SLIDESHARE: 3 reasons why Trinidad’s maritime industry is a sure thing
The Panama Canal Expansion Project is scheduled to be completed by 2015, and the 14,000 vessels it facilitates annually is set to double by 2025. Trinidad and Tobago’s stable macroeconomics as well as its proximity to the Canal and robust South and Central American economies have already attracted investors in the transshipment business between Latin America and the rest of the world.
So is now the right time for investors to capture a share of Trinidad and Tobago’s developing maritime industry, particularly in bulk transshipment, ship repair and leisure craft anchorage? Here are three reasons why we think so:
Location, location, location: The island nation lies just outside the hurricane belt, and has insurable marine space from natural disasters. T&T is also within 12 miles of international shipping routes, and thousands of ships pass as near as 25 miles off the country’s coasts annually. On Trinidad’s windward coast, the Gulf of Paria is a natural deep harbour with negligible wind speeds and plenty of space for dry-dock development. The north-western Chaguaramas peninsula is ripe for more leisure craft marina anchorage, and companies like Oldendorff and Alcoa have already established lucrative transshipment points off T&T’s coasts.
Experience: T&T’s long history in marine oil and gas and small vessel and leisure craft repair has built sizable labour expertise in the marine repair and maintenance industry. More personnel are being trained by a local university. And Trinidad’s Chaguaramas cluster is the only one-stop-shop for leisure marine repair for miles around.
Public Sector Support: Trade Minister Vasant Bharath has prioritised the maritime sector, pushing through legislation last month that cuts down cargo processing time at T&T’s container ports and making customs approvals a one-day process through TTBizLink. The government has indicated its willingness to partner with investors on the Chaguaramas marina development and is also pouring billions into maritime development to strengthen infrastruture.
Need more details? InvesTT’s Manager of Investor Sourcing Sekou Alleyne gave this presentation on opportunities in maritime to delegates at last week’s Caribbean Investment Forum.