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
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
“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
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.