The Tribune

By DENISE MAYCOCK

Tribune Freeport Reporter

dmaycock@tribunemedia.net

ALTHOUGH Grand Bahama Shipyard is the leading ship repair facility in the world, officials there are not "resting on their laurels" because new competitors have now emerged in the Caribbean.

Linda Turnquest, chief financial officer at GBSY, said the facility is aware of the multi-million agreements that were signed last year in Curaçao, and in Trinidad and Tobago for shipyards to be built in those countries.

A new shipyard in Curaçao started operations in February of this year, and a second one is due to open in Trinidad by 2018.

GBSY is the largest ship repair facility in the region. It was established in 1999 and officially opened in 2001. There are currently three floating docks and four wet berths there.

Ms Turnquest indicated that since its inception, the shipyard could boast of achieving "the undeniable title of being the largest cruise ship repair facility in the world."

Of the 65 major cruise refurbishments that took place in 2016, she reported that GBSY performed 21 refurbishments.

"We are number one, but we have a lot of competition in the world, and the other shipyards are not waiting and sitting idly and letting GBSY sit down on their laurels and say we are the number one cruise ship repair facility in the world," said the CFO.

Ms Turnquest noted that one of the competitors is Damen Shiprepair, a leading global shipyard group which has started operating its Curaçao shipyard in February 2017.

Agreement

"When they signed the agreement Damen now expanded shipyard activity across the Trans-Atlantic - when they did this they strategically located on the route to the Panama Canal, and it is now outside of the hurricane belt," she said.

"So, you now have a competitor who is basically outside of the hurricane belt and very close to us. We also have Trinidad and Tobago… the government has signed an agreement to build a $500 million facility. They see where we are, and so the competition is out there," she said.

According to the official, Damen is also looking at Cuba where it has been operating an existing shipbuilding and engineering business over the past 25 years.

"They want to expand that into a shipyard simply because GBSY is here and it is the largest cruise ship repair facility in the world."

She indicated that the company was also even looking at Puerto Rico before the recent hurricane which caused widespread destruction on that island.

In Europe, she said there are also competitors who are not happy with the GBSY and have now started pricing aggressively just to get ships in their shipyards.

Despite so much competition out there, Ms Turnquest said that GBSY is up for the challenge.

To be the largest cruise repair facility in 16 years, she said is an "amazing accomplishment" that did not come easily.

"The name GBSY is synonymous with quality work and respect for deadlines. This has not been achieved easily but as a result of the hard work and dedication of all employees in the yard. And to have accomplished this in 16 years as a new industry to the Bahamas, we believe is outstanding."

Community

In addition to the extensive dry-docking, the infrastructure improvements, contributions to the community which has allowed GBSY to achieve world-class recognition, Ms Turnquest said that they are most proud of their employees.

The company employs 803 Bahamians, representing 60 per cent of total employees at GBSY. There are qualified, and trained Bahamians are in every department at every level in the organization, from the apprentice through the executive level.