By: Staff Writer
August 30, 2024
The Government of The Bahamas yesterday signed a Heads of Agreement (HOA) with the Grand Bahama Shipyard Limited to authorize the investment of $600 million expansion of the Grand Bahama shipyard.
The Grand Bahama Shipyard Ltd., which is owned by Carnival Cruise Lines and Royal Caribbean Cruise Lines, will now have the go-ahead to transform the shipyard and put it on track to become the largest floating dock ship repair facility in the hemisphere.
“This landmark agreement signals a bold new chapter for Grand Bahama and our entire nation,” said Prime Minister the Hon. Philip Davis K.C. “The $600 million investment in Grand Bahama Shipyard not only secures our place as a global leader in maritime repair but also lays the foundation for sustained economic growth and job creation for Bahamians. We are committed to ensuring that the benefits of this transformation are felt across the island and that Grand Bahama continues to rise as a pillar of our national economy.”
“Our administration has maintained a laser focus on restoring economic vitality to Grand Bahama Island with major, complex investments and smaller, boutique operations,” said Deputy Prime Minister and Minister of Tourism, Investments & Aviation the Hon. I. Chester Cooper. “That commitment continues today with this development signaling a sea change in Grand Bahama’s prospects for growth. This monumental step won’t be the last, as there’s much more to come for Grand Bahama Island, whose fortunes are inextricably tied to the fortunes and future of our entire Bahamas.”
A release to the media also stated: “According to the Grand Bahama Shipyard, Ltd. shareholders, the development reinforces a commitment to the community and the nation that began 24 years ago when in 2000 Carnival Corporation & plc, Royal Caribbean Cruises, Ltd, and Grand Bahama Port Authority founded Grand Bahama Shipyard.”
“I am proud of our enduring partnership with The Bahamas and the progress it has yielded over the decades,” said Jason Liberty, president and CEO, Royal Caribbean Group. “By working closely together on the Grand Bahama Shipyard transformation project we are deepening the impact of this significant industrial investment and ensuring it reaches beyond our industry to create long-lasting opportunities for the Bahamian workforce and local communities.”
Josh Weinstein, president, CEO and Chief Climate Officer of Carnival Corporation & plc. said: “For decades, we’ve worked side-by-side with The Bahamas to foster economic growth and community impact through cruise tourism. Our investment in the Grand Bahama Shipyard transformation advances those efforts, establishing The Bahamas as the global epicenter of ship repair and a vital service provider for cruise and commercial shipping fleets.”
The release also said: “As the largest private non-tourism employer in The Bahamas, the expansion of shipyard operations will further support Bahamians, local businesses, and contractors, creating hundreds of full-time jobs at the shipyard once it is in full operation.”
“At the shipyard we are managing the infrastructure upgrades required to accommodate the new docks, they are progressing on time and we eagerly await the arrival of the new docks so that we can return to our position as a major world player in the global ship repair market, and to our position as world’s busiest cruise ship repair facility. Alongside the infrastructure we are advanced in our planning of ensuring we have enough skilled persons and resources to carry out the works for our valued customers,” said Dave Skentelbery CEO, Grand Bahama Shipyard