The Bahamas Maritime Authority's (BMA) revenue rose by 6.26 percent in the financial year 2015/2016 due to an increase in receipts of annual fees, new registrations, seaman's licenses and wreck removal certifications.
According to the BMA's financial statement, a total of 29 port state control detentions were recorded as of June 2016, representing a decrease from 48 detentions as of June 2015.
The BMA was established to register vessels, enforce ship safety requirements and constantly monitor and improve standards.
The authority also represents The Bahamas at the International Maritime Organization (IMO) and other international bodies, such as the European Commission and the U.S. Coast Guard.
IMO subscriptions totaled an estimated $1.84 million as of June 2016, compared to $1.85 million in June 2015.
The statement also shows that operating costs for the financial year were $9.71 million, a decrease of 10. 3 percent. In the previous financial year, the operating cost was $10.63 million.
The report stated that the decrease was mainly due to BMA making a "conscious effort" to cut travel costs, utilize available technology for training and meetings and lower staff turnover.
BMA also lowered its level of bad debt, as it usually requires a deposit or full payment prior to any commencement of service provision, according to the financial report.
"A large amount of the outstanding debt has been collected through the hard work of the finance department, and plans are being put in place to ensure the debtor's level does not rise to previous amounts," the report states.
It continued, " The amount and timing of remittances to the Bahamas government reflect past cash flows and future budgetary requirements, including capital expenditure, as submitted by the board to the Minister of Transport and& Aviation."
The report also points out that 2,080 "wreck removal insurance certificates" were issued from September 2015 to June 2016, of which 15 were for non-Bahamian ships.

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