Nassau port redevelopment moves forward with new funding

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A rendering of the redeveloped Nassau cruise port.
A rendering of the redeveloped Nassau cruise port.

The company building a $250 million cruise port in Nassau was able to raise $130 million to keep the Bahamas project alive. 

Nassau Cruise Port Ltd. said it had raised the money through a private bond offering. CEO Mike Maura said in a statement that the investment indicated support and confidence in the project “during these difficult times.”

“Our success is a signal to our tourism partners that the Bahamian tourism industry, and specifically Bahamian cruise tourism, will continue to thrive,” Maura said. 

Nassau Cruise Port said that the redevelopment is now in the first of three phases, the demolition of current buildings and structures. Phase two, completing the marine works and expanding the berthing capacity of the port, is slated to start within 60 days. Phase three will consist of landside works, including a new arrivals terminal and plaza, Junkanoo Museum, retail Market Place, amphitheater, and other food-and-beverage and entertainment spaces. 

The funds raised through the bond offering will be used to support the work of phases one and two, the company said, adding that it will launch an initial public offering in 2021 to raise equity to finish the project. 

“We are preparing diligently for the recovery of the tourism industry and the return of millions of cruise passengers,” Maura said. “We do not know exactly when they will be back, but we are in constant communication with local and international cruise partners to ensure that we stay ahead and are prepared.” 

Nassau Cruise Port is a consortium owned mostly by Turkey-based Global Ports Holding, primarily an operator of ports in Europe. In a statement, the company said that a 2018 economic impact assessment conducted by KPMG concluded that the project would have a $300 million impact on the Bahamas economy during the development phase and a $15.7 billion contribution over the 25-year concession period.

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