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COVID cuts corporate revenues by up to 70% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ORPORATE Bahamas saw the COVID-19 pandemic slash its 2020 revenues by up to 70 percent, with business licence filings placing the average fall-off between 40 to 50 percent. Accountants, who are responsible for certifying the accuracy of turnover figures reported to the Department of Inland Revenue (DIR) for business licence purposes, told Tribune Business it was “one thing to expect, but amazing to see” the pandemic’s impact on their clients’ top-lines compared to preCOVID-19 years. They explained that the severity depended on the particular business, the industry it was in, and how hard they were impacted by lockdowns and other government-imposed restrictions. Hotels and tourism-related businesses; retailers deemed “nonessential” for COVID-19

• Average decline said to be between 40-50% • Accountants: ‘Expected. but amazing to see’ • Business licence filings expose pandemic toll

CRAIG “TONY” GOMEZ purposes; downtown Nassau businesses reliant on the cruise industry; and those linked to the airport were especially hard-hit. While companies have been making “every effort” to meet the just-passed January 31 filing deadline, accountants warned “the real test” will come at endMarch when the actual payment of business licence fees becomes due because many firms are suffering from severe liquidity and

Revenue gap ‘shrinks’ but deficit still $736m

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

TOURISM and the economy’s gradual re-opening enabled the government to narrow the gap between its revenue forecasts and outturn despite a $736.1m first half deficit, it was revealed yesterday. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that tourism’s slow ramp-up from November onwards, together with the easing of COVID-19 restrictions on the domestic economy, had helped the government’s income flows

make up lost ground following the lockdowns that plagued the 2020-2021 fiscal first quarter. “In the second quarter we ended up being a bit closer to the budget projections than in the first quarter, which was a positive development,” Mr Johnson said. “That put us closer in line with where we thought we would be at this particular juncture. “We’re not far off from where we thought we’d be at this particular juncture because the November and December numbers were pretty solid. The January

SEE PAGE 6

Govt backs ‘mandatory’ property insurance call By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government has “agreed” that property insurance must be mandatory throughout The Bahamas with Dorian-related reinsurance inflows giving the external reserves a $1.3bn boost. The International Monetary Fund (IMF), in its full 2020 Article IV report, said the Minnis administration had backed its call for all buildings to be insured in the wake of the $3.4bn worth of

economic losses and damage that category five Dorian inflicted upon Abaco and Grand Bahama where up to 60 percent of structures lacked proper insurance. “High private sector losses from hurricanes point to the need to improve physical, financial and social resilience against natural disasters. Accelerating adaptation will require improving public investment management and reprioritising expenditure,” the fund said.

SEE PAGE 8

cash flow woes that may leave them with inadequate funds. Craig A “Tony” Gomez, the Baker Tilly Gomez accountant and partner, told this newspaper: “If we were to judge by what happened in the country in 2020, many of the companies that are filing are reporting their income is down significantly, especially if they were in any kind of retail business. “Those in the restaurant business suffered severely, which was expected because of the lockdowns and curfews etc... Anybody related to Lynden Pindling International Airport (LPIA) will see a significant downturn because the airport was shut. There’s a downturn in revenue across all the entities, particularly anyone related to the airport, downtown Nassau, retail and tourism. “It’s what we expected.

This is one time where we’re seeing what we expected manifest itself in the Business Licence figures. It’s never good to see this, but it’s real. It’s one thing to expect it, but amazing to see it. I feel that it’s in the range we expected to see, but to see it manifest itself brings to the fore the impact of the pandemic.” Entertainment businesses such as bars, nightclubs and cinemas, which have now been closed for more than ten months under the government’s COVID-19 emergency powers, will also be among the sectors reporting the sharpest turnover declines for business licence purposes. Those likely to report the least fall-off, and perhaps even increased top-lines, will be “essential” businesses such as food store

SEE PAGE 4

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Gross govt borrowing leaps four-fold to $2bn By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government’s gross borrowings leapt four-fold year-over-year to more than $2bn during the six months to end-2020, it was revealed yesterday, exceeding what was projected for the full fiscal year. The so-called “fiscal snapshot” and report for the 2020-2021 first half, which covers the six months from July 1 last year, disclosed that the Minnis administration borrowed a total $2.12bn compared to just $530.9m during the same period in the prior fiscal year. And that $2.12bn exceeded the $2.024bn in gross borrowings that the government had projected it would need to raise for the entire 2020-2021 fiscal year, with the former figure equivalent to 104.8 percent of that sum. This means that it has borrowed more, in gross terms, during the first six months of the year than it had originally forecast it would need for the entire 12-month span. However, Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune

MARLON JOHNSON Business there was nothing to be alarmed about. He argued that while the gross borrowing figures had been released for “public consumption”, the critical number from the government’s perspective was its net borrowing. This measures the actual increase in its liabilities, or debt, because it strips out the the gross borrowing proceeds that are used to pay down its existing bills. The “fiscal snapshot” shows the government as repaying more debt in the first six months of the 20202021 fiscal year than it had planned to in the entire 12-month period. Some $921.3m worth of debt principal was repaid from its $2.12m gross

SEE PAGE 5

PAGE 2, Monday, February 1, 2021

‘MAKE CURRENT TAXES WORK BEFORE THE INCOME OPTION’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

THE private sector is urging the government to eliminate wasteful spending, and collect all revenues currently on the books, before it hits businesses with new and/or increased taxes. Corporate executives, though, were split on the introduction of an income and/or corporate income tax, with some vehemently opposed to the concept while others viewed it as “fairer” than The Bahamas’ present regressive taxation structure and felt it should replace VAT. Their views came after the International Monetary Fund’s (IMF) recent Article IV report on The Bahamas revealed that the government has been holding internal discussions on income-related tax reforms as an option. The Minnis

administration, though, said it has made “no commitments” on introducing any kind of income tax. Dwayne Higgs, WHIM Automotive’s general manager, told Tribune Business: “Any additional taxes are going to stop any sort of rebound or growth. I really believe that there should be more attention paid to how taxes are spent. Instead of getting more taxes to waste, let’s spend what we’re getting now properly. Reduce the waste or eliminate the waste.” Mr Higgs acknowledged that seismic changes to a nation’s tax structure, which in The Bahamas’ case would involve an income and/or corporate income tax, can take years to implement. However, he noted: “The government has been talking about this for a few years.” His comments came after the IMF, again seeking to nudge The Bahamas

NOTICE NOTICE is hereby given that DARRY JOSEPH KING, of #11 Club Lane, Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE towards more progressive and “equitable” taxation options, also admitted any changes will take “years” for The Bahamas to implement. “The authorities reiterated their commitment to fiscal discipline once the crisis subsides,” the IMF report said. “Most of the COVID-19 measures have time limits, and thus the fiscal balance should swiftly improve once the recovery sets in. “They have also started discussing property and income tax policy reforms, and are seeking technical assistance from the international community, but acknowledge that implementation will take years.” Mr Higgs, though, said he was opposed to an income tax: “I’m not interested in an income tax, not with everything else that’s in place, and for the fact that there is a lot of waste. I’m not for it. You drive on the roads; the roads are terrible, so where is all of the money going?” The government last night sought to downplay the IMF report’s contents, while moving to reassure Bahamians and the private sector there is no imminent prospect of income tax being introduced. “As has been stated before, the government is not contemplating the adoption of a personal income tax regime,” said Senator Kwasi Thompson, minister of state for finance, in a statement.

ENTRANCE to IMF Headquarters. The Ministry of Finance itself added: “Calls from the IMF to broaden the tax base with income taxation are not new, as they have featured in all staff reports in at least the past ten years. “While the government has taken these recommendations into consideration, it has made no commitments regarding the prospect of income tax. Its internal discussion regarding tax reform is part of a previously announced exercise to review tax policies.” Income, and/or corporate income, taxes have always been a controversial topic in The Bahamas, which has no history of them. VAT was preferred as the central element of tax reform under the last Christie administration since its selfenforcement mechanism at each stage of the production chain, and reliance on businesses to collect it, was seen as one where compliance was easier to attain while administrative costs and complexities would be less. However, The Bahamas’ present consumption-based

tax structure is regressive in that it imposes a disproportionate burden on lower income Bahamians who end up paying a greater percentage of their income in taxes than their wealthier counterparts. And The Bahamas is under considerable external pressure, especially from the likes of the European Union (EU), to implement some form of corporate tax amid persistent threats that jurisdictions with zero or low income tax rates will feature prominently on 27-nation bloc’s so-called “tax blacklists”. Data produced in the IMF’s Article IV report, which appears to have been taken from a Deloitte & Touche study conducted for the Bahamas Financial Services Board (BFSB) in 2018, suggested that a corporate income tax could generate revenues in excess of four percent of gross domestic product (GDP) or $400m if implemented. Many remain sceptical of an income tax. Brent Collins, chief executive of Freeport-based Power

Equipment, said: “Hell no. You mean the money that I make they are going to tax some more? I don’t like that at all. So that means they are going to be taking out for National Insurance Board contributions and more money on top of that? That does not make any sense to me. No way do I want that.” Yet Barry Kemp, owner/ operator of A1 Lock & Key Security Specialists, said that he is in favour of an income and/or corporate tax - provided they replace VAT as the government’s main revenue source. He said: “Income tax should be better than a VAT tax, and we need to move from the VAT and put the income tax there instead, and corporate tax as well. Because at the end of the day, most countries use income tax as well as corporate tax. It’s better and it should be a little fairer.” Mr Kemp, though, said keeping VAT and putting an income tax on top would be a “no-no”.

Arawak Cay chief issues early Sunday closing call By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net ARAWAK Cay’s president is urging the government to enforce the popular Fish Fry destination’s closure on Sundays from 6pm for four months to combat patrons failing to abide by COVID-19 protocols. Rodney Russell, who heads the vendors’ association, said in a statement that his restaurant owner

members were being unfairly blamed for failing to ensure guests wear masks and comply with social distancing. He added that it had reached the point where individual restaurants, along with the police, are incapable of monitoring patrons’ COVID-19 compliance or controlling them due to the size of the Sunday evening crowd. Mr Russell said: “The executive members of the Arawak Cay Association,

the competent authority, the police officers and the COVID-19 policing team all try explaining the danger of these actions but no one is listening. “As president of the Arawak Cay Association, in consultation with my executive team, we are asking the competent authority to please assist us by closing down The fish Fry on Arawak Cay on Sunday’s at 6pm for a period of 16 weeks. “This move might be a

pain for the ones who are obeying the rules and regulations but we’d rather sacrifice four hours on Sunday and save Monday through Saturday.”

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THE TRIBUNE

Monday, February 1, 2021, PAGE 3

CANADA IN NEW ‘STUMBLING BLOCK’ FOR TOURISM’S REVIVAL By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

CANADA’S decision to halt all flights by its airlines to The Bahamas until April 30 was yesterday branded “another stumbling block along the road to recovery” for this nation’s battered tourism industry. Robert Sands, the Bahamas Hotel and Tourism Association’s (BHTA) president, told Tribune Business the sector was “very concerned” by the Canadian government’s newly-imposed travel restrictions, which were likely to be especially impactful for all-inclusive resort properties. Acknowledging that it takes some of the gloss off recent “victories” for The Bahamas, particularly the US decision to improve this nation’s health travel advisory and signs the Biden administration will not make COVID-19 quarantine mandatory for returning travellers, Mr Sands said the Canadian move creates an “impediment” to travel from a market that produces some ten percent of the country’s visitors. “I think it’s fair to say the industry is very concerned by that particular move,” he added of the Canadian action. “It further puts in place an impediment for those particular markets. We’re trying to get a better understanding of why this has come about, and particularly why the Caribbean and other countries have been singled out.” Justin Trudeau, the Canadian prime minister, last week said the country’s main airlines - Air Canada, WestJet, Air Transat and Sunwing, have agreed to cancel all services to Caribbean destinations and Mexico - the so called “sun destinations” beloved by his nation’s citizens - until April 30. The move, designed to prevent Canadian citizens from travelling abroad and bringing home new mutant

ROBERT SANDS COVID-19 strains, effectively cuts off the supply of visitors from that source market during what would traditionally be the peak winter tourism season. And it also potentially removes an important feeder/transit hub from other countries, as one of the few ways UK and European citizens have been able to access The Bahamas during the pandemic has been via Canada. Mr Sands said the Trudeau administration’s move will be “very impactful for the all-inclusive properties in particular”, while Airbnb and vacationstyle rentals may also feel the effects along with the wider tourism industry. The Canadian action represents another potential blow, at least in the shortterm, to efforts to revive Bahamian tourism, which is the nation’s largest employment generator and foreign exchange earner. It comes just as the US delivered two

encouraging developments that may aid this nation’s bid to open up its main source market. “It’s another impediment that we now have to work our way through,” Mr Sands added of Canada’s restrictions, which were unveiled just after US federal officials suggested their proposed quarantine will be “recommended” rather than mandatory. “That’s a victory for The Bahamas,” the BHTA president said. “Going from a ‘Level 4’ to ‘Level 3’ health travel advisory is also a victory for The Bahamas, and fortunately our testing regime is pretty robust, but we still need to move some of these stumbling blocks along the road to recovery for The Bahamas if we’re going to see any meaningful growth in a short period of time.” The 14-day mandatory quarantine period for returning Canadian travellers, which had been in place

NOTICE NOTICE is hereby given that KERRY DENISE KING, of #11 Club Lane, Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

prior to the airlift suspension, as well as numerous complaints - articulated in letters to this newspaper about obtaining COVID-19 PCR test results within the time limits set by The Bahamas for travel was thought to have already curtailed Canadian demand. Mr Sands, though, said Canadians still accounted for the same proportion of The Bahamas’ visitor mix as they did prior to the COVID-19 pandemic. And the negative news from that nation has been offset to some extent by the Centres for Disease Control and Prevention’s (CDC) move to upgrade The Bahamas from a “Level 4” to “Level 3” status on its health travel advisory. The shift moves The Bahamas from “very high risk”, in relation to COVID-19, to “high” risk. This, in turn, downgrades the CDC’s warning to US citizens on The Bahamas from “travellers should avoid all travel to The Bahamas” to one where they should “reconsider travel”. And a briefing given to international media last Tuesday by Ian Brownlee,

the US State Department’s acting assistant secretary for consular affairs, and Marty Cetron, the CDC’s director for global migration and quarantine, cast some doubt on whether a quarantine will be made mandatory at the federal level. In response to questions on the issue, a transcript quoted Mr Brownlee as saying: “We’re not at this time issuing federal quarantine orders, but we do have - and have had - up on the CDC website guidance regarding the ways to increase the safety of international travel...... “Staying home for a period of time, seven days if you have a negative postarrival test taken between day three and five, as is recommended on our website, allows the quarantine period to be shortened. “Most of this return recommendation really falls in the jurisdiction of state and local authorities, and each, the state and local authorities, may have their own specific advice, but the CDC’s standard advice on this can be found on our website. So these are recommendations from CDC.”

Police seize over $20k fake currency POLICE seized more than $22,000 in counterfeit Bahamian currency last year even though the ratio of fake notes to genuine bills appears to be dropping. Royal Bahamas Police Force and Central Bank officials, in a counterfeit currency webinar held on Friday, said fake or forged Bahamian dollar bank notes had dropped to a ratio of between one to two out of every 1m genuine bills. Disclosing that the $20 note is the one most commonly targeted by counterfeiters, often using an inkjet printer as their means of production, officials disclosed that bars, nightclubs, food stores, commercial banks and churches were among the businesses and organisations that most frequently fell victim to fake bank notes.

PAGE 4, Monday, February 1, 2021

COVID cuts corporate revenues by up to 70% FROM PAGE ONE chains and others allowed to continue operating throughout the pandemic. And Mr Gomez said there even some industries who had “surprised” by their resilience, and the way in which their top-line revenues held up. “We are seeing, surprisingly, that real estate companies, rental operators and commercial property firms still very much held their own,” he said, revealing that some clients in this space suffered just a nine percent revenue fall compared to pre-COVID. “They remained fairly even; they remained flat and consistent in their revenue. Not all, but

many of them. A couple of real estate properties maintained their income levels.” The situation implies a significant fall-off for a revenue stream the government has come to rely on heavily for nine-figure income annually, notwithstanding the private sector’s complaints that it is a distortionary tax that penalises high turnover, low margin businesses such as food stores and gas stations while favouring low revenue, high margin rivals. Business licence fees generated $135.741m for the Public Treasury in the 2018-2019 fiscal year, which was the last period not to be impacted by the pandemic. They dropped by an estimated 19 percent yearover-year to $110.053m, a

fall of more than $25m, in the 2019-2020 fiscal year, as COVID-19 struck right at the point when Business Licence fees were due to be paid. Some of the drop-off may also have been due to the government’s tax credit and deferral initiative, which allowed firms to defer 50 percent of their VAT and business licence liabilities and enjoy a write-off on the balance in return for keeping up to 80 percent of their staff employed at the peak of COVID-19 lockdown. For this fiscal year, the Ministry of Finance is forecasting an even steeper year-over-year decline of more than 30 percent to $77.2m, a figure than is also 43.2 percent down

on 2018-2019. Based on what Bahamian accountants are seeing, it is right to have taken such a cautious approach that still might under-estimate the extent of the decline. “Top lines are down as much as 48 percent on the high-end, and nine percent on the low end,” Mr Gomez said. “The decrease in government revenues will fall somewhere between the two. It will certainly impact government revenues. And when you have had restrictions for nine months it could be anything for certain industries. “I’d expect it to be 60 percent; as much as 70 percent for some. If your busy season is January to March, the first three months of the

THE TRIBUNE year, the decrease would not be as significant as someone whose business is predominantly in June to September. It depends on the business model.” Ricky Chea, a former Bahamas Institute of Chartered Accountants (BICA) president, told Tribune Business that his clients’ 2020 turnover was on average down by 40 percent compared to the pre-COVID 2019. “They’re doing about 60 percent of what they’d done in the prior year,” he added. “If I were to give you a general number it would be in the ball park of what it was last year.” Mr Chea added that the Department of Inland Revenue also seemed to be taking longer to respond to his clients on the sum they needed to pay, once the filing and certification letter was submitted. Whereas it previously took three to four days, it was now taking ten days to two weeks, which could be a function of the Department having to cope with VAT and substance reporting filings at the same time. “I understand the COVID-19 environment, but given that the government needs money, I thought in this area they’d be more aggressive to get it out so people can pay,” Mr Chea said. “I guess many businesses will not be too

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aggressive to pay. It’s a cash flow issue for everybody.” Mr Gomez concurred, saying: “We are seeing every effort being made by companies to file. It’s not all on time, purely because of the closure of some businesses and interrupting of reporting cycles. “The real test will be the payment deadline, because not all are liquid. Businesses will acknowledge their liabilities but can they make the payment is the big question. March 31 will be the real test. There’s no doubt companies are acknowledging their tax liabilities, but because of the reduction in business in 2020, which resulted in reduced cash flow, it will be interesting to see what impact that has on payment.” Kendrick Christie, the Crowe Bahamas accountant and partner, told Tribune Business that while there had been “some bright spots” many companies suffered revenue fall-offs of “at least 50 percent”. In some cases, this reached as high as 70 percent. Marlon Johnson, the Ministry of Finance’s acting financial secretary, confirmed that the government was bracing for an expected decline in business licence revenue but did not comment further.

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A cement company is requesting bids for trucking services for its two locations in New Providence. Interested parties are invited to send an email to (truckbids242@gmail.com). Bids will be received until February 9th, 2021

NOTICE NOTICE is hereby given that KYLAN THOMAS KING, of #11 Club Lane, Old Fort Bay, P.O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE INTERNATIONAL BUSINESS COMPANIES ACT, 2000

AJS International Portfolio Fund Ltd. Voluntary Liquidation

NOTICE IS HEREBY GIVEN in accordance with Section 138 (4) of the International Business Companies Act, 2000 as follows:a)

AJS International Portfolio Fund Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000.

The dissolution of the said Company commenced on 22nd December 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

The Liquidator of the said Company is Israel Borba whose address is Lyford Financial Centre, Building 2, Western Road, P.O. Box CB-10988, Lyford Cay, New Providence, Nassau, Bahamas.

Israel Borba Liquidator

THE TRIBUNE

Monday, February 1, 2021, PAGE 5

Gross govt borrowing leaps four-fold to $2bn

FROM PAGE ONE

borrowing proceeds in the period to end-December, with the former figure equivalent to 132.3 percent of the $696.6m it was forecast to repay for the full year. Mr Johnson did not comment on whether the government is repaying debt principal faster than originally planned, but the effect of stripping out these payments leaves a net borrowing increase - as measured by the rise in the Public Treasury’s liabilities - of $1.199bn - a sum equivalent to 90.3 percent of the $1.327bn fiscal deficit that is projected for the year to end-June 2021. When challenged about the discrepancy between the $736.1m fiscal deficit shown for the 2020-2021 half-year, and the $1.199bn increase in the government’s debts, Mr Johnson said this related to timing differences caused by drawing down on borrowed funds ahead of repaying short-term advances such as those received from the Central Bank. Another factor, he added, was the decision to refinance the Bahamas Electricity Corporation’s (BEC) legacy $246m debt with a bridging loan, which transformed this from a contingent liability to a direct debt even though the electricity utility is making the interest payments until this is refinanced via its planned Rate Reduction Bond (RRB). Mr Johnson also told

Tribune Business that the government had little choice, as a result of COVID-19’s brutal impact on its finances, but to suspend payments to the so-called “sinking funds” that have been created to fund repayment of specific bond and debt issues. “You do that when the government has surplus cash with which to make the payments, and everybody understands the last half of the year we had,” he said. “We hope to do so [make payments] in the second half, but cash flow didn’t allow us to set aside any in the sinking fund.” The government’s report for the second quarter and first half of the 2020-2021 fiscal year said: “During the first half of the fiscal year 2020-2021, no contributions were made to the sinking fund established to retire future debt obligations given the increasing requirements posed by the COVID-19 pandemic on the fiscal performance. “At end-December 2020, the three arrangements earmarked for scheduled retirement of external bonds held a cumulative value of $195.4m, while the funds set aside for the two local arrangement stood at $13.3m.” A breakdown of the government’s borrowings and repayments over the fiscal 2020-2021 first half showed it had actually repaid more Bahamian dollars than it borrowed. It repaid $564.1m, and repaid

$530.3m, as $244.9m and $54.8m, respectively, were used to repay short-term Central Bank advances and Treasury Bill paper. However, the government’s foreign currency borrowings exceeded its repayments by some $1.233bn largely due to the $825m worth of bonds it placed on the international capital markets in late 2020. While this bolstered the external reserves to a record $2.3bn, protecting the US dollar exchange rate regime against COVID’s short-term ravages, some will be concerned over the potential long-term pressures. “In meeting its operational requirements, the government incurred a net increase in liabilities over the period of $1.199bn,” the report confirmed. “Budgetary financing requirements were met through borrowings totaling $2.12bn, compared with $530.9m for the same period of the prior fiscal year. “Debt amortisation payments were boosted to $921.3m from the year-earlier $325.7m, and included the repayment of the $248m bridge financing and $244.9m in Central Bank advances. “As of result of net borrowing activities, the direct charge on the government - exclusive of exchange rate adjustments - increased by $1.199bn to $9.39bn or an estimated 78.8 percent of GDP at end-December 2020, as compared to 66 percent of GDP at end-June 2020.”

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NOTICE NOTICE is hereby given that MAIA VALERA KING, of #11 Club Lane , Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

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PAGE 6, Monday, February 1, 2021

Revenue gap ‘shrinks’ but deficit still $736m FROM PAGE ONE numbers are promising in terms of revenue.” Senator Kwasi Thompson, minister of state for finance, described the improving revenue trends as promising in a statement yesterday. “I wish to note in particular that we have seen a strengthening in the revenue performance as the domestic economy

opened back up and the tourism trade began to pick up in November and December,” he said. “While the month of January 2021 is not covered in this report, I am pleased to advise that preliminary indications are that we will likely meet - and perhaps exceed - the budgeted revenues for January, an encouraging sign in what has understandably been the country’s most

challenging economic period ever.” The government’s socalled “fiscal snapshot” and 2020-2021 first half report, released yesterday, was nor surprisingly full of ‘red ink’ given the devastation inflicted by COVID-19 on the very economic activity and consumer demand it relies on to drive the bulk of its revenue streams. With income down by

THE TRIBUNE $430m year-over-year, and spending up by $112.1m as the government sought to ease the pandemic’s worst effects on vulnerable Bahamians and the economy, the fiscal deficit expanded by $542.1m compared to the prior year’s $194m. “The imposition of more restrictive COVID-19 measures in the opening quarter of fiscal year 2020-2021, and the slower than anticipated recovery of economic activity in the ensuing months, dampened revenue collections for the first half of fiscal year 2020-2021,” the report said. “Compared with the corresponding period of fiscal year 2019-2020, total revenue declined by an estimated $430m (39 percent) to $671.4m, which constituted 61 percent of the prior year’s collections and 38.1 percent of the budget target. Developments were largely driven by sharp contractions in receipts from VAT, excise taxes, customs and import duties and departure taxes.” VAT, the government’s main revenue source, suffered a $229m or 44.4 percent year-over-year decline to $286.3m due to the dropoff in economic activity. That compared to $515m collected in the 2019-2020 fiscal year’s first half. Even gaming revenues, which had previously been extremely resilient, suffered due to the restrictions and lack of business affecting both hotels and casinos. “The reduction in economic activity and higher unemployment conditions also adversely impacted gaming/

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MARKET REPORT www.bisxbahamas.com

FRIDAY, 29 JANUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2073.89

1.35

0.07

-18.57

-0.89

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.25 33.05 2.00 2.10 2.10 6.00 6.75 3.80 6.49 4.40 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 1.66 5.00 6.00 2.70 4.50 3.50 5.80 11.06 2.10 4.75 9.60 7.50 13.00 3.25 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 4.25 32.12 1.62 2.02 1.67 6.00 6.61 2.98 4.74 3.50 5.80 11.24 2.51 6.85 10.10 8.40 13.50 3.80 8.50 15.20

CLOSE 4.25 32.12 1.62 2.10 1.67 6.00 6.61 2.98 4.74 3.50 5.80 11.24 2.53 6.85 10.23 8.40 13.50 3.80 8.50 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS760240 BSBGR120371 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 97.04 100.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.50 97.72 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 99.97 94.40 100.70

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS760240 BGRS FX BSBGR120371 BGRS FL BSBGRS790262

CHANGE 0.00 0.00 0.00 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 0.13 0.00 0.00 0.00 0.00 0.00

VOLUME

1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

VOLUME

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 17.8 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.0 12.9 15.6 24.8 14.7 15.8 11.5 16.5 18.7 9.1 24.1

YIELD 4.00% 3.92% 1.23% 1.43% 0.00% 0.00% 3.93% 0.00% 0.00% 3.43% 3.79% 6.41% 17.15% 0.88% 3.21% 2.86% 4.00% 3.16% 2.35% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

MATURITY

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.50% 5.22% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 18-Jan-2024 15-Dec-2037 28-Mar-2026

MUTUAL FUNDS 52WK HI 2.39 4.43 2.14 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.66 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Financial Conservative Fund Leno Financial Aggressive Fund Leno Financial Balanced Fund Leno Financial Global Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.39 4.43 2.14 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 9.28 11.86

YTD% 12 MTH% 4.55% 4.55% 1.58% 1.58% 2.60% 2.60% 3.47% 3.47% 10.86% 10.86% 1.03% 1.03% -3.14% -3.14% 0.26% 0.26% -12.29% -12.29% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

betting activity, with gaming taxes lower by $8.4m (43.3 percent) at $11m,” the “fiscal snapshot” added. “Revenue receipts for the first half of the fiscal year 2020-2021 stood at $671.4m or 38.1 percent of the budgeted amount, a decline of $430m (39 percent) from the comparative year-earlier period. Tax receipts, at 37.6 percent of budget, contracted by $425m (42.7 percent) to $569.5m, and non-tax revenue was lower by $4.9m (4.6 percent) at $101.9m for 41.2 percent of the budget.” The government traditionally earns the bulk of its revenues in the first three months of the calendar year, as this coincides with tourism’s peak, the payment of business licence fees and most real property taxes, and commercial vehicle licensing month. The impact this year, though, will be much more muted. “Similar to the factors impacting VAT receipts, excise tax receipts contracted by $43.6m (32.9 percent) to $88.9m,” the “fiscal snapshot” said of the 2020-2021 first half. “The intake from taxes on international trade and transactions narrowed by $128.7m (55.5 percent) to $103.1m. “Property income aggregated $16.8m to represent 41.5 percent of the budget, and an increase of $10.6m from the prior year comparison, buoyed by the $11.8m Autec lease payment made in the second quarter. “Receipts for the sale of goods and services, of $65.9m, were $20.5m (23.7 percent) below the yearearlier intake. Dominating this outcome were declines in Immigration fees of $8.4m (20.3 percent) and Customs fees of $6.4m (27.2 percent).” Meanwhile, COVID-19 caused total government

spending to increase by $119.5m or 10.1 percent to $1.299bn or 50.4 percent of the sum budgeted for the full year. This was despite a $41.2m reduction in the public sector’s wage bill to $342.3m, which was largely due to the absence of the $22.8m lump sum payment that was made to civil servants in the prior year. “Expenditure on social assistance benefits expanded significantly by $91.6m (715.6 percent) to $104.4m compared to the same period in the prior year to settle at 76 percent of the budget,” the report said. “Approximately $66.2m was expended on direct cash transfers under the government’s unemployment assistance programme administered by the National Insurance Board (NIB). Furthermore, food assistance benefits, which were facilitated via the Department of Social Services and the National Food Distribution Task Force, totaled $30.8m.” Elsewhere, subsidies to state-owned enterprises (SOEs) jumped by $21.5m or 10.9 percent to $219.3m, accounting for some 59.1 percent of the sum allocated for the full year. “Subsidies to public non-financial corporations were boosted to $205.7m from $189.5m,” the “fiscal snapshot” added. “This included transfers of $117.1m to the Public Hospitals Authority (PHA) to support its ongoing operations as well as COVID-19 remediation efforts. Support of $34.8m was provided to Bahamasair, $19m to the National Health Insurance; and $15.2m was transferred to the Water and Sewerage Corporation to support operational costs amid revenue challenges imposed by the impact of the COVID-19 economic disruptions.”

NOTICE NOTICE is hereby given that ALIYAH MADELINE KING, of #11 Club Lane, Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that WHITLYN INNOCENT, of Pinedale, Eight Mile Rock Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ERIC ERTILUS TANELUS, of Jones Town, Eight Mile Rock, Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that MICHAEL WOODSIDE, of Farrington Road, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 1st day of February 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 8, Monday, February 1, 2021

THE TRIBUNE

Govt backs ‘mandatory’ property insurance call FROM PAGE ONE “Continued investment in climate-resilient infrastructure can also buffer the macro-fiscal impact of natural disasters. Mandatory property insurance would be a beneficial addition to the multi-dimensional resilience strategy.” Revealing the government’s reaction, the IMF said: “They also agreed with staff’s recommendation for mandatory property insurance, and pledged to bring a new law to Parliament in 2021 to mitigate risks associated with

natural disasters.” The affordability of insurance coverage, which has become a major issue due to frequent premium rate increases, has often seen homeowners and businesses either drop or reduce coverage - especially if their property is not subject to a mortgage or other bank lien. While the government has indicated its interest in developing a scheme that would ensure wider insurance coverage in Dorian’s wake, little progress appears to have been made thus far despite the acknowledgement that it

may offer social benefits while removing the hurricane repair cost burden from the Public Treasury. Suggesting that The Bahamas could draw on catastrophe protection schemes developed by New Zealand and Turkey, the IMF said: “The majority of damage caused by hurricanes to The Bahamas is not covered by insurance. The lack of insurance payouts following a large disaster can hinder reconstruction efforts and slow the economic recovery..... “Private losses account for most of the damage, while private property

insurance is largely optional unless the property is financed by a bank. As a result, about 60 percent of buildings destroyed by Hurricane Dorian in The Bahamas were not insured at all or not adequately insured. Government grants to assist with reconstruction are insufficient and present a significant burden to the public purse.” Still, reinsurance inflows associated with Hurricane Dorian claims provided a $400m boost to the external reserves last year at a time when this was essential due to the drop-off in tourism inflows. This combined

with the receipt of $900m in reinsurance monies in 2019 to provide a $1.3bn boost over two years. “The current account fell back into deficit following a small surplus in 2019,” the IMF said of The Bahamas in 2020. “Net travel receipts were negative for the first time in the second quarter of 2020. “Exports contracted more than imports (35 percent versus 17 percent) in the first three quarters relative to 2019, but the remainder of Hurricane Dorian related re-insurance receipts - about $400m compared to $900m in 2019

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 61° F/16° C Low: 39° F/4° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Some sun with a few showers; windy

Very windy; rather cloudy

Very windy; partly sunny

Low clouds and breezy

Sunny to partly cloudy and nice

Sunny and pleasant

High: 79°

Low: 59°

High: 66° Low: 57°

High: 69° Low: 58°

High: 72° Low: 63°

High: 78° Low: 66°

AccuWeather RealFeel

79° F

53° F

63°-51° F

67°-59° F

76°-63° F

79°-65° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 76° F/24° C Low: 56° F/13° C

12-25 knots

High: 72° F/22° C Low: 45° F/7° C

15-25 knots

FT. LAUDERDALE

FREEPORT

High: 75° F/24° C Low: 47° F/8° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 60° F/16° C Low: 46° F/8° C

High: 75° F/24° C Low: 50° F/10° C

MIAMI

High: 74° F/23° C Low: 49° F/9° C

12-25 knots

KEY WEST

High: 73° F/23° C Low: 58° F/14° C

High: 79° F/26° C Low: 59° F/15° C

High: 78° F/26° C Low: 62° F/17° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

10:14 a.m. 10:44 p.m.

2.9 2.7

4:03 a.m. -0.4 4:38 p.m. -0.5

Tuesday

11:02 a.m. 11:38 p.m.

2.8 2.7

4:56 a.m. -0.2 5:24 p.m. -0.5

Wednesday 11:53 a.m. -----

2.5 -----

5:54 a.m. -0.1 6:15 p.m. -0.4

Thursday

12:36 a.m. 12:51 p.m.

2.7 2.3

6:57 a.m. 0.0 7:10 p.m. -0.4

Friday

1:39 a.m. 1:54 p.m.

2.8 2.2

8:05 a.m. 0.1 8:10 p.m. -0.3

Saturday

2:44 a.m. 3:01 p.m.

2.8 2.1

9:15 a.m. 0.1 9:14 p.m. -0.3

Sunday

3:49 a.m. 4:08 p.m.

2.8 2.1

10:22 a.m. 0.0 10:18 p.m. -0.4

sun anD moon Sunrise Sunset

6:52 a.m. 5:55 p.m.

Moonrise Moonset

10:01 p.m. 9:44 a.m.

Last

New

First

Full

Feb. 4

Feb. 11

Feb. 19

Feb. 27

CAT ISLAND

High: 79° F/26° C Low: 64° F/18° C

10-20 knots

8-16 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 79° F/26° C Low .................................................... 66° F/19° C Normal high ....................................... 77° F/25° C Normal low ........................................ 64° F/18° C Last year’s high ................................. 82° F/28° C Last year’s low ................................... 60° F/16° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.23” Normal year to date ..................................... 1.35”

ELEUTHERA

NASSAU

- helped limit the current account deterioration.”

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 79° F/26° C Low: 66° F/19° C

High: 79° F/26° C Low: 64° F/18° C

High: 80° F/27° C Low: 61° F/16° C

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 68° F/20° C

10-20 knots

MAYAGUANA High: 80° F/27° C Low: 73° F/23° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 80° F/27° C Low: 69° F/21° C

High: 80° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 82° F/28° C Low: 75° F/24° C

6-12 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SW at 15-25 Knots W at 20-30 Knots SW at 10-20 Knots WNW at 10-20 Knots SSW at 10-20 Knots W at 12-25 Knots SSE at 7-14 Knots WNW at 10-20 Knots SSW at 12-25 Knots W at 15-25 Knots WSW at 12-25 Knots WNW at 15-25 Knots SW at 8-16 Knots W at 12-25 Knots SE at 6-12 Knots WNW at 10-20 Knots S at 8-16 Knots W at 12-25 Knots SSE at 8-16 Knots W at 12-25 Knots SW at 10-20 Knots W at 12-25 Knots S at 6-12 Knots WNW at 10-20 Knots SW at 10-20 Knots W at 12-25 Knots

WAVES 8-12 Feet 8-12 Feet 2-4 Feet 4-7 Feet 4-8 Feet 5-9 Feet 4-7 Feet 4-7 Feet 5-9 Feet 5-9 Feet 5-9 Feet 6-10 Feet 2-4 Feet 3-5 Feet 3-6 Feet 4-7 Feet 2-4 Feet 3-5 Feet 6-10 Feet 6-10 Feet 3-5 Feet 4-7 Feet 2-4 Feet 3-6 Feet 4-7 Feet 4-8 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 5 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 74° F 74° F 75° F 76° F 75° F 75° F 78° F 78° F 75° F 75° F 75° F 77° F 75° F 75° F 78° F 79° F 77° F 77° F 77° F 77° F 75° F 75° F 77° F 77° F 75° F 75° F