Hurley’s Media Sales
Business Environment News Politics

Fourth cruise line joins financing for cruise berthing project

Government’s push for a cruise berthing facility gets more financial backing.
Premier Hon. Alden McLaughlin announced Wednesday (15 May) MSC cruise line is joining in financing the project.
It’s the fourth cruise line committing to fund construction of the port.
So far Royal Caribbean, Carnival and Disney have all signed on to foot the bill for the project’s construction.
The cruise berthing project is in its sixth year of planning.
Premier McLaughlin said, in a statement, the addition of a fourth cruise line is a big win for the country’s coffers.
“As well as, strengthening the project’s financing structure, having cruise companies financially vested in the project provides assurance that the country’s finances will not be exposed to risk and is a positive indication of their commitment to our Islands for decades to come. It is a win-win situation for the country, the preferred bidder and the cruise lines,” he said.

Late Wednesday afternoon Cruise Port Referendum responded to government’s announcement saying another cruise line’s commitment does not answer outstanding fundamental questions about the proposed cruise berthing facility.

“From the very limited information, the Government has disclosed it appears that the commitment from the cruise lines is only to bring passengers, which is essentially no different from the current status quo.  Will there be any monies paid upfront and what are the terms of the agreements?  What is the Government’s anticipated annual target commitment from the cruise lines for passengers per year to make the financing agreement viable? Is it 2.5million – 3.3million per year?,” the CPR statement said.
The grassroots group said they will be holding a town hall meeting Thursday, May 30th at the George Town Town Hall from 6 to 8 p.m on its peoples-initiated referendum.

Read the Premier’s statement:

MSC Cruises commits to cruise berthing project

Read CPR statement:

The announcement of another cruise line’s commitment does not answer outstanding fundamental questions about the proposed cruise berthing facility. From the very limited information, the Government has disclosed it appears that the commitment from the cruise lines is only to bring passengers, which is essentially no different from the current status quo.  Will there be any monies paid upfront and what are the terms of the agreements?  What is the Government’s anticipated annual target commitment from the cruise lines for passengers per year to make the financing agreement viable? Is it 2.5million – 3.3million per year? As the age-old adage goes, the devil is in the details, however, the Government continues to be unwilling to discuss the details and terms of the contract and financing model with the public. Without this critical information, we are still in the dark about how much this will actually cost the Cayman Islands and what risks we are exposing ourselves to.
 
The petition for the people’s initiated referendum on the proposed cruise berthing facility has now surpassed 96% of the constitutional requirement. With only 200 signatures to go, CPR Cayman will be joined by MLAs the Hon Chris Saunders and Hon Alva Suckoo this Sunday afternoon to bring the petition to the residents of Bodden Town. Additionally, on Friday evening there will be a petition signing in West Bay at the Hell Service Station from 4 to 7 p.m. and on Saturday afternoon volunteers will take the petition door 2 door in North Side. Volunteers will also be out once again with MLA Hon Kenneth Bryan taking the petition to his George Town Central constituents on Thursday from 5 to 7pm in the Crew Road and Palm Dale area.
 
The public is invited to a Town Hall meeting on Thursday, May 30th at the George Town Town Hall from 6 to 8 p.m. for important updates on the people’s initiated referendum.

About the author

Reshma Ragoonath

Reshma Ragoonath

Reshma Ragoonath is a Trinidadian journalist with 18 years media experience with a strong background in print with her most recent stint at The Cayman Reporter. She has a BA in Mass Communications, as well as, an Associate degree in Journalism and Public Relations.

Add Comment

Click here to post a comment
Eclipze – Face & Body
Kirk Freeport – July 2019
Tanya’s Kitchen
%d bloggers like this: