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THERE is a suggestion that given the dynamic nature of the regional
shipping business, Caribbean ports need to be wise when making
strategic investments in berths, property and equipment.
The suggestion has come from David Jean- Marie, a member of the Caribbean Shipping Association's General Council.
Jean-Marie, who is also attached to the Barbados Port Incorporated,
stated that the business is dynamic, with major players in the cargo
and cruise industries repositioning their assets in the market to their
advantage.
Caribbean ports urged to be wise when making strategic investments
Web Posted - Mon Jul 07 2008
THERE is a suggestion that given the dynamic nature of the regional
shipping business, Caribbean ports need to be wise when making
strategic investments in berths, property and equipment.
The suggestion has come from David Jean- Marie, a member of the Caribbean Shipping Association's General Council.
Jean-Marie, who is also attached to the Barbados Port Incorporated,
stated that the business is dynamic, with major players in the cargo
and cruise industries repositioning their assets in the market to their
advantage.
He said that it is necessary to be wise, given the competition among
the many traditional ports and the newly opened ones in countries such
as the Dominican Republic and in Cuba.
He also stated that "It is in the interest of regional ports to enter
into carefully considered contracts with lines where significant
investment outlays are necessitated, lest the result is unused port
capacity and related unmanageable debt," said Jean-Marie, whose
comments are contained in the May-June edition of Caribbean Maritime, a
regular publication focusing on regional shipping.
Jean-Marie was at the time discussing how ports account and report their financial situations.
He said that other areas of concern for Caribbean ports include the
state-of-labour management relations, productivity regarding berths and
cargo throughput, the ability to satisfactorily service cargo and
cruise stakeholders, the competitiveness of port tariffs, and the level
of certification and training of port workers as well as environmental
and security arrangements.
According to him, "these are weighty matters, each worthy of
elaboration in its own right. However, they do not in any way diminish
the rigorousness of the application of international financial
reporting standards in accounting for ports."
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