, as well as much of the world’s commercial shipping fleet.

Prime Minister the Hon. Philip Davis K.C. hailed the expansion project as “a new and promising chapter in the story of Grand Bahama.” 

While Deputy Prime Minister and Minister of Tourism, Investments & Aviation the Hon. I. Chester Cooper, said: “The timing of the Grand Bahama Shipyard expansion project coincides beautifully with our efforts to revitalize Grand Bahama’s tourism industry. This project is just the impetus that Grand Bahama needs to further boost the island’s economic growth. It is a strong show of confidence that Grand Bahama Shipyard is establishing the world’s largest ship repair facility in the Bahamas.”     

Minister for Grand Bahama the Hon. Ginger Moxey M.P. said: "The $600 million transformation of Grand Bahama Shipyard marks a monumental investment for Grand Bahama. The shipyard has always been an important contributor to Grand Bahama’s economy, and this ambitious project will continue the revitalization of our local economy. As the shipyard undergoes this remarkable evolution, it will serve as a beacon of progress, bringing jobs, entrepreneurial spin-off opportunities and a renewed sense of pride to the people of Grand Bahama. Together, we embark on a journey toward a brighter and more prosperous future."

Already the largest private non-tourism employer in The Bahamas, the expanded shipyard operations will create a significant economic boost in Grand Bahama, with opportunities for Bahamians, local businesses, and contractors, including hundreds of full-time jobs at the shipyard once it is in full operation.
 
Five Decades of Shared Commitment
 
"For half a century, we have worked side-by-side with The Bahamas and Bahamian businesses and contributed to the growth of the Bahamian economy while delivering unforgettable cruise vacations to millions of people,” said Josh Weinstein, CEO and Chief Climate Officer of Carnival Corporation & plc. “The success of our enduring partnership is built on our shared conviction that people must always be at the forefront of our thinking. That mindset is evident in the Grand Bahama Shipyard transformation project, which invests significantly in local businesses, creates jobs and contributes to a legacy of economic vitality in the country."
 
“For more than 50 years we have partnered with The Bahamas to deliver exceptional vacations to millions of guests and create opportunities for local Bahamian communities,” said Jason Liberty, president and CEO, Royal Caribbean Group. “We are proud to expand our longstanding partnership and see establishing Grand Bahama as a premier maritime destination for repair and revitalization of all kinds of vessels, as a project that will drive economic growth for the Bahamian industry and create a positive impact for the people of The Bahamas for generations to come.”
 
Sarah St. George, acting chairman of Grand Bahama Port Authority, added: “We join our partners in celebrating this historic achievement and congratulate Carnival Corporation and Royal Caribbean Group for their commitment to Grand Bahama and Grand Bahama Shipyard. We also thank the Government for their close collaboration on this transformational project. For the past four years, re-establishing Grand Bahama Shipyard as a premier global ship repair facility has been the single-minded focus of all parties. We’re tremendously excited for this huge expansion.”
 
Investments in Infrastructure and Workforce Development
 
The two new floating drydocks are under construction at CSSC Qingdao Beihai Shipbuilding Co. Ltd. in Qingdao, China, with expected delivery in 2025 and 2026.
 
Once completed, they will be among the largest floating docks in the Western Hemisphere – including a mega dock that will have the largest lifting capacity in the world – capable of servicing all existing and currently planned cruise ships worldwide, as well as a broad range of other vessels.
 
In addition to new floating dry docks, the project includes supporting marine works and infrastructure construction in Grand Bahama, which is set to begin in the last quarter of 2023 and complete in 2025.
 
Additionally, the shipyard is expanding its apprenticeship program, with a goal to have 16-20 new apprentices per year. Designed to develop needed technical skills for the shipyard, the program will also expand access to well-paying, long-term career opportunities at the shipyard and other industrial employers. The four-year apprentice program will be further enhanced through partnerships with technical colleges. Similar programs in the past proved successful in helping to develop and train Bahamians for the marine trade workforce.

Grand Bahama Shipyard Ltd. is expanding its operation, helping it regain its position as the largest cruise ship repair facility in the world. The shipyard, together with Royal Caribbean Group and Carnival Corporation, recently received approval to proceed with an expansion project that is estimated to bring billions of dollars in economic impact to Grand Bahama’s economy over the next 25 years.   The $600 million transformation project includes the construction, delivery to Freeport, and commissioning of two world-class floating docks that will allow the shipyard to service the entire range of cruise ships in operation and under construction, as well as much of the world’s commercial shipping fleet. Prime Minister the Hon. Philip Davis K.C. hailed the expansion project as “a new and promising chapter in the story of Grand Bahama.”  While Deputy Prime Minister and Minister of Tourism, Investments & Aviation the Hon. I. Chester Cooper, said: “The timing of the Grand Bahama Shipyard expansion project coincides beautifully with our efforts to revitalize Grand Bahama’s tourism industry. This project is just the impetus that Grand Bahama needs to further boost the island’s economic growth. It is a strong show of confidence that Grand Bahama Shipyard is establishing the world’s largest ship repair facility in the Bahamas.”      Minister for Grand Bahama the Hon. Ginger Moxey M.P. said: "The $600 million transformation of Grand Bahama Shipyard marks a monumental investment for Grand Bahama. The shipyard has always been an important contributor to Grand Bahama’s economy, and this ambitious project will continue the revitalization of our local economy. As the shipyard undergoes this remarkable evolution, it will serve as a beacon of progress, bringing jobs, entrepreneurial spin-off opportunities and a renewed sense of pride to the people of Grand Bahama. Together, we embark on a journey toward a brighter and more prosperous future." Already the largest private non-tourism employer in The Bahamas, the expanded shipyard operations will create a significant economic boost in Grand Bahama, with opportunities for Bahamians, local businesses, and contractors, including hundreds of full-time jobs at the shipyard once it is in full operation.   Five Decades of Shared Commitment   "For half a century, we have worked side-by-side with The Bahamas and Bahamian businesses and contributed to the growth of the Bahamian economy while delivering unforgettable cruise vacations to millions of people,” said Josh Weinstein, CEO and Chief Climate Officer of Carnival Corporation & plc. “The success of our enduring partnership is built on our shared conviction that people must always be at the forefront of our thinking. That mindset is evident in the Grand Bahama Shipyard transformation project, which invests significantly in local businesses, creates jobs and contributes to a legacy of economic vitality in the country."   “For more than 50 years we have partnered with The Bahamas to deliver exceptional vacations to millions of guests and create opportunities for local Bahamian communities,” said Jason Liberty, president and CEO, Royal Caribbean Group. “We are proud to expand our longstanding partnership and see establishing Grand Bahama as a premier maritime destination for repair and revitalization of all kinds of vessels, as a project that will drive economic growth for the Bahamian industry and create a positive impact for the people of The Bahamas for generations to come.”   Sarah St. George, acting chairman of Grand Bahama Port Authority, added: “We join our partners in celebrating this historic achievement and congratulate Carnival Corporation and Royal Caribbean Group for their commitment to Grand Bahama and Grand Bahama Shipyard. We also thank the Government for their close collaboration on this transformational project. For the past four years, re-establishing Grand Bahama Shipyard as a premier global ship repair facility has been the single-minded focus of all parties. We’re tremendously excited for this huge expansion.”   Investments in Infrastructure and Workforce Development   The two new floating drydocks are under construction at CSSC Qingdao Beihai Shipbuilding Co. Ltd. in Qingdao, China, with expected delivery in 2025 and 2026.   Once completed, they will be among the largest floating docks in the Western Hemisphere – including a mega dock that will have the largest lifting capacity in the world – capable of servicing all existing and currently planned cruise ships worldwide, as well as a broad range of other vessels.   In addition to new floating dry docks, the project includes supporting marine works and infrastructure construction in Grand Bahama, which is set to begin in the last quarter of 2023 and complete in 2025.   Additionally, the shipyard is expanding its apprenticeship program, with a goal to have 16-20 new apprentices per year. Designed to develop needed technical skills for the shipyard, the program will also expand access to well-paying, long-term career opportunities at the shipyard and other industrial employers. The four-year apprentice program will be further enhanced through partnerships with technical colleges. Similar programs in the past proved successful in helping to develop and train Bahamians for the marine trade workforce.

Sam Bankman-Fried, the disgraced founder of the now collapsed FTX crytocurrency exchange, met with Prime Minister Philip Davis to discuss paying off The Bahamas' $10 billion national debt, according to news reports yesterday that quoted excerpts of Michael Lewis' new book on Bankman-Fried and the dramatic FTX saga.

The biography, "Going Infinite: The Rise and Fall of a New Tycoon", is being released today, which is also the start of Bankman-Fried's fraud trial in a Manhattan federal court.

Business Insider yesterday reported on an excerpt of the book shared by The Times of London.

"Bankman-Fried thought The Bahamas was an appealing location because it had implemented regulations which could legitimize the crypto industry, per Lewis' biography," Business Insider said in an online article by Pete Syme.

"But the Caribbean nation's economy - which relies heavily on tourism - had suffered during the COVID pandemic, amplifying the task of convincing FTX's 40 employees to relocate some 9,000 miles.

"So Bankman-Fried started considering the idea of paying off The Bahamas' national debt himself, so the country could fix roads and build schools more easily, according to Lewis. That idea was also discussed in a meeting with the prime minister of The Bahamas, Philip Davis, the biography says."

But in a statement sent to The Nassau Guardian in response yesterday, the Office of the Prime Minister (OPM) denied that Davis had any such discussions with Bankman-Fried, who was extradited from The Bahamas last December, weeks after the implosion of the cryptocurrency exchange, which was based in The Bahamas.

OPM said, "We wish to clarify recent reports surrounding a meeting between Prime Minister Philip Davis and Mr. Sam Bankman-Fried.

"Discussions were strictly confined to FTX's relocation and its operations in The Bahamas, specifically concerning the invitation extended to the prime minister for the inauguration of FTX's new headquarters.

"Mr. Fried advised the prime minister that FTX had changed its position from a satellite office to opening a headquarter. Prime Minister Davis used the platform at the company's opening to signal that The Bahamas is open for business in the digital currency space.

"At no time did Prime Minister Davis accept or entertain hypothetical proposals relating to the payment of the national debt of The Bahamas."

In April 2022, FTX broke ground on what it said would be a $60 million headquarters, revealing plans and sketches that showed two hotel towers, offices and an athletics center.

At that ceremony, Davis said the FTX campus will rival that of Google's headquarters.

The Davis administration in welcoming Bankman-Fried and FTX to The Bahamas, had touted The Bahamas' new regulatory regime as a catalyst for the multi-billion-dollar company's arrival.

The prime minister said at the groundbreaking that FTX's presence, "sends a strong message that The Bahamas is open for business and that any business such as this, they are safe here; and this is the example since FTX has come here".

He applauded the Securities Commission for "ensuring that good actors as opposed to bad actors come into this space".

The prime minister also agreed with Bankman-Fried that "money is a tool to make the world a better place".

Bankman-Fried said he was happy that his company was finally putting down roots in a country. He said FTX had searched the globe with a fine-tooth comb to find a well-regulated jurisdiction to set up shop.

"We weren't sure where we'd end up and about half-way through that process of sort of investigating the few countries that sort of were investigating the possibility of creating regulatory regimes for cryptocurrencies and of sort of exploring what it was like to be there, we sort of got word that one of them actually had already passed a cryptocurrency regulation regime, one of the only jurisdictions in the world to do so, and that the few emissaries we had sent out to check it out had a really, really good experience. That was The Bahamas," he said.

"Halfway through the process of trying to figure out where we would be, The Bahamas sort of jumped all the way to the front."

Bankman-Fried, who is widely known as SBF, said the work that was done by the Securities Commission of The Bahamas and the government went a long way in helping FTX to make the decision to move its company to The Bahamas.

FTX collapsed last year after reports surfaced that the company was co-mingling funds with a hedge fund owned by Bankman-Fried.

Bankman-Fried was later arrested in The Bahamas, extradited to the United States and charged with fraud.

FTX Digital Markets, The Bahamas-based arm of FTX, was put into provisional liquidation in The Bahamas. The US arm of the company and several other FTX entities were put into Chapter 11 bankruptcy in the US.

Bahamian government officials had touted the economic boost that FTX was expected to bring for The Bahamas.

The attorney representing FTX US in its Chapter 11 bankruptcy case revealed in court last November that an FTX entity in the US bought almost $300 million in real estate in The Bahamas, mainly homes and vacation properties used by senior executives.

One week after seeds of hard work, sweat and passion bloomed at the Inaugural Agrarian Awards Ceremony, a first of its kind event designed to honour and reward farmers, the major funder of the ceremony said the event marked a turning point in farming history.

Agricultural Development Organization Executive Director Philip Smith said the act of recognizing farmers re-awakened a nationwide interest.

“In the last week, ADO has had more calls, more interest, more companies wanting to know how they can get involved in the initiative to grow what we eat and eat what we grow,” Smith said. “The mere act of recognizing farmers and honouring them rekindled an amazing national interest in the way of life our ancestors experienced. One event revived the pride and joy of holding your head up high and calling yourself a farmer.”

Agricultural Development Organization partnered with the Ministry of Agriculture and Marine Resources to present the event, including providing funding for the bulk of the awards.

“After spending 17 years feeding the hungry, including a decade with the Bahamas Feeding Network and right through the pandemic, I knew the long-term solution to food security in this country was through agriculture,” said Philip Smith, former executive director of the feeding network and now ADO executive chairman. “We wanted to reawaken the pride in farming that our ancestors enjoyed and partnering with the Ministry of Agriculture to host an event like this was a great way to show farmers how important they are.”

From distributing more than 2,500 backyard farming kits to helping provide funding for community and backyard farms, ADO has already changed the footprint of farms throughout New Providence, Abaco and Eleuthera, thanks to major donations from sponsors including Royal Caribbean International, Disney Cruise Lines, RBC, Templeton Foundation, The TK Foundation and others.

The black tie, green carpet awards ceremony held at Margaritaville September 16 recognized farmers in seven categories highlighted by the honouring of Diann Thompson, recipient of the Lifetime Achievement Award. That $10,000 award along with a cruise for two, accompanied by cheers and applause, was presented by Philip Simon Royal Beach Club President and General Manager of Royal Caribbean International Bahamas, newly appointed Agriculture Minister Jomo Campbell and immediate past Agriculture Minister Clay Sweeting, MP for Central and South Eleuthera.

ADO’s Smith presented Community Farmer of the Year Huel Moss with a check for $5,000.

“It was great to see farmers recognized in this way with so many in the room celebrating their importance to the country,” said Smith, “and it was fun to see them dressed to the nines and looking glamorous, much different from their day-to-day wear.”

The Following are winners of the other categories:

Whitlyn Miller (Female Adult Farmer), Terrance Roberts (Male Adult Farmer), Fredrica Dames (Youth Female Farmer), Ventoi Bethune (Youth Male Farmer), Latoya Hutchinson (Backyard Farmer), H.O. Nash Jr, High School (Best School Farm).
 
Event sponsors included Aliv, Royal Caribbean International, Bahamas Agricultural industrial Corporation(BAIC), Bahamas Agriculture and Marine Science Institute (BAMSI), Coca Cola, Commonwealth Bank , Super Value, Island Site Development,  New Providence Development Company, Bahamas Development Bank, Butterfield Bank & Trust, Centerville Food Store, AFS Insurance and Atlantis Bahamas Resort.

The event will be held every two years.

One week after seeds of hard work, sweat and passion bloomed at the Inaugural Agrarian Awards Ceremony, a first of its kind event designed to honour and reward farmers, the major funder of the ceremony said the event marked a turning point in farming history. Agricultural Development Organization Executive Director Philip Smith said the act of recognizing farmers re-awakened a nationwide interest. “In the last week, ADO has had more calls, more interest, more companies wanting to know how they can get involved in the initiative to grow what we eat and eat what we grow,” Smith said. “The mere act of recognizing farmers and honouring them rekindled an amazing national interest in the way of life our ancestors experienced. One event revived the pride and joy of holding your head up high and calling yourself a farmer.” Agricultural Development Organization partnered with the Ministry of Agriculture and Marine Resources to present the event, including providing funding for the bulk of the awards. “After spending 17 years feeding the hungry, including a decade with the Bahamas Feeding Network and right through the pandemic, I knew the long-term solution to food security in this country was through agriculture,” said Philip Smith, former executive director of the feeding network and now ADO executive chairman. “We wanted to reawaken the pride in farming that our ancestors enjoyed and partnering with the Ministry of Agriculture to host an event like this was a great way to show farmers how important they are.” From distributing more than 2,500 backyard farming kits to helping provide funding for community and backyard farms, ADO has already changed the footprint of farms throughout New Providence, Abaco and Eleuthera, thanks to major donations from sponsors including Royal Caribbean International, Disney Cruise Lines, RBC, Templeton Foundation, The TK Foundation and others. The black tie, green carpet awards ceremony held at Margaritaville September 16 recognized farmers in seven categories highlighted by the honouring of Diann Thompson, recipient of the Lifetime Achievement Award. That $10,000 award along with a cruise for two, accompanied by cheers and applause, was presented by Philip Simon Royal Beach Club President and General Manager of Royal Caribbean International Bahamas, newly appointed Agriculture Minister Jomo Campbell and immediate past Agriculture Minister Clay Sweeting, MP for Central and South Eleuthera. ADO’s Smith presented Community Farmer of the Year Huel Moss with a check for $5,000. “It was great to see farmers recognized in this way with so many in the room celebrating their importance to the country,” said Smith, “and it was fun to see them dressed to the nines and looking glamorous, much different from their day-to-day wear.” The Following are winners of the other categories: Whitlyn Miller (Female Adult Farmer), Terrance Roberts (Male Adult Farmer), Fredrica Dames (Youth Female Farmer), Ventoi Bethune (Youth Male Farmer), Latoya Hutchinson (Backyard Farmer), H.O. Nash Jr, High School (Best School Farm).   Event sponsors included Aliv, Royal Caribbean International, Bahamas Agricultural industrial Corporation(BAIC), Bahamas Agriculture and Marine Science Institute (BAMSI), Coca Cola, Commonwealth Bank , Super Value, Island Site Development,  New Providence Development Company, Bahamas Development Bank, Butterfield Bank & Trust, Centerville Food Store, AFS Insurance and Atlantis Bahamas Resort. The event will be held every two years.

Standard & Poor's Global Ratings (S&P) has released its latest full analysis report on the Commonwealth of The Bahamas in which it recognizes the country’s economic recovery, ongoing fiscal consolidation and diversification in funding sources.

In the report, S&P underscores that “The Bahamas' economic recovery during 2022 was robust, with GDP growth estimated at 14.4%.” This performance was notably driven by a recovering tourism sector, which registered 7.0 million visitors during 2022 and over 5 million in the first half of 2023 compared to 2.1 million in 2021. Looking ahead, S&P expects “the growth momentum to continue through 2023, backed by continued recovery from the pandemic” with a strong pipeline of new tourist arrivals from the US and other foreign investment projects over the coming years.

As mentioned by S&P, “the growing economy continues to support the reduction of the government's fiscal deficits to levels more consistent with those seen pre-pandemic.” Government revenues increased nearly 12% during FY2022/23 and a fiscal deficit of 4.6% of GDP is expected for the same period. Additionally, S&P highlights the government’s tax collection and property tax reassessment efforts as positive levers for fiscal performance over the next few years.

Despite the challenging international economic backdrop, S&P sees a deep domestic financial sector and multilaterals as supporting the external financing outlook: “We think that external financing risks remain elevated for The Bahamas, but a large domestic financial sector and multilateral external funding should mitigate this risk.” The government’s $300 million bond payment due in January 2024 is expected to be sourced through the international bank market, underpinned by multilateral credit enhancements as well as direct multilateral lending. Regarding gross financing needs, S&P noted the viability of the government’s funding strategy for FY2023/24, in which it expects to source more than half of its financing domestically.

Lastly, S&P states, “the stable outlook reflects our view that economic growth will support government revenues and help contain government expenditures, leading to smaller fiscal deficits over the next 12 months.” Gross debt to GDP is expected to continue to decline, reaching 75.4% by end of 2024 from 89.9% in 2020.

S&P’s analysis is broadly in line with the Government’s assessment of macroeconomic conditions which continue to be underpinned by strong tourism gains alongside steady foreign investment inflows.

As this was not a rating action, The Bahamas’ rating remains at B+/stable as assigned by S&P on November 12, 2021.

Standard & Poor's Global Ratings (S&P) has released its latest full analysis report on the Commonwealth of The Bahamas in which it recognizes the country’s economic recovery, ongoing fiscal consolidation and diversification in funding sources. In the report, S&P underscores that “The Bahamas' economic recovery during 2022 was robust, with GDP growth estimated at 14.4%.” This performance was notably driven by a recovering tourism sector, which registered 7.0 million visitors during 2022 and over 5 million in the first half of 2023 compared to 2.1 million in 2021. Looking ahead, S&P expects “the growth momentum to continue through 2023, backed by continued recovery from the pandemic” with a strong pipeline of new tourist arrivals from the US and other foreign investment projects over the coming years. As mentioned by S&P, “the growing economy continues to support the reduction of the government's fiscal deficits to levels more consistent with those seen pre-pandemic.” Government revenues increased nearly 12% during FY2022/23 and a fiscal deficit of 4.6% of GDP is expected for the same period. Additionally, S&P highlights the government’s tax collection and property tax reassessment efforts as positive levers for fiscal performance over the next few years. Despite the challenging international economic backdrop, S&P sees a deep domestic financial sector and multilaterals as supporting the external financing outlook: “We think that external financing risks remain elevated for The Bahamas, but a large domestic financial sector and multilateral external funding should mitigate this risk.” The government’s $300 million bond payment due in January 2024 is expected to be sourced through the international bank market, underpinned by multilateral credit enhancements as well as direct multilateral lending. Regarding gross financing needs, S&P noted the viability of the government’s funding strategy for FY2023/24, in which it expects to source more than half of its financing domestically. Lastly, S&P states, “the stable outlook reflects our view that economic growth will support government revenues and help contain government expenditures, leading to smaller fiscal deficits over the next 12 months.” Gross debt to GDP is expected to continue to decline, reaching 75.4% by end of 2024 from 89.9% in 2020. S&P’s analysis is broadly in line with the Government’s assessment of macroeconomic conditions which continue to be underpinned by strong tourism gains alongside steady foreign investment inflows. As this was not a rating action, The Bahamas’ rating remains at B+/stable as assigned by S&P on November 12, 2021.