Monday, June 23, 2025
Home Port News Arawak Port operator to 'Save Every Penny'

Arawak Port operator to ‘Save Every Penny’

The Nassau Container Port’s (NCP) operator is aiming “to save every penny we can” following a financial year where its predictions of a near-$3m profit decline proved spot-on.

Dion Bethell, chief financial officer for BISX-listed Arawak Port Development Company (APD), told Tribune Business yesterday that it “tightened our belt” on cost controls to ensure its bottom line for the year to end-June 2018 came in around $350,000 above expectations.

Although APD’s profits slumped 20.8 percent year-over-year, falling from $11.171m to $8.858m, the company had been up against tough prior year comparatives due to a double Baha Mar boost – the resumption of construction to complete the project, and recovery of $1.1m in rent and storage fees owed when it went into Chapter 11 bankruptcy.

Michael Maura, APD’s chief executive, said the anticipated fall-off in Baha Mar-related construction imports produced a 5.5 percent year-over-year decline in twenty-foot equivalent unit (TEU) shipping containers moving through the Arawak Cay-based port.

In the absence of significant construction sector pick-up elsewhere, he revealed that dry bulk aggregate volumes fell by 17.23 percent compared to 2017, although continued Bahamian demand for used vehicles saw import levels in this category grow 4.3 percent year-over-year.

With revenues for the 2018 financial year down by just over $1m, or 3.1 percent, Mr Bethell said APD’s cost management focus had resulted in it electing to pay-off its $3m-plus Royal Bank of Canada (RBC) loan early to save around $100,000 in debt servicing (interest) costs.

And, while he and Mr Maura both forecast a 2019 financial performance that will be flat compared to last year on revenue and profits, APD has gently increased staff numbers in preparation for what both believe will be improved economic growth thereafter.

Read more on Tribune 242.





Latest Posts

Maersk and ZIM adjust Far East–ECSA service

Maersk and ZIM have announced revisions to their joint Far East–East Coast South America service. As part of the changes, the northbound call at Singapore...

We Asked AI: Container Ships in Ancient Worlds

Container Ships in Ancient Worlds Imagine a colossal container ship gliding through the Nile as pyramids rise in the distance, or docking at a bustling...

Scenario planning for Mediterranean ports growth amid ongoing tensions

The sustained growth of Mediterranean port traffic, driven by increased Asia-Europe trade and the Red Sea crisis, presents a dynamic landscape for global shipping. Assuming...

Thessaloniki port Revival: Balkan gateway reawakens

 For decades, Thessaloniki was a port with strategic promise but structural limitations, ideally located at the crossroads of Europe and the Balkans, yet constrained...

Vigor Marine Group’s consolidation signals US push to counter China’s shipbuilding dominance

In a bold move to strengthen America’s maritime capabilities, five leading US ship repair and marine service providers have united under a single banner. This...
error: Content is protected !!