Transmission resumed: 10% payments revival in early ‘25
By NEIL HARTNELL Tribune Business Editor
MONEY transmission activity has rebounded by an estimated 10 percent for 2025 to-date, it was revealed yesterday, following double-digit percentage declines in both volume and value during 2024.
• Double-digit fall in volumes, values in 2024
• Near-100,000 drop in money transmissions
• Total value down 10% or $21m at $182m
in circulation, he confirmed that Sun Cash’s experience matched industry-wide data generated by the Central Bank.
Sean Smith, one of Sun Cash’s principals, told Tribune Business his firm and the wider industry are still “trying to figure out” what caused last year’s drop-off particularly since the record 11.22m tourist arrivals should have driven an uptick in money transmission payments and remittances.
Explaining that increased economic activity typically sparks greater payment volumes, with expatriate workers remitting more to their home countries due to the increased amount of money
The banking regulator, in a recent industry update, revealed that the number of money transmission payments recorded in 2024 fell in both volume and value for incoming and outbound transactions. Total volume for all transactions fell by almost 100,000, dropping from 578,004 in 2023 to 481,135, representing a 16.8 percent year-over-year decrease.
Meanwhile, the total value of money transmission payments
declined by $21m year-overyear, dropping from $202.785m in 2023 to $181.735m last year. This was equivalent to a 10.4 percent decrease, with the gap between outgoing payments handled by money transmission businesses and the lesser sum incoming narrowing slightly from near $58m in 2023 to close to $52m in 2024.
Outgoing payments dropped by 15.8 percent in volume, falling from 366,588 to 308,616 in 20224, representing a 15.8 percent drop. In value terms, outgoing payments fell by 10.2 percent year-overyear, declining to $116.771m from
Bahamas faces 50-60% shipping costs increase from US port fee plans
By NEIL HARTNELL Tribune Business Editor
BAHAMIAN and Caribbean companies that rely on US imports will likely suffer a 50-60 percent increase in shipping costs if proposals to levy an up to $1.5m per port call fee on Chinese-made ships are implemented.
Dion Bethell, president and chief financial officer at Arawak Port Development Company (APD), in an update issued yesterday to Tribune Business said the Caribbean Shipowners Association (CSA) and region’s wider private sector are planning to lobby for a “carve out” from the US Trade Representative Office’s using the existing trade agreement with the US as “a precedent”.
The Nassau Container Port chief, detailing the shipping industry and private sector advocacy plans, said their arguments will likely focus on the potential damage to US businesses and exporters from the resulting loss of competitiveness and Bahamian/ Caribbean firms shifting their product sourcing and supply chains away from traditional routes.
And Mr Bethell, in response to this newspaper’s inquiries, confirmed that there had been discussions among the Association as to whether the fees proposed by the US Trade Representative’s Office will apply to all Chinese-made vessels or be based only on “prospective” orders for newbuilds that have been placed with Chinese shipyards and boat builders.
If it is the latter, the impact for the
shipping industry, port operators and importers in The Bahamas and Caribbean, as well as consumers, will likely be much less. However, it appears that the CSA and its members, who include APD as operator of the commercial port which processes 90 percent of New Providence’s freight cargo, are leaving nothing to chance given how serious the potential economic consequences are.
Mr Bethell said the CSA had also focused on differentiating between small and large vessels since the proposed one size-fits-all US fee would disproportionately impact the former, which carries a lesser amount of freight to spread the charge over and has a smaller deadweight tonnage (DWT).
$130.007m in 2023. As for incoming payments, these declined in volume from 211,416 to 172,519, representing an 18.4 percent year-over-year decline, while from a value perspective they dropped by 10.8 percent to $64.954m from $72.778m.
“It did coincide with our experience,” Mr Smith said of the Central Bank data, “where it was kind of strange for is because obviously we’re one of Western Union’s representatives here and work directly with Western
$5M LEGAL BATTLE ERUPTS ON GROUNDED TUG BOAT, BARGE
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
A FURIOUS $5m-plus legal battle has erupted over a tug boat and barge that became stranded in an Abaco national park in late March 2024 - an incident that sparked major environmental concerns.
Renaldo Toote, the Supreme Court’s acting registrar, in a March 19, 2025, ruling reveals for the first time that some of The Bahamas’ best-known maritime firms are embroiled in an affair which last summer prompted the Bahamas National Trust (BNT) to demand that the Government ensure both boats’ removal to prevent further damage to coral reefs and other ecosystems.
The judgment reveals that Executive Marine Management Services, which was hired by the multi-billion Baker’s Bay development to transport sand and stones from Freeport to the latter’s Great Guana Cay location, in turn contracted FowlCo
Maritime and Project Services’ tug boat to tow its barge. FowlCo then sub-contracted the management, operation and crewing of its tug boat to Campbell Shipping Company and Campbell Marine. The two vessels’ subsequent grounding has resulted in Executive Marine initiating Supreme Court legal action to recover what it alleges are “total losses” of $104,500, plus a further $3.593m in ‘special damages’ and $1.554m for purported ‘loss of future income’.
Mr Toote, in his verdict, noted that Executive Marine’s total $5.251m claim is founded on allegations of “negligence and breach of contract”. His ruling, though, only deals with Executive Marine’s demand that FowlCo be ordered by the Supreme Court to disclose information “integral to the resolution of the issues in dispute”, and that it it be given extra time itself to file a defence to the latter’s counter-claim.
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
ANNUAL fuel savings of $50m are forecast from a new liquefied natural gas (LNG) facility during its first phase - and rising up to $180m in its fourth phase.
The Davis administration has signed two agreements to facilitate the use of LNG in The Bahamas.
An agreement was signed with New Providence Gas (NPG) a subsidiary of FOCOL Holdings Limited,
for development of an LNG regassification terminal development while a supply agreement was signed with Shell North America.
Prime Minister Philip Davis said the agreement is an integral part of the administration’s energy reform and plans for economic development and the integration of LNG in the energy mix will lower costs and transition the country to using cleaner sources of energy.
$200M BUILDING COST
The fight for food security
FOR many decades, the Bahamas has struggled with the issue of food security. With over 90% of the food consumed being imported, we are overly dependent on our trading partners to feed ourselves and our visitors.
This challenge provides, the business community with an opportunity to create programs that will address this long standing vexing issue.
Businesses can support Bahamian agriculture by purchasing local produce, investing in agricultural businesses, and advocating for policies that promote sustainable and efficient farming practices, ultimately contributing to food security and economic growth.
Here’s a more detailed look at how businesses can help:
SUPPORTING LOCAL FARMERS AND BUSINESSES
Purchase Locally Grown Produce: Businesses, especially restaurants, hotels, and supermarkets, can prioritise sourcing food products from Bahamian farmers and agricultural businesses.
Promote Bahamian Agriculture: Businesses can actively promote local agriculture by highlighting Bahamian products in their marketing materials, menus, and social media.
Partner with Local Producers: Businesses can collaborate with Bahamian farmers and agricultural businesses
to create unique products or experiences that showcase local ingredients and culture.
Support Local Markets and Farmers’ Markets: Businesses can encourage their employees and customers to shop at local markets and farmers’ markets, providing a platform for Bahamian farmers to sell their produce directly to consumers.
INVESTING IN THE AGRICULTURAL SECTOR
Provide Financial Support: Businesses can invest in agricultural businesses through loans, grants, or equity investments, helping them expand their operations and improve their efficiency.
Offer Technical Assistance:
Businesses can provide technical expertise and resources to Bahamian farmers, such as access to training programs, equipment, and technology.
Promote Research and Development: Businesses can support research and development efforts in Bahamian agriculture, helping to develop new crops, technologies, and farming practices.
Advocate for Policy Changes: Businesses can advocate for policies that support Bahamian agriculture, such as reducing trade barriers, streamlining regulations, and providing incentives for farmers.
PROMOTING SUSTAINABLE AND EFFICIENT FARMING PRACTICES
Encourage ClimateResilient Farming: Businesses can support the adoption of climateresilient farming practices, such as water conservation, soil health management, and crop diversification.
Promote Sustainable Agriculture: Businesses can encourage Bahamian farmers to adopt sustainable farming practices, such as organic farming, reduced pesticide use, and responsible land management.
Invest in Infrastructure: Businesses can invest in infrastructure that supports
FERGUSON
Bahamian agriculture, such as irrigation systems, storage facilities, and transportation networks.
Support Education and Training: Businesses can support education and training programs for Bahamian farmers, helping them develop the skills and knowledge they need to succeed.
TRANSMISSION RESUMED: 10% PAYMENTS REVIVAL IN EARLY ‘25
“It did coincide with our experience,” Mr Smith said of the Central Bank data, “where it was kind of strange for is because obviously we’re one of Western Union’s representatives here and work directly with Western Union. They’ve been trying to understand from the marketing end why it dropped.
“But I could say that, in 2025, it’s starting to come to a peak. It’s moving higher than it was last year. If I had to just guess, because
I don’t have the numbers in front of me, I would probably say it’s 8-12 percent higher. I’m sure it’s a little more than 8 percent. Ten percent would be a safe number.”
Mr Smith explained that last year’s decline in payments handled by money transmission businesses was surprising given the record tourism arrivals numbers given that his sector’s business volumes are typically tied to economic activity.
“I think it’s [2025] certainly going to be a better year, but we’re trying to figure out why the numbers last year were lower,” he
added. “The money transmission business has kind of moved along with tourism. The amount of money goes up because tourist dollars are coming in.
“There’s more money coming in, and for residents sending money back home they have access to more money in the economy, especially with the increase in tourism. There’s always been this correlation.” Collectively, though, the five money transmission providers licensed by the Central Bank saw their their own total assets rise 26 percent year-over-year, increasing
from $27m in 2023 to $34m at year-end 2024.
Keith Davies, Kanoo’s chief executive, told Tribune Business that the Central Bank data did not match the company’s 2024 experience although he conceded it only accounts for a small portion of the money transmission market. He added that Kanoo expects an “upward trend” in digital payments to take-off in 2025.
“We would actually have seen a bit of an uptick,” Mr Davies said of 2024, “because we were able to deliver on a number of new product offerings. I would say it was
fairly consistent across the board for us.
“For us I think we saw a little bit of an uptick because we provide essential services to the Department of Social Services [to facilitate welfare payments]. That’s been something that’s been fairly consistent and we don’t control that at all. We are a a service provider agent.
“We have additional offerings. Our enabled campus offering where we go into the schools and have a digital environment, like Queen’s College. We’ve seen a significant increase as that’s taken hold. For us, it’s been fairly consistent. I will say as persons become more used to using and trusting digital services, I will say we would probably see a trend going upwards in 2025,” he added,
“In terms of our market and what we’ve been doing, from a payment interface perspective I’ve seen an increase. We have a solution where persons have got
an API to allow themselves to receive payments digitally in a number of forms. That has been taking off.” Mr Davies reiterated that digital payments, and storing funds on a phone or wrist-band, offer far greater security than carrying huge sums of cash in a wallet.
“I’m very uncomfortable carrying $300 in my wallet,” he added. “I’m not going to do it.
“I carry $10,000 on my phone because I don’t have to worry about it being stolen. It’s happening now; no later than the weekend. I was at a Farmer’s Market and someone was accepting digital payments. They got most of my funds, while the others only got what was in my wallet. Because of that transaction, three or four other people signed up on the spot.
“We continue to grow, we continue to provide more services, and the expectation is that will continue throughout this year as well.”
FNM: LNG DEAL ‘FAR REMOVED’ FROM PREVIOUS ONE
By FAY SIMMONS
Business Reporter
OPPOSITION leader
Michael Pintard said the agreement the Davis administration signed yesterday with FOCOL and Shell for the provision of liquefied natural gas (LNG) and the construction of a regassification terminal was “far removed” from the deal under consideration by the previous Minnis administration.
Mr Pintard said the deal previously under consideration saw the jetty and regassification terminal being operated and owned by a public entity, and questioned why the deal entered after going through a public
bidding process. “This deal is far removed from the arrangement that was under consideration by the previous FNM administration which contemplated a deal solely between Shell and the government - a deal in which the jetty and regassification terminal would have been owned and operated by a public entity for the benefit of the Bahamian people,” said Mr Pintard. “Instead, while pretending that this is the same deal that brokered with the then FNM government, the Davis administration has instead come up with a brand-new arrangement. This administration has brought in a third party, FOCOL, without going through the required
transparent bidding process. “Where was the legally required transparent bidding process to bring on a private operator? Why is FOCOL being handed a multi-year, multi-million-dollar lucrative arrangements outside of the provisions of the Public Procurement Act that requires contracts like this to be put out to tender?”
Attorney General Ryan Pinder said the deal was started under the previous Christie administration and a request for proposal (RFP) was sent out at that time.
He explained that the ground work was already done on the agreement and the Davis administration
“reconstructed” the agreement with the parties that were already selected.
“You might recall that this process would have started, I think two administrations ago, of which there was a RFP process at that time with respect to the LNG transition of the country, which never got to the end point to where we are today,”
“So what we did, that that work had already been done, and so we picked that up and restructured the agreement based upon the parties that were selected at that time. And this is where we are today. This started many years ago under a procurement process, and it was us who was able to finalise and negotiate it and
get across the finish line for the benefit of the Bahamian people.” Mr Pintard called for the Davis administration to answer “key and critical” questions about the LNG deal and accused government of turning over public assets to “politically wellconnected private business interests” and not making the arrangements public.
“The Prime Minister cannot give a good explanation as to why he has allowed the energy reform effort to be highjacked by private interests who stand to reap of inordinate profits at the expense of the Bahamian people,” said Mr Pintard.
“A responsible and fairminded government would have instead pursued
options that would have allowed Bahamians broadly to be material beneficiaries of all the necessary investments in the energy sector.
“Key and critical questions the PM needs to answer are: What is the term of the deal? What specific role does FOCOL play in this deal? What price did the government negotiate for LNG and what will be the resulting fuel price per kWh charged to the Bahamian people? Will the Bahamian people benefit when LNG market prices decrease, what is the cost of the tolling arrangement negotiated to transport the gas from the terminal facility to the power plants, and who will own the pipelines that will transport the gas?”
INJUNCTION FILED AGAINST LABOUR MINISTER BY UNION
BY ANNELIA NIXON Tribune Business Reporter anixon@tribunemedia.net
THE Bahamas General Workers Union (BGWU) has filed an injunctino against the labour minister under claims that a poll was conducted illegally for the transfer of members.
BGWU president Linda Sands said a poll was conducted “illegally” and there were “discrepancies” prompting them to take action. BGWU filed an injunction against Labour Minister Pia Glover-Rolle, allowing them to handle the dispute in court on April 1.
“Well, the issue is that there was a poll done, members wanting to move from one union to the other,” Ms Sands said. “A poll was done, but there were some discrepancies during the time - illegally done. And so we’re here today with a court order. There was an order, we had an injunction filed against the other union.”
Sloan Smith, the Trade Union Congress’ vice president, added: “The BGWU, which is the General Workers Union presently the bargaining agents for the workers in BAIC. In fact, they recently concluded an industrial agreement which is yet to be registered from the Department of Labour. But what happened [is], there’s another grouping who’s competing for the position that BGWU has.
“The minister’s of the view that she can hold a poll, given those competing interests being expressed to her, the problem that the union found was its own
members were not eligible to vote. And that’s the crux of the issue right here. And so, Madam President, her general secretary, they’re here to simply say, publicly, that the court has given an order to stay the poll. So the poll really is rendered nugatory at this point, and on the first of April, we’ll have to go before the court so that the minister and her attorneys can make their arguments as to why the poll should have been had. And so that’s the crux of the issue.”
While Ms Sands said some members who paid membership fees were “not allowed to vote”, Natania Johnson, secretary general of the BGWU, said they were denied a copy of the ballot, under the claim it was confidential. However, Ms Johnson questioned “how public information is to remain confidential”.
According to Mr Smith, currently Bahamas Agricultural Industrial Corporation employees who have expressed their interest in joining the Bahamas Public Sector and Health Professionals Union (BPSAHPU) are still members of the BGWU.
He said the BGWU has an industrial agreement that has not yet be signed but his hope “the Ministry of Labour execute the industrial agreement that’s already completed so those workers, the hundreds of workers here, would get their monies, secure their medical insurance, get their back pay, and all that relates to the industrial agreement”.
He said the minister had
said that there was no trade dispute made available to her - but Mr Smith said her own ministry has evidence that a trade dispute was issued.
Ms Sands said they had met BAIC executives.
President of the BPSAHPU Letonya Symonette argued that the BGWU is against democracy.
She said: “This process says line staff are to vote. Now, if management is a part of the process, then the process becomes illegal.”
Ms Symonette said: “On Tuesday, the voice of BAIC spoke. I think Miss Sands got 29 votes. I think it is, and we got a little over almost, like 100 I think we got. So I think that within itself would be the majority.”
She added: “For far too long, the people here at BAIC, the employees here, this union and management, have had their feet on these people’s neck. These people now feel liberated, so allow them to to operate in their constitutional right, and that’s the right to choose who they want, to represent them as a union. They work hard for their monies, and if they decide that they want whomever, and if it was not me, I had to step aside and let them go with who they want. ”
The (BPSAHPU) was backed by the vice president of the BGWU, Dave Beckford, who said “if they choose to leave to join another union, for them to rep them, that’s their right”.
He said: “The members have a right to choose who
they want to represent them, if they felt like we were not representing their interest, then we wouldn’t
be in this position. As vice president, I have said to our president in many meetings, let’s focus on the interest of our members. “At the end of the day, I stand with the members, I stand with the people.”
Bahamas faces 50-60% shipping costs increase from US port fee plans
from page one
“During our deliberations it was uncertain as to whether this fee would apply to new builds or existing vessels,” Mr Bethell confirmed. “It was also discussed whether the same fee should apply to large and small vessels given that such a large fee would be disadvantageous to small size vessels with a lower DWT.” Most of the vessels servicing the Caribbean from a freight cargo perspective are Chinese-made.
Detailing the potentially catastrophic economic consequences that will result throughout the supply chain, from US exporters to Bahamian consumers, if the US fee is implemented as is, Mr Bethell wrote:
“The proposed US tariff of up to $1.5m per port call on Chinese-built vessels is expected to cause a 50 to 60 percent increase in shipping costs for
Caribbean businesses that rely on US trade.
“Many shipping lines serving the Caribbean operate Chinese-built vessels, which means higher freight costs that will ultimately raise the cost of imported goods. The Caribbean faces a high dependence on trade with the US, meaning these measures could significantly disrupt supply chains
“Reduced vessel calls and competition could further reduce market efficiency, increasing uncertainty for importers and exporters in the region.” Rupert Roberts, Super Value’s owner, earlier this week estimated to Tribune Business that imposing the fees could produce a skyrocketing 25 percent inflation rate in The Bahamas with freight costs exceeding the price of the actual goods being shipped. Mr Bethell, confirming that the CSA has “formally convened to strategise a response to mitigate the impact of the proposed tariffs”, said the Caribbean’s
existing one-way trade preferences agreement with the US provides “a precedent” to exempt the region from the Chinese vessel fee.
The Bahamas is also a member of that trade deal, the Caribbean Basin Initiative (CBI), which enjoys a waiver from World Trade Organisation (WTO) rules that require trade preferences to be two-way and benefit both sides of the agreement. “A collective lobbying effort is underway to advocate for a carve-out or exemption for the Caribbean due to its unique economic dependency on US imports,” Mr Bethell said.
“The Caribbean Basin Initiative (CBI), which provides duty-free access to US goods, is being referenced as a precedent to support an exemption for shipping costs.” He said a “key argument” that will be made by the region’s shipping industry and private sector is that the proposed fee “would hurt American businesses
by making Caribbean trade more expensive, possibly shifting trade relationships to other global markets”. Besides lobbying US officials, policymakers and the US Trade Representative’s Office, the APD chief wrote that the region plans to “highlight the unintended consequences [for] Caribbean-US trade and “seek an exemption for Caribbean routes, arguing that the small scale of operations in the region makes the impact disproportionately high”. It also “contradicts” existing US-Caribbean trade agreements.
“The CSA and Caribbean business leaders are actively pushing for an exemption, but the risk of higher costs remains real if this proposal is implemented. Given the March 24, 2025, deadline for public comments, we strongly encourage regional businesses and importers to submit their concerns to the US Trade Representative’s Office to demonstrate the potential economic damage
to Caribbean economies,” the CSA said. Dr Duane Sands, the Free National Movement (FNM) chairman, yesterday told Tribune Business that the “game changing” impact threatened by the proposed up to $1.5m per port call fee on Chinesemade vessels requires The Bahamas to adopt an “all hands on deck” approach to combat it.
“If they [the US] actually follow through with this it has the potential to be a significant game changer but not for the better,” he said. “This is not something that anyone could have planned for. This will have, if they go through with the planned implementation of these fees, a tremendous impact on food security, on access to goods, costs and, as predicted by Rupert Roberts, it could significantly cause the cost of living crisis to increase.
“It can mean the viability of business. A $1m fee may not seem like much to a multi-trillion dollar economy, but to ours it’s a big deal once you are talking per ship and it’s not a onetime charge per company or ship. It’s a very concerning issue.
“This is something that needs to be dealt with with a sense of urgency and determination,” he added.
“This is a very big deal. I hope there’s, for want of a better word, a ‘war room’ to manage the fall-out or head-off the potential fall-out.”
“The unintended consequences of these actions may not be of concern to the person or powers making the determination, but it would certainly have a huge impact on fragile economies such as ours,” Dr Sands continued. “I think we are going to need to move very quickly to seek clarification, and more than seek clarification. This is not something that’s manageable in the immediate term.
DOGE BLOCKED IN COURT FROM SOCIAL SECURITY SYSTEMS... FOR NOW
By LINDSAY WHITEHURST Associated Press
A FEDERAL judge on Thursday temporarily
blocked billionaire Elon Musk’s Department of Government Efficiency from Social Security systems that hold personal data on millions of Americans, calling
their work there a “fishing expedition”.
The order also requires the team to delete any personally identifiable data in their possession.
US District Judge Ellen Hollander in Maryland found that the team got broad access to sensitive information at the Social Security Administration to search for fraud with little justification.
“The DOGE Team is essentially engaged in a fishing expedition at SSA, in search of a fraud epidemic, based on little more than suspicion,” she wrote.
The order does allow DOGE staffers to access to data that’s been redacted or stripped of anything personally identifiable, if they undergo training and background checks.
“To be sure, rooting out possible fraud, waste, and mismanagement in the SSA is in the public interest. But, that does not mean that the government can flout the law to do so,” Hollander wrote.
PUBLIC NOTICE
INTENT TO CHANGE NAME BY DEED POLL
The Public is hereby advised that I, ELKILO QUINTON PAUL, of 374 Manderville Road, Freeport, Grand Bahama, The Bahamas. intend to change my name to ELKILO QUINTON MILLER If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The 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, KADENCE DENISHA HOLBERT, of P.O. Box CR56559 #71 Killarny Shores, Royal Palm Drive. intend to change my name to K’DYNCE JULIA MOSS If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Offcer, P.O.Box N-742, Nassau, The Bahamas no later than thirty (30) days after the date of publication of this notice.
The Trump administration says DOGE is targeting waste in the federal government. Musk has been focused on Social Security as an alleged hotbed of fraud, describing it as a “ponzi scheme” and insisting that reducing waste in the programme is an important way to cut government spending.
The ruling, which could be challenged on appeal, comes in a lawsuit filed by labor unions, retirees and the advocacy group Democracy Forward. They argued that DOGE access violates privacy laws and presents serious information security risks. The lawsuit included a declaration from a recently departed Social Security official who saw the DOGE team sweep into the agency said she is deeply worried about sensitive information being exposed.
The White House did not immediately respond to a request for comment.
DOGE detailed a tenperson team of federal employees at the SSA, seven of whom were granted read-only access to agency systems or personally identifiable information, according to court documents.
‘$50M A YEAR SAVINGS’ FROM LNG FACILITY
have taken place in an independent Bahamas”.
“We see the integration of LNG into our fuel mix as a major step in the right direction as we move away from “dirtier” fossil fuels, such as diesel and oil, significantly lowering our carbon emissions. LNG is also typically cheaper and has less price volatility compared to diesel and oil,” said Mr Davis.
“Because we are building a new industry, we can also anticipate significant economic impact, including the creation of new jobs. In short, this agreement represents an essential component in our energy reform and economic development plans.”
FOCOL chairman Sir Franklyn Wilson said the agreement is one of the most “significant events to
He said the transition to LNG will produce cheaper and cleaner energy which can be used to drive more sustainable economic growth.
“This initiative will positively and meaningfully foster greater and sustainable economic growth in a way that dramatically increases opportunity for all,” said Mr Wilson.
“It will help to expand and deepen the country’s capital markets in ways which will be dramatically important to all and help manifest our commitment to the environment.”
Minister of Energy and Transport JoBeth ColebyDavis said the first phase, which is set to begin before the end of this year, will have a Shell chartered vessel supply LNG offshore
which will be converted to gas once it arrives at the Clifton Pier terminal.
This natural gas will be used to fuel the two 31-megawatt GE dual-fuel turbine engines supplied by Bahamas Utilities Holdings in the first phase and expand to other natural gas fuelled generators in New Providence.
“We firmly believe that a brighter energy future for our nation will be secured the agreements we’ll sign today enable the fast adoption of LNG in The Bahamas,” said Mrs
Coleby-Davis.
“The first phase will consist of a Shell charted small scale LNG vessel supplying LNG onshore. Once on shore, the LNG will be converted to natural gas at the terminal. During the second half of this year, this gas will first be utilized in the gas turbines currently operated at Clifton Pier. Future phases will expand natural gas delivery to additional gas fired power assets in New Providence.”
Attorney General Ryan Pinder said the addition of LNG to the fuel mix will
result in over $180m in annual savings on fuel that will be passed on to the consumer. He explained that in the first phase, it is expected that $50m annually in savings will be passed on and by the fourth phase that amount would’ve increased to over $180m in annual savings.
“Just by phase one, we’re looking at a $50 m annual savings in fuel prices to the consumer. By the time we get to phase four, which will be a robust, hopefully a floating storage unit, but
with that still in design, we’re looking upwards of $180 m a year in annual savings to the consumer, just on fuel pass through pricing. So that’s rather significant,” said Mr Pinder. “Just imagine the economic opportunities of an extra $180m a year in the economy of Nassau, being able to be reinvested, being able to create additional opportunities, small businesses being able to have extra disposable income to grow. So, the economic impact builds on from the savings that we will see.”
$200M BUILDING COST FOR LNG TERMINAL
“We signed a power purchase agreement (PPA) for the FOCOL subsidiary [Bahamas Utilities Holdings] earlier this year, those engines will be transformed into natural gas to be able to burn natural gas. And also, BPL will have engines that will burn natural gas, and so that SPV would on sell the gas to all of the respective generated entities that are burning gas.”
Mr Pinder said the terminal is expected to be producing enough natural gas to cover BPL’s base load within the next 18 months. The terminal will be constructed in phases, with the first phase expected to be completed and receiving the first shipment of natural gas by November 1.
“The terminal is going to be constructed in phases. The initial phase would be a smaller vessel that Shell provide we are looking to
NOTICE is hereby given that OXANNA RENE of Dundas Town Abaco, The Bahamas 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 14th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
have first gas in the country no later than November 1 of this year, that will be with a terminal in place,” said Mr Pinder.
“And then, as we scale up with new generation units, and as we develop the terminal into phases two and three, the terminal will grow, and the amount of gas that will be able to be offloaded and will increase. That will be a time process that’s still a bit fluid, but we certainly hope to have
full gas pumping to The Bahamas in Nassau, up to 190 megawatts worth, which will cover the entire base load of BPL within 18 months.”
For the pipeline, Mr Pinder said there will be a small pipeline at Clifton Pier to supply the gas from the vessels to the storage facility and the existing diesel pipeline between Clifton and Blue Hills will be replaced.
“There’ll be pipeline
NOTICE
NOTICE is hereby given that JINTAO WANG of P.O. Box N4137 Robinson Road, New Providence, The Bahamas 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 21st day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
from the terminal where the gas comes on shore to the storage facility. So there’ll be a small pipeline at Clifton for that. With respect to BPL’s engines and ultimately FOCOL engines that will be located at Blue Hills,” said Mr Pinder.
“There will be a pipeline that will follow the existing BPL wayleave between Clifton and Blue Hills, and that pipeline will replace the current diesel pipeline
that’s in place now that we are having some challenges with so you’ll have a new diesel pipeline, and then you’ll have a new gas pipeline. All the environmental studies, all of the environmental impact will be done, and all of the relevant certificates of environmental clearances will be issued before that process starts, and at the end of the day, that pipeline will be owned by the government of The Bahamas.”
NOTICE
NOTICE is hereby given that WISMAGNE FORMETUS of P.O.Box GT-2216, Cordeaux Avenue, East 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 21st day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
THE SIGNING of the LNG agreement yesterday.
Photo: Marvin Thompson
$5m legal battle erupts on grounded tug boat, barge
“On or about March 19, 2024, the claimant [Executive Marine] was engaged to transport 2,000 tons of sand and 1,000 tons of stones from Freeport Harbour to Bakers Bay, Abaco. In fulfillment of this contract, the claimant engaged the first defendant [FowlCo] for the use of its tugboat to tow the claimant’s barge, which contained both a crane and the cargo,” the verdict recalled.
“The first defendant, in turn, sub-contracted the second and/or third defendants [Campbell Shipping Company and Campbell Marine] to manage, operate and crew the tug boat for the purpose of executing the transport operation.
“On the night of March 26, 2024, the crew lost control of the tow, leading to the grounding of both the barge and the tug boat on a reef near Man-O-War Cay, Abaco. The claimant contends that, as of the date of filing, both vessels remain stranded on the reef,” Mr Toote noted.
“As a consequence, the claimant commenced these proceedings, citing failure
to deliver the cargo and damage to its barge, and is seeking compensation for total losses amounting to $104,500. Following this incident, the Port Department issued a formal demand on May 24, 2024, requiring both the claimant and the first defendant to ‘remove the tugboat and the barge from its sunken position’.
“In an effort to mitigate additional legal disputes, the claimant asserts that it was compelled to reimburse its client for the undelivered goods and services.”
Executive Marine, in a bid to further its claim, then wrote to FowlCo on September 17, 2024, setting out the additional information it was seeking and warning that, if it was not provided, it would seek a Supreme Court order mandating this be provided.
Besides requesting a copy of the tug boat “management agreement” with Campbell Shipping, Executive Marine also sought “evidence and particulars of Paul Mellor’s request to be placed in direct contact with Captain Venkat Kesav, the captain of the crew managing the tug boat”.
NOTICE is hereby given that BRONDY DORJEAN of Golden Gates, Sisal Road West, New Providence, Bahamas 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 14th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Further details sought included “confirming that Algernon Morley advised Paul Mellor that Campbell Marine was manning, managing and operating the Heroic I” tug boat, while evidence was also demanded to support “the assertion that Paul Mellor requested/insisted that Captain Venkat Kesav deploy the tug boat on March 25, 2024”.
Executive Marine argued that “any delay in providing the information would place them at a disadvantage”, and ultimately moved for the threatened Supreme Court order. It added that this was necessary “to obtain clarity” on FowlCo’s position and secure information that the latter relied on in its pleadings.
FowlCo, though, argued that Executive Marine’s request “constitutes an improper attempt to solicit evidence rather than mere information”. It described the move as “an unwarranted bid for premature discovery” that violates the Supreme Court’s civil procedure rules, and said sped-up discovery was “inappropriate” given how
far the case has moved.
Mr Toote found these arguments, advanced by FowlCo’s attorney, Keith Major, to be “persuasive”. He argued that the section in the civil procedure rules relied upon by Executive Marine “was misapplied and incorrectly used to justify an attempt at early evidence-gathering rather than proper procedural disclosure”.
“The claimant’s request for information improperly seeks to extract evidence outside the proper procedural framework,” Mr Toote ruled. “As such, I find that the information sought is more appropriately addressed during the discovery process and not at this juncture.
“Furthermore, even if the first defendant intended to oblige the claimant with the information, rule 34.2 provides that a party has up to 14 days to respond to such a request. The claimant’s demand for a response within two days was therefore unreasonable, inconsistent with the procedural rules, and deprived the first defendant of the full period afforded for compliance.”
NOTICE
NOTICE is hereby given that ELVIUS OMILUS of #7 Cowpen Road, New Providence, The Bahamas 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 14th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Executive Marine, though, fared somewhat better in its request for extra time to respond to FowlCo’s counter-claim. Dawson Malone, of Callenders & Co, who is representing the claimant argued that FowlCo’s pleadings were “evasive and hinder the ability” of his client to effectively defend the counter-claim.
“He contends that this lack of clarity will ultimately impede the court’s efficient management of the case,” Mr Toote said of Mr Malone’s arguments. And he also found FowlCo’s counter-claim “to be deficient due to the absence of specific factual allegations supporting its assertion of negligence as against the claimant [as a Defendant] on counter-claim...
“The first defendant’s counter-claim alleges that the incident was caused by the negligence and/or breach of contract by the third defendant, acting directly and through its employees and agents. Additionally, the first defendant contends that the claimant, through its employees or agents, contributed to the incident in whole or in part and is therefore jointly and severally liable,” Mr Toote added
of FowlCo’s counter-claim.
“However, upon review, it is evident that the first defendant’s counter-claim fails to establish a specific cause of action against the claimant. The particulars concerning the claimant’s alleged negligence are drafted as a defence and do not assert a cause of action.
“The assertions are unsupported by particularised facts or evidence. In civil litigation, a counter-claim, much like an original claim, must meet the threshold of clarity and specificity required to put the opposing party on proper notice of the case they are to answer,” Mr Toote added.
“The first defendant’s failure to plead material facts supporting its allegations of negligence against the claimant renders its counter-claim defective.... The absence of specificity in this instance suggests that the counter-claim is speculative rather than properly pleaded.”
As a result, Mr Toote found FowlCo’s counterclaim details “no cause of action” against Executive Marine but then said the “right to strike out” these pleadings was “reserved”.
NOTICE
NOTICE is hereby given that SAMERA RHAJAE LEXUS CLERVEAU of Marsh Harbour, Abaco, New Providence, Bahamas 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 14th day of March, 2025 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.
Wall Street edges lower despite solid data on the economy
By STAN CHOE AP Business Writer
US STOCK indexes
edged lower Thursday following another reminder that big, unsettling policy changes are underway because of President Donald Trump, along with more signals suggesting the US economy remains solid for now.
The S&P 500 slipped 0.2% after flipping between modest gains and losses through the day. The Dow Jones Industrial Average dipped by 11 points, or less than 0.1 %, and the Nasdaq composite fell 0.3%.
Wall Street has been swinging for weeks on a roller-coaster ride, as stock prices veer on uncertainty
about what Trump’s trade war will do to the economy.
Stocks got a boost Wednesday after the head of the Federal Reserve said the economy remains solid enough at the moment to leave interest rates where they are.
More data arrived Thursday to bolster that view.
One report said slightly fewer US workers filed for unemployment benefits last week than economists expected. It’s the latest sign of a potentially “low fire, low hire” job market.
A separate report said sales of previously occupied homes were stronger last month than economists expected, while a third said manufacturing growth in the mid-Atlantic region
appears to be better than economists expected.
But Fed Chair Jerome Powell also stressed on Wednesday that extremely high uncertainty is making it difficult to forecast what will happen next.
It’s not just uncertainty about the trade war affecting Wall Street. Accenture fell to one of the market’s larger losses Thursday even though the consulting and professional services company reported slightly better profit and revenue for the latest quarter than analysts expected.
Worries are rising about the hit Accenture may take to its revenue from the US government as Elon Musk leads efforts to cut federal spending. The federal
government accounted for 17% of Accenture’s North American revenue last fiscal year, and its stock sank 7.3%.
The broad US stock market was likely due for its recent drop, which took it more than 10% below its all-time high in just a few weeks, after prices climbed much faster than corporate profits to make it look too expensive, according to Barry Bannister, chief equity strategist at Stifel.
He said the S&P 500 could bounce higher in the near term, particularly after Fed officials indicated Wednesday they see room
to cut interest rates twice this year. Lower interest rates would give a boost to the economy, as well as prices for investments. The market has also traditionally had “relief rallies” after major, long-term upward runs for stocks cracked, Bannister said.
But he expects stock prices to remain under pressure as the economy’s growth slows more sharply in the second half of the year and as inflation remains stubbornly high. That could create a mild form of “stagflation,” which is something the Fed doesn’t have good tools to fix. The Fed could lower
interest rates further to help the economy, but that would also push upward on inflation.
On Wall Street, Darden Restaurants climbed 5.8% after reporting profit for the latest quarter that matched analysts’ expectations. That was despite what the company behind Olive Garden, Ruth’s Chris Steak House and other restaurant chains called “a challenging environment”. All told, the S&P 500 slipped 12.40 points to 5,662.89. The Dow Jones Industrial Average dipped 11.31 to 41,953.32, and the Nasdaq composite fell 59.16 to 17,691.63.
