daily menu » rate the banner | guess the city | one on oneforums map | privacy policy | DMCA | news magazine | posting guidelines

Go Back   SkyscraperCity > Infrastructure and Mobility Forums > General Developments and Discussions > Maritime

Maritime Harbours and ships



Global Announcement

As a general reminder, please respect others and respect copyrights. Go here to familiarize yourself with our posting policy.


Reply

 
Thread Tools
Old August 2nd, 2012, 08:05 AM   #1
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

JAMAICA | Ports

Port Esquivel it is situated on the border of Clarendon and St Catherine


Port Equivel is utilized by WINDALCO (Alumina company) and Jamaica Broilers (exportation of ethanol). It will also be utilized by CEMCORP (Cement Jamaica Limited) a cement company that will be built and commissioned by 2014 or 2015.

Last edited by Nigel20; January 11th, 2013 at 02:42 AM.
Nigel20 no está en línea   Reply With Quote

Sponsored Links
Old August 2nd, 2012, 08:14 AM   #2
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Kingston Container Terminal

The Port Authority of Jamaica owns The Kingston Container Terminal (KCT), which is operated by Kingston Container Terminal Services Ltd., a subsidiary of the PAJ.

KCT is one of the region’s leading container transshipment ports and consists of three terminals—the North, South and West Terminals with a rated capacity of 2.8 Million TEUs


image hosted on flickr

image hosted on flickr

image hosted on flickr




All major works under the Fifth Phase Expansion have been completed. The Phase Five Expansion will lift the capacity of the Terminal from 1.5 million TEUs at the beginning of the project to 3.2 million TEUs. As required for operations, more lands will be brought into use, taking the capacity of the KCT to 3.2 million TEUs.

Port Authority of Jamaica

Last edited by Nigel20; March 13th, 2013 at 05:21 PM.
Nigel20 no está en línea   Reply With Quote
Old August 2nd, 2012, 08:16 AM   #3
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Global transshipment hub, linchpin of country’s growth strategy

The government's proposed global transshipment and logistics hub is the linchpin of the country’s long-term growth strategy.
This is according to Anthony Hylton, the Minister of Industry, Investment and Commerce.
He said while there is no panacea to cure all the country's economic woes, the proposed global logistics hub should lead to a certain level of macro-economic stability, achieved through growth in the economy and the creation of jobs.
Minister Hylton who was addressing a recent roundtable discussion at Jamaica Promotions Corporation (JAMPRO) titled, ‘Panama’s Logistics Platform…Challenges and Opportunities for Jamaica', said plans for the expansion and development of the Panama Canal are expected to result in a shift in the dynamics of global trade from the Pacific Rim region to the Atlantic region.
Minister Hylton further cautioned that Jamaica must be prepared to maximize the economic opportunities which will arise from the projected doubling of the capacity of the Panama Canal by 2015, and the resultant increase in transshipment traffic throughout the region.
According to the Minister, the logistics hub fits perfectly with the government’s thrust to expand Jamaica’s role as an international transshipment cargo hub.
Meanwhile, Minister Hylton gave an outline of some of the key elements in establishing the logistics hub.
“There are the announced elements of the logistics hub, which are expected to begin almost immediately. The north south highway is a key part of the internal logistic which will have a direct impact on the creation of the external hub itself, deepening of the Kingston Harbour and expansion of the Kingston Harbour. In addition to that we’ll have to implement the dry dock facility which is a key part of it as well as the commodity port in St Thomas together with Vernamfield and the Caymanas economic zone,” he said.

RJR News
Nigel20 no está en línea   Reply With Quote
Old August 7th, 2012, 11:15 PM   #4
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Falmouth Cruise ship pier



image hosted on flickr


Last edited by Nigel20; August 27th, 2012 at 02:23 AM.
Nigel20 no está en línea   Reply With Quote
Old August 7th, 2012, 11:17 PM   #5
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Falmouth Overtakes Ocho Rios As Busiest Cruise Pier

The Falmouth cruise ship pier generated income of some US$4.4 million (J$380 million) from 50,700 passengers in April (2011) alone making it the island's busiest pier, according to data from the Port Authority of Jamaica (PAJ) and Jamaica Tourist Board (JTB).
Nigel20 no está en línea   Reply With Quote
Old August 7th, 2012, 11:25 PM   #6
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Ocho Rios cruise ship pier


image hosted on flickr

image hosted on flickr

image hosted on flickr

image hosted on flickr

image hosted on flickr

[IMG][/IMG]

Last edited by Nigel20; August 28th, 2012 at 07:31 AM.
Nigel20 no está en línea   Reply With Quote
Old August 10th, 2012, 02:11 AM   #7
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Port Rhodes...it is operated by Noranda bauxite company

image hosted on flickr

image hosted on flickr

image hosted on flickr

Last edited by Nigel20; August 28th, 2012 at 07:39 AM.
Nigel20 no está en línea   Reply With Quote
Old August 28th, 2012, 07:39 AM   #8
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Noranda Announces Rod Mill and Port Expansion Projects

Noranda Aluminum Holding Corporation (NYSE: NOR) announced plans to move forward on two capital projects—a $45 million investment to build a new rod mill and an $11 million investment to further expand harbor capacity at Port Rhodes in Discovery Bay, Jamaica.
Nigel20 no está en línea   Reply With Quote
Old August 29th, 2012, 08:22 PM   #9
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Gordon Cay Project To Be Tendered In Sept

Published: Wednesday | August 29, 2012

Kingston port will be ready for Panama Canal opening, says Hylton

The Port Authority of Jamaica (PAJ) says it has already undertaken technical work, identified financing and is preparing to solicit international bids in September for dredging the Kingston Harbour.

The project is meant to ready the Kingston port for new business expected to accrue from the expansion of the Panama Canal, now due for completion in April 2015.

The most important part of the Gordon Cay development is dredging to a depth of 17 metres, the Port Authority told Wednesday Business.

The harbour is about 14 metres deep. The dredging will allow the Kingston port to accommodate the larger container vessels that are expected to pass through the Panama Canal once the waterway is widened.

"In this regard, the authority has already undertaken technical work in preparation for the Panama Canal expansion and is preparing to solicit international bids in September," the state agency's president and CEO Noel Hylton said via email.

The Port Authority also said it was "not presently aware of any factor that will delay the development".

Regarding the US$150 million required to undertake the Gordon Cay project, Hylton said the Port Authority has "already received financing offers".

"However, their evaluation will be conducted after all the tenders have been returned," he said.

The planned development of lands owned by the Port Authority at Fort Augusta in St Catherine is also integral to expanding the trans-shipment facility. But Hylton said "it was not the intention of the PAJ to complete the Fort Augusta development in time for the Panama Canal expansion".

larger capacity

The Panama Canal is now able to accommodate container vessels with a capacity of 4,500 twenty-foot equivalent units, or TEUs, but when widened will be able to handle vessels transporting up to 12,000 TEUs.

The French shipping company, CMA CGM, which entered into a non-binding agreement with the Jamaican government last year, has proposed to either renovate an existing section of Gordon Cay and/or add berthing capacity adjacent to Gordon Cay to accommodate super post Pananmax vessels and facilities for trans-shipment of cargo.

Last year, China Harbour Engineering Company also expressed an interest in providing private investment to develop a new container terminal on lands owned by the Port Authority at Fort Augusta.

The Port Authority hopes to complete its dredging and expansions by fiscal year ending March 2014.

The dredging project is expected to improve the comparative advantage of Kingston Container Terminal as a trans-shipment hub for draught restricted ports of the United States' east and gulf coasts.

East coast ports like Savannah, Jacksonville and Charleston are hoping to attract added traffic from the developments in Panama, according to reports out of the US, but none are deep enough to allow the larger vessels to enter fully loaded.

Chief executive officer of the Panama Canal Authority, Alberto Aleman Zubieta, has also reportedly criticised United States and Canadian officials for not preparing to take advantage of the expansion of the canal.

Panama will not realise full benefits if US east coast ports are not also dredged to the requisite 17 metres, or about 50 feet, to accommodate the larger ships.

In June, the US Army Corp of Engineers reported to Congress that seaports in the southeast would require up to US$5 billion to deepen the shipping channels to accommodate post-Panamax ships.

US President Barack Obama has since issued an executive order to speed up dredging of harbours along the eastern seaboard, but they are not expected to be completed before 2020, five years after the April 2015 date now anticipated for the opening of the widened Panama Canal.

[email protected]

Source: Jamaica Gleaner
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)

Last edited by Nigel20; August 29th, 2012 at 08:29 PM.
Nigel20 no está en línea   Reply With Quote
Old August 31st, 2012, 09:20 PM   #10
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Panama: Will we be ready?

Window closes on port expansion

CAMILO THAME Business Co-ordinator [email protected]
Friday, August 31, 2012

THE window for Jamaica to take advantage of the expanded Panama Canal is closing fast.

The waterway, which will allow cargo ships with three times the container capacity currently passing through the locks, should be finished in the first half of 2015.

What's more, earlier this month, a court cleared the way for a US$1-billion port facility in Costa Rica, while Cuba, not wanting to wait on political change, is embarking on a US$800-million port in Mariel.

"When Costa Rica is finished it is going to be a threat to all of us in the Caribbean and Panama," said Carlos Urriola, the head of the Caribbean Shipping Association. "The only port that can compete directly with Jamaica is Cuba — Caucedo (Dominican Republic) is already full to capacity."

By his reckoning, any port that wants to benefit from the canal expansion needs to start implementing its plan before the project is completed.

"What cannot happen is that in two years (Jamaica) is talking about the same things we are talking about now," he said. "The shipping community wants to know that you will be an alternative... but if you can't say when, you are not going to be a part of the decision making."

Beijing's China Communications Construction Company signed a two-year agreement with the Government this month that would allow direct Chinese investment in selected infrastructure projects, including the port.
A plan of action has not yet been presented.

On the other hand, Kingston Wharves Limited raised $1.8 billion from Jamaica Producers Group (JP) to undertake its expansion.

Meanwhile, the Cuban expansion, which will lift Mariel's capacity from 350,000 twenty-foot-container equivalents (TEUs) per annum to one million, is expected to come on stream in 2014.

Costa Rica's two-million-TEU-a-year facility located in Moin is scheduled for completion in three to five years, but it puts the new container terminal (described as a new island to be built) closer to the largest market in Latin America — Brazil.

"Population growth shows were the cargo is going," said Urriola.

Brazil's population is expected to grow by 18 per cent to 251 million people (of the 700 million in all of Latin America) by 2030.
But size and location aren't everything.

Trans-shipment centres can compete on price, but without value being added to the cargo, shipping lines will move on to other locations.

Manzanillo in Panama, the biggest regional competitor, moving seven million TEUs last year compared to Jamaica's 1.7 million, has an entire logistic centre planned out.

It includes a large commercial freezone, highway, railway, airport and banking within the same area.

The terminal is targeting 12.4 million TEUs by 2020.

Along with larger container ships — the canal will be able to accommodate vessels carrying 13,000 to 14,000 TEUs, up from 4,400 — there are expected to be greater opportunities for dry bulk, such as grain.

"We are building facilities for commodities," said Urriola, who is also executive vice-president of Manzanillo International Terminal.

He figures container terminals have a maximum of three years to set their marks.

"The Government, private sector and labour need to get together. It will not work with only one part of it," he said.

The Government, as a regulator, should focus on accommodating faster- moving trade.

"Let's not do a nice port that can load a lot of containers but it takes three days to get the container out of the gate," he said.

Productivity needs to be increased significantly, and container movement targets should be lifted from 30 moves per hour to 50, he said.

At Kingston Container Terminal, the average move per hour using Gantry cranes was 19.8 TEUs in 2008, while the facility focused on trans-shipment hit its highest productivity (36 moves per hour) on any vessel docked at its port in 2010.

Kingston Wharves Limited had lower average in 2008, but the it uses smaller, cranes.

The Centre for International Governance Innovation (CIGI) suggests other indicators such as the Liner Shipping Connectivity Index (LCSI) be used to gauge a port's competitiveness.

Jamaica was number one in the Caribbean, and number 32 in the World in 2010, when the deployment of container ships; TEU capacity; the number of liner shipping companies; the number of services; and the maximum ship size, were looked at together.

CIGI estimates that annual Caribbean port investment needs roughly US$300 million. The challenge is where this investment will come from.

Source: Jamaica Observer
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old September 1st, 2012, 03:51 AM   #11
fastboyRD
How fast are you?!
 
Join Date: Jun 2010
Location: Punta Cana, Dominican Rep
Posts: 3,512
Likes (Received): 585

Quote:
Originally Posted by nigel20 View Post
Kingston Container Terminal

The Port Authority of Jamaica owns The Kingston Container Terminal (KCT), which is operated by Kingston Container Terminal Services Ltd., a subsidiary of the PAJ.

KCT is one of the region’s leading container transshipment ports and consists of three terminals—the North, South and West Terminals with a rated capacity of 2.8 Million TEUs


image hosted on flickr

image hosted on flickr

image hosted on flickr




All major works under the Fifth Phase Expansion have been completed. The Phase Five Expansion will lift the capacity of the Terminal from 1.5 million TEUs at the beginning of the project to 3.2 million TEUs. As required for operations, more lands will be brought into use, taking the capacity of the KCT to 3.2 million TEUs.

Port Authority of Jamaica
This is a really Big Port!!
fastboyRD no está en línea   Reply With Quote
Old September 1st, 2012, 07:54 AM   #12
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Quote:
Originally Posted by fastboyRD View Post
This is a really Big Port!!
Yes it is and it will be expanding even further in the short to medium term.

Preparing KCT for 2014

Addition of West Terminal Yard Space - 28.8 hectares (71.2 acres) will increase capacity to 3.2 million TEUs



Fort Augusta

Undertake land reclamation in preparation for future port expansion at Fort Augusta The construction of the container terminal will increase capacity by a further 2 million TEUs, taking the total capacity to 5.2 million TEUs.
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old September 14th, 2012, 06:17 PM   #13
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Kingston Wharves' port expansion to cost US$50m



KINGSTON Wharves Limited estimates that its expansion will cost up to US$50 million ($4.4 billion)

But the cargo handler won't begin demolishing warehouses and dredging its harbour until early next year

The company, which is undertaking the expansion to make room for additional cargo after the Panama Canal expansion is complete, has a two- and-a-half-year window to finish the project, by Grantley Stephenson's reckoning.

"For us, this is a major undertaking," said the company's CEO. The project can be done in 18 to 24 months, or just in time for the completion of the Panama be done in 18 to 24 months, or just in time for the completion of the Panama Canal - scheduled for the first half of 2015.

Read more here: http://m.jamaicaobserver.com/busines...S-50m_12524635
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old September 14th, 2012, 08:25 PM   #14
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Falmouth "Port Of The Year 2011"
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)

Last edited by Nigel20; October 5th, 2012 at 07:00 AM.
Nigel20 no está en línea   Reply With Quote
Old September 26th, 2012, 09:16 PM   #15
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Time to split KCT?

THE Kingston Container Terminal should be split up and auctioned off to major shipping lines, says Dr Eric Deans of the Maritime Authority of Jamaica.

Such a move would tie shippers into using the port ahead of the Panama Canal expansion, due to open in early 2015.

Kingston is unusual among international trans-shipment ports in having a single, publicly owned, multi-user facility instead of several private terminals Deans said.

Asked if Jamaica should adopt the international model, he said: "That would be my recommendation."

The Commonwealth Secretariat put a similar proposal to the Government in a report last year, he said.

"The big advantage is we would no longer have to be the ones to provide capital equipment."

In addition, privatising the terminal would raise some US$2 billion ($180 billion) for the Government, he said.

Read more here:http://m.jamaicaobserver.com/busines...-KCT-_12622963
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old September 27th, 2012, 12:21 AM   #16
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Cruise ship arrivals increase 30% says tourism minister

Wednesday, September 26, 2012

KINGSTON, Jamaica — Cruise ship arrivals have increased by over 30 per cent, according to Tourism minister Wykeham McNeill.

The latest figures from the tourism ministry show that 937,343 people visited Jamaica during the period January to August.

The figure is 237,000 more visitors when compared to the same period last year.

McNeill made the announcement at the annual general meeting of the Association of Jamaica Attractions recently.

Of the total amount of cruise ship visitors Falmouth in Trelawny drew the biggest number, 412,812 (up 67 per cent).

Montego Bay grew 49 per cent to 248,224 while Ocho Rios was down to 275,968 visitors.

McNeill said cruise ship arrivals could be even more with increased attractions.

Source: Jamaica Observer
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old October 6th, 2012, 11:47 PM   #17
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old November 9th, 2012, 06:38 PM   #18
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Delay in removal of prison said in conflict with Panama Canal timeline

An 18-month delay in the removal of the Fort Augusta Adult Correctional Centre to make way for the Fort Augusta Container Terminal has put in doubt Jamaica's ability to be ready for the opening of the expanded Panama Canal in 2014.

The issue was raised at Wednesday's meeting of Parliament's Public Administration and Appropriations Committee (PAAC) at Gordon House, which looked at developments in the Ministry of National Security.

Permanent secretary in the ministry, Annmarie Barnes, confirmed that the Port Authority had informed the ministry of the need for the removal of the all-female prison. However, she said that the notice was adjusted and the ministry given at least 18 more months.

Commissioner of the Department of Correctional Services (DSC) Lt Colonel Sean Prendergast told the committee that the DSC had done minimal repairs to the South Camp Adult Correctional Centre in Kingston in order to move the Fort Augusta inmates there. However, with the relaxation of the notice, the department says it now has time to do the costing in time for 2013/2014 budget funding to finance "major construction" works for the relocation of the 250 women.

Prendergast said that among the structural problems at the South Camp facility, which formerly housed 250 male inmates, is that it only has male cells, with no proper "ablution" (female toilet) facilities and was not suitable for housing women.

But former minister of transport and works Mike Henry, now an Opposition member of the PAAC, told the committee that an 18-month delay would be in conflict with the timeframe for the opening of the Panama Canal, and could jeopardise "one of the most important economic opportunities for the country to recover itself".

"An 18-month extension will never meet with plans for the reopening of the Panama Canal, which is so important to the country," said Henry, who was instrumental in negotiating the project under the previous government.
After committee chairman Edmund Bartlett insisted on a timeline for the removal of the inmates and the handing over of the site, the permanent secretary admitted that the DCS did not have a date for the removal of the prison.

However, she said that because the ministry anticipates that the prison will have to be removed some time soon, the DCS was preparing itself for it.
But she explained that because the ministry is strapped for cash, the DCS wouldn't want to spend money now on something that is delayed, when it has other demands that are critical, and so the Fort Augusta removal has been put on hold for the time being.

"However, the Ministry of Finance works very well with the Ministry of National Security, because it understands the importance of what we have to do on other levels," she said. "And so, when we get the notice that we need to remove from Fort Augusta, we will ensure that in collaboration with the Ministry of Finance, we allocate the funds to do the work that the DCS needs to get done to facilitate the move."

She assured the committee that the ministry would not let the Fort Augusta prison become an impediment to "the progress and development of Jamaica".

The terminal is one of three projects, including the North South link of Highway 2000 and the Gordon Cay container transshipment hub, considered of strategic importance to the development of the Jamaican economy, particularly the opening of the widened Panama Canal.
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old November 28th, 2012, 08:14 PM   #19
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Gov’t, UN sign MOU to improve port security

The government has signed a Memorandum of Understanding (MOU), with the United Nations Office on Drug and Crime which would see the establishment of a Freeport Terminal Unit.

The Freeport Terminal Unit will be located in Montego Bay.

It is expected to help improve port security and prevent lawful maritime cargo containers from being used for unlawful purposes such as drug trafficking, smuggling of goods, tax evasion and possible terrorist acts.

The MOU was signed at the Ministry of Finance yesterday.

Minister of National Security Peter Bunting has welcomed the initiative noting that it’s almost impossible to have enough resources to prevent transnational criminal organisations by just police patrols.

However, he said the operations of the unit must be intelligence-driven.
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote
Old November 28th, 2012, 08:16 PM   #20
Nigel20
Moderator
 
Nigel20's Avatar
 
Join Date: Aug 2012
Location: Kingston
Posts: 4,159
Likes (Received): 1400

Port Authority seeks bailout to stay afloat

A DOWNTURN in the shipping industry brought on by the prolonged global recession has significantly affected the cash flow of the Port Authority of Jamaica (PAJ), forcing the state-owned agency to seek a government guarantee to allow it to refinance a maturing loan.

Finance Minister Dr Peter Phillips, in seeking approval from the House of Representatives yesterday for the guarantee in the amount of the Jamaica-dollar equivalent of US$20.15 million, said the facility, negotiated with the Bank of Nova Scotia, will replace existing loans for which government guarantees are already in place.

"The provision of this guarantee will not increase the level of government outstanding liabilities," Phillips said.

He told the House that the PAJ, which has containerised shipping as its main business, has been struggling to navigate the storms being caused by the global economic downturn.

"The slow pace of recovery in the advanced economies such as the United States, and the financial crisis which is continuing in the Eurozone, have negatively affected the expected rebound of containerised trans-shipment operations," Phillips said.

He added: "Consequently, the PAJ's cash inflows have been adversely affected as the entities financial projections continue to lag behind the pre-recession expectations."

'out-of-control octopus'

But Karl Samuda, the opposition spokesman on industry, suggested that the PAJ has found itself in the current stage because of the elasticity it gives to its functions.

Describing the entity's operation as "an out-of-control octopus", Samuda said the PAJ has engaged in activities that have resulted in tremendous loss.

"Based on the information in the ministry paper, which is sketchy, I think we can conclude that this organisation is insolvent," Samuda said.

He added: "Its current liabilities exceeds its current assets ... . Were it not for the government bailout continuously, it could not survive on its own."
__________________
"Up You Mighty Race, You Can Accomplish What You Will." -Marcus Garvey

nigel182 (my flickr account)
Nigel20 no está en línea   Reply With Quote


Reply

Tags
jamaica

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Related topics on SkyscraperCity


All times are GMT +2. The time now is 01:43 PM.


Powered by vBulletin® Version 3.8.11 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions Inc.
Feedback Buttons provided by Advanced Post Thanks / Like (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

vBulletin Optimisation provided by vB Optimise (Pro) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.

SkyscraperCity ☆ In Urbanity We trust ☆ about us | privacy policy | DMCA policy

Hosted by Blacksun, dedicated to this site too!
Forum server management by DaiTengu