Bahamas makes bid to be major international transshipment hub

The Bahamas aims to encourage the transshipment of goods through the country's ports amid criticism from the Maritime Minister Dion Foulkes that the island state has not tapped the full potential of its shipping industry, reported The Bahamas Journal.

Mr. Foulkes said recently that his ministry is hoping to capitalize on the transshipment cargo industry as the US$300 million planned expansion of the Freeport Container Port is intended to increase the bottom line of many international and local businesses.

"The whole question of inter-island shipping - shipping from Latin America through the Panama Canal and using the Bahamas as a transshipment point - can play a major role in our economy and a direct role to business in Nassau and the rest of the Family Islands," Mr. Foulkes said.

Mr. Foulkes noted that the Bahamas Maritime Authority, which is headquartered in London, has the third largest ship registry in the world, after Panama and Liberia.

He said that over the past decade revenue generated through the Authority has contributed over $50 million to the public treasury.

"We are convinced that with a very aggressive programme of ship recruitment in terms of bringing more ships onto our register that we can rank as high as second [in the world] in the next five years," he said.