Barbados is poised to modernise its maritime industry with the introduction of a suite of five merchant shipping bills aimed at creating opportunities in ship financing, employment, and economic development.
Minister of Tourism and International Transport Ian Gooding-Edghill presented the legislation during Tuesday’s session of the House of Assembly, emphasising the potential to position Bridgetown as a global maritime hub.
He explained that the bills will not only address deficiencies identified by the International Maritime Organisation (IMO) but will also create a framework for establishing maritime merchant banks in the country.
Among the key components of the bills is the establishment of a ship’s registry, including a yacht registry and a cruise ship registry sub-programme. These registries are expected to boost revenue and create economic opportunities, particularly in employment.
“With us modernising our legislation, we stand to benefit…. This legislation also provides an opportunity for yachts to be registered here,” Gooding-Edghill noted, highlighting the potential for the island to capitalise on luxury yacht registrations.
The bills are: Merchant Shipping (Liability and Compensation) Bill, Merchant Shipping (Liner Conferences) Bill, Merchant Shipping (Multimodal Transport) Bill, Merchant Shipping (Maritime Marriage) Bill, and Merchant Shipping Bill.
The draft legislation would also lay the groundwork for the establishment of commercial drydocks in Barbados.
Gooding-Edghill pointed out that this would pave the way for more complex shipbuilding and repair operations locally, with potential benefits including significant economic and job creation opportunities.
“It allows Barbados to benefit substantially from investments in drydocks. If you want to have a drydock in Barbados, you will now have an opportunity to do so…. If we are fortunate to have an opportunity for a drydock in Barbados, for example, that would create numerous economic opportunities…. Certainly, there would be jobs associated with it in terms of boat building, and, of course, there will be training,” he said.
The legislation provides an enabling framework for the creation of public and private maritime merchant banks, the minister added.
“Major shipping nations like Greece, Malta and the United Kingdom… have gone to the extent of providing specialised maritime financial institutions that understand the nature of shipping, and thus tailor their financial services to meet the financial needs of the shipping industry,” he noted.
Gooding-Edghill added that this initiative presents new opportunities for Barbados to tap into ship financing, encouraging individuals with capital to consider the island a favourable location for maritime investments. “This is an opportunity… because it creates a number of opportunities for the government of Barbados to get involved in the financial aspects of shipping, by way of considering and encouraging persons with capital… to consider Barbados as a sovereign location,” he said. (SB)
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