Drydocking Facilities

Industry: Maritime

Project: Establishment of Drydocking Facilities


Overview
The maritime industries value chain consists of ship repair and maintenance, transshipment, small-craft construction, marine equipment and marine electronics. The ship repair and maintenance services industry is made up of companies engaged in the regular maintenance of ships, as well as reactionary repairs both in and out of the water. In Trinidad and Tobago, the marine sector is in the early growth stages. The current focus is mainly on small to medium-sized ships, with one major drydock in operation servicing ships up to 230 metres long, with a lifting capacity of 23,000 metric tons. With only one drydock the capacity for additional repairs even in this size range is limited.

Strategic Relevance
To promote Trinidad and Tobago as a preferred destination along the eastern coast of the Americas for the repair of large ships.

Location
La Brea, South Trinidad

Total Investment Required
Approximately US$1 billion (US$5 million for feasibility)

Detailed Description of Project
The proposed project would allow Trinidad and Tobago to capture some of growing demand for large ship repair along the eastern seaboard of the Americas.   The proposed site for the project is the Gulf of Paria. Some of the applications for a drydock and ship repair facility in Trinidad and Tobago include:

- Conversion of ships for new purposes
- Large ship service and repair 
- Medium and small ship service and repair
- Fabrication of marine equipment
- Docking facilities for repairs while in the water
- Inspection services
- Testing services
- Drilling rig maintenance
- Waste, garbage and steel disposal

Competitive Advantages
Trinidad and Tobago offers significant advantages for the establishment of a drydocking facility at La Brea. These include:

- One of the world’s lowest energy rates
- A large pool of mechanical engineers, managers, welders and other   specialists from the marine and energy   sectors
- The largest natural harbour in the region
- Strategic location at the heart of the Americas close to highly active shipping lanes
- English-speaking population with a 98 percent literacy rate
- Two world-class tertiary level institutions providing training for locals in marine studies
- Attractive package of fiscal and non-fiscal incentives for FDI

Incentives
The fiscal and other incentives applicable for the project include: 

- Exemption from customs duties on the construction 
- Exemption from value-added tax
- Exemption from income tax on dividends or other distribution, other than interest, out of profits or gains 
- Duty-free treatment of raw materials, machinery and equipment

Type of Investment Required/Desired Participation

- Consortium
- Equity investor or joint-venture partner (the ideal investor must be able to access financing independently)




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InvesTT Limited
Trinidad and Tobago
El Socorro, PoS
Trinidad and Tobago

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