By NEIL HARTNELL
Tribune Business Editor
nhartnell@tribunemedia.net
The Nassau Container Port is eyeing a $563,000 annual top-line boost after a two-year effort succeeded in bringing 90 per cent of auto-carrying vessels to its docks.
Michael Maura, Arawak Port Development Company’s (APD) chief executive, told Tribune Business that it was expecting to handle 4,500 vehicles annually, as the bulk of this trade relocated to its facilities from Prince George’s Wharf.
He explained that the two stevedoring firms that handled auto import shipments, McKinney and Dockside, had relocated to Arawak Cay where they would continue their previous trade.
Arguing that the move to the Nassau Container Port would improve cargo handling efficiency and security when it came to dealing with auto imports, Mr Maura said the company saw a “spike in volumes” during March as the $3.5 billion Baha Mar project pushed to completion.
He added that the BISX-listed port operator remained interested in port development/management opportunities in the Family Islands, describing Exuma as especially “promising” due to the number of foreign direct investment (FDI) projects targeting the island.
But, back at Arawak Cay, Mr Maura said APD was set to earn $125 per vehicle that clears through its docks, broken down into a $100 landing fee and $25 port security fee.
Based on the projected volumes and these figures, Tribune Business calculates that APD and its more than-10,000 public shareholders could earn around $562,500 in extra annual revenues from this ‘business win’.
“We have forecasted to handle in excess of 4,500 vehicles annually, and these vehicles had been landing on Prince George’s Wharf,” Mr Maura told Tribune Business in a recent interview.
“We have, as part of this relocation effort, reached out to the stevedoring companies working these bulk auto vessels, McKinney and Dockside. We moved them to Nassau Container Port, so they are continuing to stevedore those vessels.”
APD has long argued that landing imported vehicles at Prince George’s Wharf created a far from ideal mix with the cruise tourism business, and raised numerous other implications, such as security concerns.
The BISX-listed operator also pushed the argument that, as a purpose-built facility, its port was the ideal landing spot for all vehicle imports to New Providence.
Mr Maura told Tribune Business that the relocation from Prince George’s Wharf began in December 2014, with APD working closely with the auto vessels’ three shipping agents - R H Curry, United Shipping and Freeport-based ISS.
He explained that APD now serviced 90 per cent of the bulk auto vessels that call on Nassau quarterly, as “a couple” still had to use Prince George’s Wharf due to their deep draughts.
“They come to Nassau Container Port where they go through the proper Customs processes and inspections,” Mr Maura said of New Providence’s auto imports.
“The port was designed to accommodate them. It’s taken us two years, but it’s very key to receive them. It’s better, as it’s a far more efficient and far more secure process. It’s a very good move, and it’s the right move.”
Mr Maura added that APD had broken ground on the $2.2 million administration building for the port’s ‘break bulk’ terminal, which will house Betty K’s offices when completed in November.
“March was a good month,” he told Tribune Business, “and it’s because Baha Mar had to push to get open. That’s where we saw the spike in volumes.
“The big push was March, as they wanted to get everything on the island, on property to ensure their contractors and workers had everything they needed to get the project open.”
Mr Maura emphasised that APD was still looking for expansion opportunities, especially in the Family Islands.
“Exuma seems promising, especially given that the Prime Minister spoke to all those developments [at the Business Outlook],” he told Tribune Business.
“Exuma lacks the right kind of port infrastructure to support development, so if there’s an opportunity for APD to participate in port development and administration, we’d love to sit down and talk.”
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