Wednesday, June 24, 2020

Full Steam Ahead: Covid Crisis Won’T Blow Global’S Port Project Off Course

How the new waterfront could look, according to Global Ports Holding’s plans.

Tribune Business Editor

Nassau Cruise Port yesterday confirmed it is steaming ahead with Prince George Wharf's transformation after raising $20m more than it needed from Bahamian and foreign investors.

The cruise terminal operator and its controlling owner, Global Ports Holding, described the $284.3m overhaul of a gateway that currently welcomes 4.4m passengers per year as "a definitely critical project" that cannot be delayed as they shrugged off the continuing fall-out and uncertainty caused by COVID-19.

Michael Maura, Nassau Cruise Port's chief executive, said the company's Board had decided to retain the $20m raised over and above the initial $130m target set for its recent bond financing raise. Some 200 investors placed money with the operator in what it describes as a vote of confidence in the project and the prospects for a cruise industry revival despite the sector extending its shutdown until September 15.  Read more >>