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WEDNESDAY, MARCH 3, 2021

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Marinas’ ‘one-stop shop’ dream in Customs halt

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

T

HE Association of Bahamas Marinas (ABM) president yesterday voiced growing frustration that its dream of creating a “one-stop shop” for all boating fees and permits has been halted by Customs.

Peter Maury, speaking after the Ministry of Finance issued a glowing press release on the “SeaZPass” digital payment solution created by the ABM’s partnership with the OMNI Financial Group, told Tribune Business that this portal is presently restricted to dealing with just the four

• Charter fee portal ‘one step forward, ten back’ • As blocked from collecting cruising permit fees • Fear ‘confusing’ split may undermine rebound

percent charter fees and associated permits.

While the ministry hailed this private sector-driven solution as a critical asset in its drive to collect up to $50m in uncollected charter fee revenue annually, Mr Maury said he felt as if it was “one step forward and ten steps back” due to Customs continued refusal to allow cruising permits and fees to be collected through SeaZPass.

Confirming that Bahamas Customs wanted this channelled exclusively through

its own Click2Clear platform, the ABM chief said this was contrary to the terms of the licence that initially outsourced all boating-related fee collection to the solution it had created with OMNI. As a result, while it can collect charter fees and process related permit applications via ‘SeaZPass’ on the Port Department’s behalf, it cannot do similar for Customs. As a result, Mr Maury said the marina industry’s goal of providing a “start to finish” solution to

smooth their clients’ access to Bahamian waters - particularly as the sector seeks to rebound from COVID19 - has been placed on hold for now.

“Initially we had a licence to collect the cruising permit and fee, the charter licence and the charter fee,” Mr Maury told this newspaper.

“Customs said we can’t collect for them; we can only collect the charter licence and the charter fee on behalf of the Port Department.

SEE PAGE 6

Consumers stunned by GB Power’s $15m Dorian move

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net GRAND Bahama residents and businesses were yesterday stunned to learn that the island’s monopoly electricity provider has now moved to recover $15.6m in Dorian restoration costs from them.

Multiple contacts only became aware that Grand Bahama Power Company has started to impose its Storm Recovery and Stabilisation charge on their bills when informed by Tribune Business, with the timing sparking a backlash over concerns that it represents a further burden with the island’s economy “in the worst state it’s ever been”.

The additional charge, which took effect from New Year’s day, was disclosed in the 2020 annual financial results of GB

• Utility adds ‘storm recovery’ charge from January 1 • No warning; firm relying on October announcement • Timing blasted; economy ‘in worst state it’s ever been’

GRAND BAHAMA POWER COMPANY HEADQUARTERS Power’s 100 percent owner, the Canadian utility giant, Emera. They revealed: “On September 1, 2019, Hurricane Dorian struck Grand Bahama causing significant damage across the island.

$50m tax plug to be ‘data treasure chest’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas will “capture a treasure chest of data” to help expand its boating market and plug up to $50m in annual revenue leaks via an online portal developed by a private sector joint venture.

Harvey Morris, the Omni Financial Group’s chief executive, told Tribune Business that the SeaZPass digital payments solution constructed in partnership with the Association of The Bahamas Marinas (ABM) will enable both the government

and private sector to better understand “this potentially lucrative industry” and the demographics/interests of those in it.

The SeaZPass online portal will facilitate the payment of four percent charter fees once those vessels enter Bahamian waters, with these funds passed on to the Port Department in a bid to cut down on what the government believes is an area that produces significant revenue losses and leakages.

Disclosing that Omni has been working on the digital

SEE PAGE 7

Lumber’s 30% jump ‘no reason for panic’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BUILDING materials suppliers yesterday urged Bahamians not to panic over the 30 percent increase in lumber prices since the start of the COVID-19 pandemic.

Gary Burrows, Tops Lumber and Plumbing’s general manager, told Tribune Business that while prices are still rising it is not occurring at the alarming rate many people think.

He said: “Roofing plywood went from about an average of $30 to about $40

since the pandemic started.

Apparently from what we understand it is a supply and demand issue on the market right now. That’s what’s creating the surge in prices.”

Building suppliers have been warning there will be a steady increase in prices, especially lumber prices, due to Americans focusing on home improvements amid COVID-19 lockdowns and restrictions. On the supply side, lumber mills and saw mills have been equally affected by these measures which have created worker

SEE PAGE 10

“In January 2020, the Grand Bahama Port Authority (GBPA) approved the recovery of approximately $15m of restoration costs related to GB Power’s self-insured assets.

These costs were recorded as a regulatory asset and recovery began January 1, 2021.”

A GB Power spokesperson, confirming that consumers will now see the extra charge on their bills, said its introduction had been delayed three times last year to enable the island’s businesses and residents to better recover from the twin blows inflicted

by Hurricane Dorian and COVID-19.

While no recent announcement had been made, the spokesperson defended this by arguing

SEE PAGE 6

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BTC: We’ll connect 20,000 extra homes if parent ups spend

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas Telecommunications Company (BTC) can more than double the annual number of new homes using the latest network technology if its owner is enticed to increase investment.

Andre Foster, BTC’s newly-appointed chief executive, told Tribune Business yesterday that the carrier “could easily” connect 15,000-20,00 homes per annum to its fibre-tothe-home technology, as opposed to the present 5,000-6,000 conversion rate, if Liberty Latin America (LiLAC) provided the necessary financing.

Asserting that Liberty Latin America had given notice of its keenness to “invest more in The Bahamas” via BTC, Mr Foster said incentives - particularly import duty waivers on the expensive telecommunications network equipment required - were essential to give its parent confidence it would achieve the desired returns.

Agreeing that such incentives, if approved, should also be granted to BTC’s Cable Bahamas/Aliv rivals so that they jointly “keep The Bahamas at the top of the telecommunications industry”, Mr Foster acknowledged that COVID-19’s devastating impact on the government’s revenues meant such requests for tax breaks will likely not be entertained” for some time.

Transitioning BTC subscribers from its legacy copper-based systems, and improving their TV and broadband internet experience, remains a core priority for the new chief executive

ANDRE FOSTER as he seeks to connect its fibre-to-the-home technology to more than the 48,000-49,000 homes it currently passes.

“The telecommunications industry moves so quickly that no provider can sit idle,” Mr Foster told this newspaper. “We continue to focus very heavily on how we can improve the network footprint to start to move away from some of the legacy technology as we invest in fibre-to-the-home.

We continue to chip away at that.”

BTC plans to connect 3,000 homes to its new network technology during the 2021 first quarter, which finishes at month’s end. Among the areas being targeted are Westridge and Carmichael in New Providence, mainland Exuma as well as Black Point and Staniel Cay, as well as properties in Grand Bahama.

“Our focus is to get as much of the new build-out done in the first half of the year,” Mr Foster explained.

“If we show our ability to execute on the new build and get subscribers to move over to the new network and services, it encourages fresh investment in The Bahamas.

“That’s always been good for us; to get the build done quickly and get subscribers to move over to it.” He

SEE PAGE 7

PAGE 2, Wednesday, March 3, 2021

THE TRIBUNE

GBPA chair: Airport sale close ‘imminent’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Grand Bahama Port Authority’s (GBPA) acting chairman has confirmed that the government’s acquisition of Grand Bahama International Airport is “imminent”.

Sarah St George told Tribune Business via a short statement that the sale of a key infrastructure asset that was devastated by Hurricane Dorian’s September 2019 storm surge is “nearing completion”.

“For many years the government has expressed an interest in ownership of the airport, and there are obvious synergies from an airlift standpoint, management of and control of airspace, and other sovereign aspects, in integrating Grand Bahama with all the other airport operations under government ownership in The Bahamas,” she said.

“The Grand Bahama airport is unique. It is the largest privately-owned international airport in the

WESTERN Air terminal at GB Airport after Hurricane Dorian. world. It was first commissioned in 1958, and since that time it has not only met the needs of the people of Grand Bahama, but it has operated as a major hub for inter-island flights to all of the neighbouring Family Islands, and served as a major gateway to The Bahamas for the world’s largest air carriers and millions of passengers from all over the world.”

However, many observers believe the GBPA and Hutchison Ports Holdings, which jointly own the airport 50/50 with the latter having management control, failed to live up to their governance and

developmental obligations under the Hawksbill Creek Agreement in Dorian’s aftermath by effectively walking away from their responsibility to rebuild the airport.

Ms St George, though, said: “While the GBPA, together with the airport owners, have ensured a functional temporary facility was put in place to meet international standards for airport operations after the catastrophic destruction of the terminal buildings

by Hurricane Dorian, we appreciate that the acquisition of the GB airport by the government is in the fulfillment of its overarching

responsibility to ensure that the island is efficiently and adequately served by aviation facilities. It is our view, therefore, that for the reasons expressed above, the imminent acquisition is in the best interest of the island.”

The initial terms of the acquisition deal between the government and the airport’s owners involved a $1 purchase price. In return, Hutchison and the GBPA were to hand over responsibility for rebuilding and redeveloping the facility to the government while also retaining the Hurricane Dorian insurance proceeds.

Reconstruction costs have been estimated at $60m to reconfigure the airport and harden it against future storms. With the Public Treasury increasingly cash-strapped due to COVID-19, the government is looking to a private-public partnership (PPP) to raise the necessary financing and construction/ management expertise similar to the Nassau Airport

Development Company (NAD) model.

Magnus Alnebeck, Pelican Bay’s general manager, while hailing announcements that an acquisition is close as “fantastic news” this week warned the government that it must tackle Grand Bahama International Airport’s (GBIA) high costs if its prospective purchase is to “grow the destination”.

The resort executive said it was vital that such a key infrastructure asset, which acts as the tourism and commercial gateway to Grand Bahama, be owned by a proprietor that wanted to expand the island’s economy rather than an entity seeking to extract as much profit as possible from a diminishing customer base.

Arguing that the present ownership duo fell into the latter category, Mr Alnebeck said the airport “has to be better” than its post-Hurricane Dorian appearance of “a tin and some rusty chairs”.

He added that airline

connectivity at competitive costs and fuel prices was more important for the island’s revival as a tourism economy.

The present airlift situation, with the island being served by minimal carriers and flights, was described as unsustainable especially since ticket prices were more expensive between Miami and Freeport than those for the Nassau route.

“There has been the challenge with the operating costs at the airport that are generally passed on to airlines and passengers, and make it too expensive that no one wants to fly there,” Mr Alnebeck added.

“If this purchase happens it will be fantastic news, and then I hope they [government] find a solution as to who operates the airport as opposed to messing with the airport themselves. It’s a wonderful idea that the people of The Bahamas own the airport as opposed to a private company that wants to make money out of it.”

Money transfer firm in Exuma expansion A MONEY transfer provider has moved to fill the void created by commercial bank departures with its seventh Bahamas location via expansion to Exuma.

GraceKennedy Money Services (GKMS) opened its first Family Island location on Saturday at Forbes’ D&Z Customs Brokerage in George Town. Businessman Naaman Forbes said Exuma residents need greater access to basic financial services, including local and international money transfers, resulting in the partnership with GKMS, which is a Western Union agent.

“Western Union is a service that can assist us.

We had a bank that left

EDUARDO Cordero Sanchez from the Dominican Republic won $200 courtesy of GraceKennedy Money Services. A civil engineer, Mr Sanchez visited its Exuma location to collect his pay from his employer based in the Dominican Republic.

us and so now we have another alternative,” said Mr Forbes. “Whatever it takes to maximise Exuma’s potential, Forbes Enterprise is here to assist.”

Lovy Jean, GKMS Bahamas operations manager, added: “At this new location we are committed to providing first-rate services currently enjoyed in Jamaica and ten other countries throughout the Caribbean. Our goal is to meet the needs of those customers who seek reliable, convenient, faceto-face transactions.”

Dominic Sturrup, executive chairman of the Bahamas Striping Group of Companies (BSGC), which is currently working on the design and

construction of ten miles of roadworks on Exuma, said the availability of multiple convenient payment channels is critical for business operations.

“When we mobilised to Exuma and hired Exumians, everyone needed to have a bank account. It was easier for us to utilise Royal Bank since Scotiabank was closing down,” he said. “This might be another option where individuals from Exuma could get paid for their services.”

GKMS is open from Monday to Saturday between the hours of 9am to 5pm. It now has seven total locations in The Bahamas, including five in New Providence, one in Grand Bahama and the latest outlet in Exuma.

THE TRIBUNE

Wednesday, March 3, 2021, PAGE 3

MINISTER: SANDALS RETURN NOT ‘ECONOMICALLY FEASIBLE’

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A CABINET minister yesterday said Sandals Royal Bahamian’s re-opening had been further delayed to May 1 because forecast occupancy levels were not “economically feasible”.

Dionisio D’Aguilar, minister of tourism and aviation, speaking outside the Cabinet Office, said: “Everybody’s looking at the economics of it. You have a number of people that obviously want to travel.

“The occupancy levels are what determine whether it’s economically feasible, and so they have

DIONISIO D’AGUILAR their advanced reservation systems and they’re trying to determine what makes sense. But we understand why they are delaying because they just don’t see the numbers yet.”

Sandals has now pushed

back its Cable Beach property’s re-opening twice this year. It was initially scheduled to return to the market in late January, but that date was extended to March 31 only to then be moved back another month to May 1.

However, Sandals Emerald Bay on Exuma reopened last week Wednesday.

Mr D’Aguilar added: “As the world begins to open up, we’re seeing the amount of COVID cases decrease substantially in the United States and in the United Kingdom. That all bodes well for tourism.

So we expect there to be a turn, certainly as the year progresses.”

Turning to the terminations of around 100 Baha

Mar workers on Monday, he added: “There are going to be ebbs and flows in the hotel sector. At the same time as you’re having the downsizing at Baha Mar, I believe that they’re about to open the SLS and the Rosewood, so you’ll see workers being called back to work there.

“So obviously, as we progress through the year, I am of the view that as more people get the vaccine and become emboldened to travel, more people will travel.”

Signalling his believe that tourism, and the wider Bahamian economy, will enjoy slow improvement throughout 2021, Mr D’Aguilar said he expects

the country to have a “robust” Christmas.

Despite the total absence of commercial flights from Europe, world leaders warning against travel, and Canada banned all flights to the Caribbean until April 30, he said: “When you come to The Bahamas you need to get a PCR test, you have got to upload and get a visa, you have got to get a rapid antigen test to return back to the United States.

“Some people feel that that’s just too much, and so these are impediments that are in place. But we feel that they’re necessary in order to protect our people.”

Despite all the travel restrictions in place worldwide, Mr D’Aguilar said he

still expects Americans to travel for the Spring Break period. He added: “We expect, over Spring Break and Easter, for more people to make the effort to come.

“But in terms of the mass tourism that we’re used to, it’s just not there yet. Now, what I will say is in the very high-end niche market, the private aviation and the yacht business, they’re doing exceptionally well.”

Pointing to key boating and yacht destinations such as Harbour Island and North Eleuthera, Mr D’Aguilar said he has received reports from marina operators that Christmas 2020 was “better” than the prior year.

BAHAMAS LOW COVID RATES WARRANT US WARNING EASING

BAHAMAS A ‘TRAILBLAZER’ FOR WORKPLACE RELATIONS

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net

A CABINET minister yesterday argued that The Bahamas’ relatively low COVID-19 infection numbers warrant a further easing of health-related travel warnings by the US authorities.

Dionisio D’Aguilar, minister of tourism and aviation, speaking outside the Cabinet Office, said the tourism industry would receive a further badlyneeded boost if the US Centres for Disease Control and Prevention (CDC) moved The Bahamas from “level three” with “high” COVID-19 infection levels to “level two” with “moderate” levels.

He said: “So we were at ‘level four’, we moved to three, and we certainly believe our numbers are there and justified to move us to a ‘level two’. Every movement for those travellers that check that stuff, that’s very important.”

“It was great when we moved from four to three, and it would be even better if we move from three to two. That will be a difficult

task to accomplish, but we’re fighting for it every day.”

The Prime Minister on Monday suggested there is a likelihood that the CDC will do just that, and Mr D’Aguilar added: “We’re keeping our COVID numbers down. You can’t have any tourism with bad COVID numbers, and we’re doing a good job of doing that.

“So we have an excellent foundation. We just now have to encourage people to travel despite the impediments, and therein lies the conundrum.”

Mr D’Aguilar added: “The government has always held fast to the recommendations of the Ministry of Health, which is Nassau is the potential hotspot and we don’t want COVID to spread to the Family Islands. It is unnecessarily harsh, but we think at this time it’s better to have low numbers in the Family Islands and to keep whatever COVID we have in the country situated here in Nassau.”

The Bahamas Hotel and Tourism Association’s (BHTA) president previously hailed the first

US health travel advisory easing on The Bahamas as “a big boost” for the economy’s largest industry.

Robert Sands told Tribune Business that the CDC’s move to upgrade The Bahamas from a ‘level four’ to ‘level three’ status “removes a major deterrent” for potential tourists wanting to travel to this destination.

“That is an extremely important move for The Bahamas,” he said. “It’s in keeping with the fact that The Bahamas has demonstrated it has certainly since Thanksgiving kept its COVID-19 numbers under some control.

“That is a big boost.

However, the industry will not be happy until that ‘level three’ gets to a ‘level two’, which is a good indication that our management of COVID-19 has kept the virus under control. It’s certainly headed in the right direction, and the BHTA welcomes this because it removes a major deterrent for the public who are wanting to travel and come to the destination. It’s very much welcome news.”

THE Bahamas is “trailblazing”, and “setting the pace for the Caribbean” in workplace relations, by moving to the next stage in the International Labour Organisation’s (ILO) decent work initiative.

Robert Farquharson, chairman of the National Tripartite Council, which deals with all labour and workplace-related matters, told a Zoom meeting: “The decent work country programme (DWCP) is a tool used by the ILO to regulate the relationship between the Government of The Bahamas and the ILO. “The first decent work country programme was established here in The Bahamas in April 2009, and it set the stage for the relationship between the Government of The Bahamas and the ILO, and how the ILO helps the working people of The Bahamas.”

The DWCP is what the ILO uses as the main vehicle for delivering support to countries. It promotes “decent work” as a key

component of national development strategies, while helping to facilitate dialogue between trade unions and the government.

Mr Farquharson added: “The Bahamas has again become trailblazers in this, and we are at a point to set the pace for the rest of the Caribbean region.”

The National Tripartite Council last year teamed with the Ministry of Labour for an analysis that took a “comprehensive” look at the “world of work in The Bahamas”. Mr Farquharson added: “We identified a number of priorities. The four principles of decent work are creation of employment and jobs, social dialogue, social protection, and fundamental rights of work.”

Peter Goudie, the National Tripartite Council’s deputy chairman, said: “The purpose of the country diagnostic is to provide an objective assessment of the current situation pertaining to decent work in The Bahamas.

“One of the key focuses of the diagnostic was to look at the wider national development context

in The Bahamas This is especially important as the DCWP aims to fit within and contribute to the national development objectives.”

“We first looked at jobs in the labour market, which is a key area of focus. We looked at jobs and skills.

We especially looked at unemployment and, even more importantly, youth unemployment.”

Mr Goudie said the analysis also looked at skills mismatches and shortages, and the ease of getting jobs.

He added: “These affect job creation, productivity, enterprise development, diversity of the economy, and support of sustainable economic growth.

“We also focused especially on small and medium-sized enterprises.

We then looked at rights at work in social dialogue, and we have a very strong legal framework.There’s a strong commitment to social dialogue, especially with the NTC, because we have roots from both the workers, the employers and government. However, there’s always opportunity for further strengthening.”

PAGE 6, Wednesday, March 3, 2021

Marinas’ ‘one-stop shop’ dream in Customs halt FROM PAGE ONE

“That was not the way the licence was written. We wanted to deal with the whole thing from start to finish. When the customer came in, we wanted them to pay for the cruising permit, pay the fee for the charter licence, submit their documents online and get their outbound clearance sorted.

We wanted a one-stop shop solution.

“We want to be able to say we’re a one-stop shop, and if you come here this is how we do it. We’re the ones that attract the boats, and we want to inform them of our COVID-19 protocols and help them with the travel visa; everything,” he added.

“Go to our website, which has all the links and tells you what you have to do to come boating in The Bahamas. It’s our sector. Our customers want to come to the marinas, spend their money and buy groceries and fuel, and have a good time in The Bahamas, bringing back some momentum to tourism so that everyone starts to find a way to come back.

“We want to make sure our guests have a one-stop shop, but when you split it up it becomes confusing.

As business owners we are trying to help our guests. We want our customers to have a very easy time of it, but if we make it too difficult more may not want to pay or they will go somewhere else.”

Mr Maury said Customs also has yet to budge on its

requirement that charter vessels seeking to operate in The Bahamas must now manually obtain a “commercial transire”, a shipping document normally used by cargo vessels in relation to duty payments, before they can get their cruising permit and deal with the Port Department on the charter side.

Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business yesterday that when he inquired about the “transire” issue he was informed by Dr Geannine Moss, the Customs comptroller, that this was a requirement long mandated by the law.

Acknowledging that this may not have been previously enforced, Mr Johnson did not identify the

specific Act that provides this authority, but said: “I spoke to the Comptroller and her explanation is that’s not a new requirement. She said the transire is part of the law and has been there for some time.”

He added that no fee is charged in relation to the transire, although applicants still have to fill out the necessary paperwork. When asked whether the manual process represents another “ease of doing business” impediment, Mr Johnson replied: “All of these things will be sorted out in time.

“We’re continuing the transition from manual to digital. We’ve engaged the SeaZPass. We are moving in that direction and teams are working to get to a fully digital process. That’s our ambition so that people

THE TRIBUNE are fully transitioned and online, and move away from paperwork, but it will take time to achieve that.”

Mr Maury, meanwhile, reiterated fears that the unnecessarily complex permitting/fee paying process and reliance on newly-introduced manual processes could undermine The Bahamas’ ability to exploit “a competitive advantage” created by its low COVID-19 infection rates and uniform health/border entry protocols.

With mega yachts and charter business deterred from their traditional southern Caribbean cruises by multiple pandemic entry protocols, he added that this nation has an opportunity to expand its market share, but warned: “Some of the bureaucracy ties things up and gets in the way.

“Many Bahamians cannot afford to wait for this whole system we’re doing. We have to get going. It should be a co-operative effort from private business with government departments, but too many people want control over one item and that’s a crucial part of the puzzle.

“If you cannot get a cruising permit and transire you cannot come to the marinas, and we have 10,000 Bahamians sitting here and waiting.

We just need to get clearance from Customs. Once we have that everything will flow.”

Mr Maury continued: “This is the time when we need to all come together and make a concerted effort..... Now is not the time to let the bureaucrats be in charge and slow things down too much. We’re losing sight of the goal. In my opinion, we get too involved in paperwork and unnecessary processes rather than getting the tourism industry started and people back to work.

“Whatever part we have to play we’re willing to do.

Let us operate. I’m not saying it unreasonably. We understand the protocols and have explained it to our industry partners. They understand them, and that’s why they want to come to The Bahamas because we have much lower COVID19 infection rates than countries around us. Let’s not work against each other.”

Consumers stunned by GB Power’s $15m Dorian move FROM PAGE ONE that advance warning of the January 1 implementation date was given by both GB Power and its regulator, the GBPA, when they unveiled the third postponement in late September 2020.

“There was a formal announcement made by the regulator back in October [September], informing customers it had been delayed again,” the spokesperson said. “We realise the importance of working with customers, which is why we delayed the storm recovery charge three times over the course of the pandemic.

“It would have taken effect on January 1, and that information was shared with customers in October/ November last year, as it is being reflected in their monthly bill.” GB Power had initially wanted to introduce the extra charge in April 2020, just after COVID-19 hit, but it first postponed the start date to August, then to October, and finally January 1, in

response to pushback amid the pandemic fall-out.

GB Power and the GBPA have consistently argued that the new charge, which will be a separate line item in customer bills, will represent an increase of less than $7 per month for the “average” residential customer, and $24 for the “average” business customer, in a bid to soften the blow and any consumer push back/ fall-out.

The utility has asserted that it represents the fairest and most transparent way to finance the rebuilding of transmission and distribution infrastructure that was devastated by Dorian, and for which it is unable to obtain insurance for. And GB Power’s customers will themselves be the ones who benefit from the restoration of electricity service and a more robust network.

That, though, is unlikely to soften then impact for Grand Bahama’s hardpressed businesses and consumers who are already grappling with the devastating impact from COVID-19 - especially since no formal

announcement of the new charge was made to coincide with its January 1 introduction.

A Freeport attorney, speaking on condition of anonymity, replied when informed by this newspaper: “Oh, they did? They quickly passed that on. That’s typical of them. I don’t expect anything better but I’m surprised they slipped that in and nobody picked up on it. It’s very unusual that they were able to sneak that charge in and nobody picked up on it. I wonder what the fall-out will be?”

Pastor Eddie Victor, president of the Coalition of Concerned Citizens (CCC) and a long-time GB Power critic, told Tribune Business that its opposition to the extra charge has “not changed one bit” after revealing that he, too, had not picked up its inclusion in his own electricity bill.

Arguing that Emera and its shareholders, rather than GB Power’s customers, should take responsibility for financing network restoration, Pastor Victor said: “The coalition does not

believe this cost should be put at all on any customer on Grand Bahama. Frankly, the economy cannot bear it.

“We’re still not seeing the full fall-out from the COVID-19 pandemic in Grand Bahama. On the ground, I estimate unemployment at 50 percent. Can you now imagine trying to extract more revenue from a destitute population. It doesn’t make any financial sense. All we’re seeing from the company is that it is determined to recover their costs from a destitute population despite the straits it’s in.”

He continued: “It’s going to implement a charge when the economy is in the worst state it’s ever been in, and we don’t know what the recovery process looks like.

We don’t know when some hotels will open. We totally do not support it and we will be fighting against it.

The people cannot take any more. We cannot take any more increase.

“The population is seeing increases from every sector, which means there’s less money in the economy and

NOTICE

NOTICE

NOTICE is hereby given that JUNIOR JACQUES of Marsh Harbour, Abaco, 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 3rd day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that ROSE FAUSTIN of #30 Bowe Avenue, Montel Heights, Nassau, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that LOVENA EXANTUS of Bacardi Road, Nassau, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that SHERMAN BIEN-AIME of Shady Tree Lane, P.O. Box N-1582, Nassau, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE

NOTICE is hereby given that LOUIVA FERNAND of Lincoln Boulevard, New Providence, 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 3rd day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE is hereby given that DASHLINE MICHEL of Marsh Harbour, Abaco, 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 24th day of February, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

you are extracting off a destitute economy. How are we going to recover? It’s clear that the persons involved in this decision are not concerned about the businesses and citizens of this island.

“I’m struggling with paying my electricity bills, lawyers are struggling with their electricity bill, every sector on this island is struggling to pay its electricity bill, and this should not be the case.”

The charge for the three customer categories was initially set at: • Residential - $0.013 cents per kilowatt hour (kWh) or 1.3 cents • Commercial - $0.008 per kWh or 0.8 cents • GSL (industrials) $0.010 per kWh or one cent The utility also said the monthly amount paid by customers will depend on consumption, adding that the Storm Recovery and Stabilisation charge was standard global electricity practice for recovering costs associated with posthurricane restoration.

Pointing out that no insurer will cover transmission and distribution (T&D) infrastructure in a hurricane belt, it added that a separate line item on bills was the fairest way to achieve this as it would prevent the utility from earning a profit on the recovery fee in non-storm years.

The GBPA, in its September 2020 statement, said the regulatory framework agreed with the Power Company allows the latter

to recover its non-insured storm restoration costs via a levy spread over a five-year period.

“The Storm Recovery and Stabilisation charge, which allows the utility to recoup costs associated with storm restoration deemed reasonable by the GBPA, was initially approved for implementation on April 1, 2020,” said Karla McIntosh, the GBPA’s general legal counsel.

“However, with the onset of COVID-19 and two subsequent country-wide lockdowns, the charge was initially delayed to August 1, and then further to October 1, to help support residents during this challenging period.”

She added: “We understand that GB Power is allowed to recover reasonable restoration costs associated with significant weather events. Since the onset of COVID-19, we have been in consultation with the utility over the proposed timing for implementation of the storm charge, resulting in successive deferrals.

“Given the present state of the economy and the unexpected second wave and restrictive lockdowns, it is our regulatory obligation to consider the best interests of customers. We have worked with GB Power to further delay recovery of the $15.6m costs for Hurricane Dorian until January 1, 2021.”

To advertise in The Tribune, contact 502-2394 Legal Notice

THE TRIBUNE

$50m tax plug to be ‘data treasure chest’ FROM PAGE ONE

solution since March 2020, Mr Morris disclosed: “We did the soft launch in December 2020. This was something the ABM has been working with the government on, approaching the government to do, for the last 20 years....

“One challenge the industry has with charter fees is remitting the funds to government. You may have a broker in France that has arranged the charter of the vessel, collects that money, and then they have to make sure they report that to the government along with supporting documents.

“Prior to the implementation of the portal that was a bit difficult to do. The yacht companies can now go to the portal, put in the information, upload the charter contract and make payment.

They will be issued with an official receipt that can be verified by the authorities,” he continued.

“It’s simplifying the process, and the benefits you will get from it, in due course the ABM and the government will have access to some very valuable data to help them to continue to expand this potentially lucrative industry.

This information is going to be available at the touch of a button. We’re uploading all the data electronically.”

Mr Morris said SeaZPass’s ultimate goal was to ensure all incoming boats and charters to The Bahamas made their due fee payments, and provided the necessary filings, via one electronic portal instead of having to “go from agency to agency” and repeat the process.

Christine Sands, Omni’s chief operating officer, added: “When you think about what is happening now, especially with the pandemic, and identifying where revenue leakages are and having to recoup them, this is an ideal and fantastic opportunity to identify areas that bring income and revenues to the Bahamian people.

“This digital age, and that information you can pull off the portal, is a priceless amount of data; a treasure chest of data. The government doesn’t have a full understanding of how much money is out there and the information they can capture from this portal is going to be great.”

Omni said it will also enable visiting boats and yachts to pay for supplies from local merchants via the Sand Dollar, the Bahamian digital currency.

Kwasi Thompson, minister of state for finance, said of SeaZPass in a statement: “This development is extremely significant as we have traditionally seen a lot of revenue leakage in the charter operator space.

“As a government we are strengthening our enforcement mechanisms while we are also enhancing the ease of doing business. Now, charter operators have no excuse.

We have a convenient online solution for the payment of fees due to the government for their commercial operations in our waters.

“The potential revenue yield from charter operations is tremendous. The Ministry of Finance estimated there is about $50m in uncollected revenue from this boating segment, and in keeping with the government’s commitment to strengthen tax collection and enforcement for existing taxes we have accelerated our digital transformation efforts to make this happen.”

Dionisio D’Aguilar, minister of tourism and aviation, added: “The new platform with Omni/ABM will help to increase boating traffic and economic activity at a time when the country badly needs it. We have managed the spread of COVID-19 and our travel policies create a safe and attractive environment, so charter operators are clamoring to send business to The Bahamas.

“Boats that would typically be cruising around Europe and other tourism

Wednesday, March 3, 2021, PAGE 7

hot spots are now parked around the US east coast, and The Bahamas is the natural best place for them to get away.”

Commander Berne Wright, acting port controller, said: “Via the agreement between the Ministry of Finance, Omni Financial Group and the Association of Bahamas Marinas, charterers that wish to engage in foreign yacht charters throughout The Bahamas now have the opportunity to submit charter fees online.

“We acknowledge the capacity for revenue increase via the online payment method, and we are committed to providing registration and licensing processes which will further the ease of doing business at the Port Department.”

Peter Maury, the ABM president, said: “This is the start of our collaboration as we are currently working with the Ministry of Finance and relevant agencies to introduce online payment and processing for charter licenses, cruising permit and fishing licenses at a later date.

“We attended a boat show in Florida last week to introduce the charter fee online portal, and the boating community was very relieved to see progress is finally being made with the government’s various digital solutions.”

BTC: We’ll connect 20,000 extra homes if parent ups spend BTC Headquarters.

FROM PAGE ONE added that removing and replacing BTC’s legacy copper network creates substantial maintenance cost savings for the carrier.

“It’s quite drastic,” Mr Foster said. “I would say we would measure anywhere from 45 percent efficiency in maintenance costs. Our network here in The Bahamas is very old, and a good portion of it - because it is underground with a lot of manholes - fills with water that degrades the cable piers. We spend a lot of time patching, patching.”

Revealing that BTC technicians sometimes have to re-splice 1,200 copper pieces as a result, he added that the carrier has also been sellingoff the copper recovered as it switches consumers to fibre-to-the-home.

“We’re focused this year on getting in front of 5,000 to 8,000 homes,” Mr Foster told this newspaper on the new network roll-out, “but we feel we have the appetite from the parent to do a lot more as we’re trying to work throughout the archipelago.

“We’re slightly under the 50,000 mark. We’re probably getting close to 48,000 to 49,000 homes built-out in The Bahamas, and when you look at the archipelago and the last census, there are about 120,000 homes. We’re in the 40-ish percentile. Our approach is to do 5,000 to 6,000 households per annum.

That gives you the road map” for how long a total roll-out will take.

However, he quickly added that if BTC would be “able to execute faster” if it received greater investment from Liberty Latin America. “Our

Legal Notice

chief executive, Balan Nair, has made clear he’s eager to invest more in The Bahamas there are things that make investment less attractive, like import duties on this gear,” Mr Foster explained.

“We’ve openly said that if we get duty concessions will invest faster and accelerate that build-out.... We could easily do 15,000 to 20,000 homes a year if we had the funding. Certainly our goal is to do at least 6,000 homes per annum, and if we get additional funding we can do up to 20,000.”

Mr Foster did not disclose a dollar figure for how much investment Liberty Latin America and BTC might consider if they secured the tax breaks they are seeking, but added: “We’ve had very meaningful discussions with the government.

“We see this as a benefit for the country as a whole.

We said that if you give it to us, give it to the competitor.

Let them enjoy the same benefits to upgrade their network so it keeps The Bahamas at the top of the telecommunications industry with the latest technology and fastest capacity.”

Still, he agreed that COVID-19’s fall-out likely means none of the tax breaks sought will be forthcoming for now.

“We totally understand that’s a discussion that might need a bit more economic recovery before they entertain it,” Mr Foster added.

Legal Notice

NOTICE

NOTICE

NOTICE IS HEREBY GIVEN as follows:

NOTICE IS HEREBY GIVEN as follows:

(a) SENTURION CAPITAL LTD. is in dissolution under the provisions of the International Business Companies Act 2000.

(a) MADACO DEVELOPMENT INC. is in dissolution under the provisions of the International Business Companies Act 2000.

(b) The Dissolution of said Company commenced on March 2, 2021 when its Articles of Dissolution were submitted and registered by the Registrar General.

(b) The Dissolution of said Company commenced on March 2, 2021 when its Articles of Dissolution were submitted and registered by the Registrar General.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.

(c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas.

(d) All persons having Claims against the above-named Company are required on or before July April 2, 2021 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be

excluded from the benefit of any distribution made before such debts are proved.

(d) All persons having Claims against the above-named Company are required on or before April 2, 2021 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be

excluded from the benefit of any distribution made before such debts are proved.

ZAKRIT SERVICES LTD.

ZAKRIT SERVICES LTD.

March 2, 2021

March 2, 2021

LIQUIDATOR OF THE ABOVE-NAMED COMPANY

LIQUIDATOR OF THE ABOVE-NAMED COMPANY

MARKET REPORT www.bisxbahamas.com

TUESDAY, 2 MARCH 2021

BISX ALL SHARE INDEX:

CLOSE

CHANGE

1955.90

-2.07

%CHANGE

YTD

YTD%

-0.11 -136.56

-6.53

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

BISX LISTED & TRADED SECURITIES

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, Paige Paulette Gardiner a.k.a La Paige Paulette Gardiner of P.O. Box N-10259, Sea Breeze Estates, New Providence, The Bahamas, intend to change my name to LaPaige Paulette Gardiner. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DWAYNE GERALD ARCHER of #42 Murphyville, P.O. Box SS-6726, Nassau, The Bahamas, intend to change my name to DWAYNE GERALD OTHNIEL DUNCANSON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, N.P., Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that NISHCA PHILOGENE of Marsh Harbour, Abaco, 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 3rd day of March, 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

52WK HI 4.70 33.05 2.00 2.58 2.10 6.00 6.90 3.03 6.15 4.29 6.16 12.77 3.64 6.85 10.88 8.44 14.60 4.25 9.00 16.00

52WK LOW 3.13 22.65 0.67 1.62 1.50 5.00 6.00 2.70 4.27 2.98 5.20 10.20 2.10 4.90 9.50 7.70 13.00 3.70 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

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 4.60 32.12 1.62 2.58 1.59 6.00 6.40 2.93 4.74 2.98 5.50 10.20 2.73 6.80 9.85 8.40 13.85 3.79 8.35 15.50

CLOSE 4.60 32.12 1.62 2.58 1.59 6.00 6.40 2.99 4.74 2.98 5.20 10.20 2.63 6.82 10.02 8.40 13.85 3.79 8.35 15.50

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

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 BSBGR1200371 BSBGR1321391 BSBGR1322498

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.00 100.00

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 97.72 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 93.92 100.00 100.00

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 BSBGR FX BSBGR1200371 BGRS FX BSBGR1321391 BGRS FX BSBGR1322498

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.00 0.00 (0.30) 0.00 (0.10) 0.02 0.17 0.00 0.00 0.00 0.00 0.00

VOLUME

56,553 10,200 3,000 10,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

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

VOLUME

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 19.2 34.5 N/M N/M N/M N/M 17.3 -6.8 33.9 16.2 11.6 14.1 25.8 14.6 15.5 11.5 17.0 18.7 8.9 24.6

YIELD 3.70% 3.92% 1.23% 1.16% 0.00% 0.00% 4.06% 0.00% 0.00% 4.03% 4.23% 7.06% 16.50% 0.88% 3.27% 2.86% 3.90% 3.17% 2.40% 3.94%

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

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 5.22% 5.29% 5.65%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 15-Dec-2037 15-Oct-2039 15-Oct-2049

MATURITY

MUTUAL FUNDS 52WK HI 2.40 4.44 2.15 201.90 184.85 1.69 1.85 1.78 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 10.20 13.79

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 2.40 4.44 2.15 201.90 184.85 1.68 1.79 1.76 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 10.20 13.79

YTD% 12 MTH% 0.38% 4.56% 0.04% 1.37% 0.20% 2.56% 3.47% 3.47% 10.86% 10.86% 0.20% 0.65% -0.37% -2.43% 0.16% 0.20% -0.66% -14.82% 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 8.60% 8.60% 11.90% 11.90%

NAV Date

31-Jan-2021 31-Jan-2021 29-Jan-2021 31-Dec-2020 31-Dec-2020 31-Jan-2021 31-Jan-2021 31-Jan-2021 31-Jan-2021 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

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

PAGE 10, Wednesday, March 3, 2021

THE TRIBUNE

Lumber’s 30% jump ‘no reason for panic’ FROM PAGE ONE shortages and output bottlenecks.

Raymond Jones, managing director of Blue Marlin Holdings, the owner of Lil Giant Discount Lumber & Building Supplies, said: “The suppliers that we’re talking to are saying that because there’s some issues in the US with one of the big mills, as well as the increasing opening of the US economy, it’s basically the wholesalers and the mills that are driving the prices up to make up for the money they lost when

world economy came almost a screeching halt,” Mr Jones continued.

“So you have a number of factors with supply and demand, with equipment repositioning, with firms now trying to get equipment in right places compared to when they came to a halt.

Equipment is stuck in different places, and some of the shippers and other people didn’t want to move them at their cost until the business started to move. Now, as they get orders, they can move very quickly equipment to help ship goods into the country.”

Mr Jones also warned about an increase in freight costs coming out of the US and China. “We’ve seen the same thing in ocean freight from China into this part of

everything shut down.

“They are going by supply and demand. When they were shut down, the timber mills were just sitting there; they weren’t cutting lumber or processing wood, so they had to increase their costs.

They are not gouging per se, but they might be taking some profit to help defray some of the losses they took last year.

“There’s also some union issues in some of the US and Canadian ports. They have challenges with some people trying to renegotiate benefits and salaries for the time they lost when basically the

the world; into the US and the Caribbean market,” he added.

“Freight rates in one month have gone up 100 percent.

So I would say there’s probably some profit taking, but more than likely people are trying to recover losses or lost earnings from the start of the pandemic.”

Mr Burrows said he was unable to say when the spike in prices will stop but assumes it will ease when supply becomes more readily available.

He said: “When supply gets up to demand, I think prices should level off. But business is still somewhat reasonable.

It’s not terrible even though it is not what it used to be pre-COVID-19.” High unemployment was also affecting consumer spending habits.

YOUR

CHOICE FOR THE FAMILY WWW.FACEBOOK.COM/JOYFM1019

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 76° F/24° C Low: 55° F/13° C

TAMPA

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Partly sunny, warm and humid

Mostly cloudy with a shower late

Not as warm; a t‑storm in spots

Partly sunny and pleasant

Partly sunny; breezy in the p.m.

Partly sunny, a shower; breezy

High: 84°

Low: 70°

High: 78° Low: 67°

High: 77° Low: 68°

High: 80° Low: 69°

High: 79° Low: 67°

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

AccuWeather RealFeel

90° F

67° F

79°-64° F

79°-65° F

81°-64° F

81°-62° 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.

N

almanac

E

W

ABACO

S

N

High: 79° F/26° C Low: 69° F/21° C

12‑25 knots

S

High: 86° F/30° C Low: 61° F/16° C

10‑20 knots

FT. LAUDERDALE

FREEPORT

High: 87° F/31° C Low: 63° F/17° C

E S

E

W

WEST PALM BEACH

W

uV inDex toDay

TONIGHT

High: 72° F/22° C Low: 56° F/13° C

N

| Go to AccuWeather.com

High: 82° F/28° C Low: 68° F/20° C

MIAMI

High: 87° F/31° C Low: 63° F/17° C

8‑16 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 82° F/28° C Low .................................................... 66° F/19° C Normal high ....................................... 78° F/26° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 79° F/26° C Last year’s low ................................... 63° F/17° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.92” Normal year to date ..................................... 2.93”

ELEUTHERA

NASSAU

High: 84° F/29° C Low: 70° F/21° C

Forecasts and graphics provided by AccuWeather, Inc. ©2021

High: 79° F/26° C Low: 73° F/23° C

N

KEY WEST

High: 81° F/27° C Low: 69° F/21° C

High

E

W

6‑12 knots

S

7‑14 knots

Low

Ht.(ft.)

10:43 a.m.

11:18 p.m.

2.7 3.0

4:44 a.m. ‑0.4 4:58 p.m. ‑0.6

Thursday

11:36 a.m. ‑‑‑‑‑

2.5 ‑‑‑‑‑

5:41 a.m. ‑0.2 5:51 p.m. ‑0.4

Friday

12:16 a.m.

12:35 p.m.

2.9 2.3

6:44 a.m. 0.0 6:49 p.m. ‑0.3

Saturday

1:20 a.m.

1:41 p.m.

2.8 2.1

7:52 a.m. 0.2 7:54 p.m. ‑0.1

Sunday

2:28 a.m.

2:52 p.m.

2.8 2.1

9:03 a.m.

9:02 p.m.

Monday

3:36 a.m.

4:01 p.m.

2.8 2.1

10:11 a.m. 0.2 10:09 p.m. 0.0

Tuesday

4:39 a.m.

5:03 p.m.

2.8 2.2

11:11 a.m. 0.1 11:10 p.m. ‑0.1

0.2 0.0

sun anD moon Sunrise Sunset

6:31 a.m.

6:13 p.m.

Moonrise Moonset

11:00 p.m.

9:37 a.m.

Last

New

First

Full

Mar. 5

Mar. 13

Mar. 21

Mar. 28

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 80° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 74° F/23° C

N

High: 83° F/28° C Low: 72° F/22° C

E

W S

LONG ISLAND

tracking map

High: 81° F/27° C Low: 74° F/23° C

L

Ht.(ft.)

Today

High: 80° F/27° C Low: 73° F/23° C

N

S

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

tiDes For nassau

CAT ISLAND

E

W

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

7‑14 knots

MAYAGUANA High: 81° F/27° C Low: 74° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 74° F/23° C

GREAT INAGUA High: 82° F/28° C Low: 74° F/23° C

N

E

W

E

W

N

S

S

7‑14 knots

7‑14 knots

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

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SW at 10‑20 Knots N at 7‑14 Knots SW at 6‑12 Knots NW at 7‑14 Knots S at 7‑14 Knots WNW at 7‑14 Knots SE at 8‑16 Knots W at 7‑14 Knots S at 7‑14 Knots NW at 7‑14 Knots SW at 10‑20 Knots N at 7‑14 Knots S at 7‑14 Knots W at 7‑14 Knots SE at 7‑14 Knots W at 6‑12 Knots SSE at 7‑14 Knots W at 7‑14 Knots SE at 8‑16 Knots WSW at 6‑12 Knots S at 6‑12 Knots NNW at 6‑12 Knots SE at 7‑14 Knots W at 6‑12 Knots S at 7‑14 Knots WNW at 7‑14 Knots

WAVES 4‑8 Feet 4‑8 Feet 1‑2 Feet 1‑3 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 2‑4 Feet 3‑5 Feet 3‑5 Feet 3‑6 Feet 3‑6 Feet 1‑2 Feet 1‑2 Feet 3‑5 Feet 1‑3 Feet 2‑4 Feet 1‑2 Feet 4‑7 Feet 4‑7 Feet 1‑2 Feet 1‑2 Feet 2‑4 Feet 1‑2 Feet 1‑3 Feet 1‑3 Feet

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

WATER TEMPS. 77° F 77° F 78° F 78° F 78° F 78° F 79° F 79° F 77° F 77° F 79° F 80° F 78° F 78° F 79° F 79° F 79° F 79° F 76° F 76° F 77° F 77° F 79° F 79° F 78° F 77° F