Bahamas: New terminal will lower transport costs
A new $65 million marine terminal on Arawak Cay in Nassau will lower the cost of imported goods and cost of living for Bahamians said Hubert A. Ingraham, the country’s prime minister.
It will also achieve a long-sought goal to remove traffic from downtown Bay Street, he said.
“We will open up significant real property along Bay Street for redevelopment and growth in downtown Nassau. We will reduce congestion along the main thoroughfare in our city and we will permit the restoration to its earlier days of charm,” Ingraham said.
The new terminal, which will have annual capacity of 75,000 TEUs, is located on a 47-acre site and the government will also develop a 15-acre inland port on Gladstone Road.
The new terminal will be owned by APD, joint venture company to be owned by the government, the public, and a consortium of 20 large private sector companies, including Crowley Caribbean Services, Tropical Shipping, Mediterranean Shipping Co., Seaboard Marine.
“Historically, and today, the substantial income derived from shipping activity into New Providence has been owned and controlled by a select few families,” Ingraham said. Under the new arrangement 40 percent of the terminal will be privately owned, 40 percent government owned and 20 percent will be made available to the general public.
“I look forward to the day when the government of The Bahamas will be out of this business completely, and do the job which it is best able to do — regulate, as opposed to operate and manage.” he added.
Details on the agreement between the government and APD can be found here.