Local companies save the day
A LOCAL construction consortium has been lauded for its efforts in helping the Barbados Port Incorporated (BPI) complete capital works at Bridgetown Port and the Shallow Draught.
The kudos have come from Chief Executive Officer of the BPI, David Jean-Marie, who explained that even though the project was fraught with financing challenges, the local grouping stayed the course and saw it through to completion.
Speaking yesterday morning at the Port during Commissioning Ceremony for the new Shallow Draught Marina, Berth 5, the new Panamax Container Crane and other equipment, Jean-Marie explained that the first part of Berth 5 was built by a Irish firm which contracted local labour, but when it was time to complete the project, the BPI turned to a local consortium, including C.O. Williams Construction and Preconco Limited, among other entities, which was put together by businessman Mark Maloney.
“This local consortium had to struggle, because we couldn’t pay them for a while. We had to secure bridging finance from Ansa Merchant Bank, $15 million for one year; then we went to BTII [Barbados Tourism Investment Incorporated].
“We tried to get them to grant us $12 million as we see it as a tourism product also, but they didn’t agree and they loaned us $12 million,” he said.
Jean-Marie added, “So we were able to bridge $27 million, and of course, given the nature of the work being done here at Berth 5, as well as in the Shallow Draught, that money was soon gone and the contractors were out of money and so was the Port. But the contractors stayed with us.”
He explained that the contractors, recognising the importance of the project to the country and its tourism offerings, did not abandon the work, and in fact, not only delivered Berth 5 on time, but within budget. His comments came as he noted that the Port was able to secure the financing through the Latin American Development Bank and were able to repay their short term loans.
Meanwhile, Chairman of BPI, David Harding, says the Bridgetown Port is well on its way to becoming the premier port in the Eastern Caribbean.
“My board, acting on an essential wish list from management, agreed two years ago to make major capital investment in the acquisition of cargo handling equipment needed to bolster our ability to deliver timely service to ships, as well as to container haulers. A new gantry crane and five new straddles are being commissioned here today, so ladies and gentleman, allow me to say, with no modesty at all, the Port has caught up,” he said.
He made the point while contending that the Port, in all its iterations, has never shirked its duty or adopted a “can’t do attitude”.
“Yes, there have been trying times over many years with the clamour from all sides that the Port is inefficient, that the Port should be privatised, or sold, or both. Let me just say here today, for the record, that this is not what we are about... that this Board has no other mandate but to improve its services to its customers, while it improves its bottom line. And without contradiction, I can say that we are well on our way to achieve these two positions for our shareholders – the Government and people of Barbados,” he added. (JRT)