Grand Bahama Shipyard announced a $600 million transformation project to expand its operations and regain its position as the largest cruise ship repair facility in the world.
Together with Royal Caribbean Group and Carnival Corporation, the shipyard received approval to proceed with a project estimated to bring billions of dollars to Grand Bahama’s economy over the next 25 years, according to a press release.
The transformation project includes the construction, delivery to Freeport and commissioning of two floating docks that will enable the shipyard to service cruise ships in operation and under construction, as well as a big portion of the world’s commercial shipping fleet.
Prime Minister Philip Davis K.C. referred to the expansion as “a new and promising chapter in the story of Grand Bahama.”
Minister for Grand Bahama Ginger Moxey M.P. said: “The $600 million transformation of Grand Bahama Shipyard marks a monumental investment for Grand Bahama. The shipyard has always been an important contributor to Grand Bahama’s economy, and this ambitious project will continue the revitalization of our local economy. As the shipyard undergoes this remarkable evolution, it will serve as a beacon of progress, bringing jobs, entrepreneurial spin-off opportunities and a renewed sense of pride to the people of Grand Bahama. Together, we embark on a journey toward a brighter and more prosperous future.”
Josh Weinstein, CEO and Chief Climate Officer of Carnival Corporation, said: “For half a century, we have worked side-by-side with The Bahamas and Bahamian businesses and contributed to the growth of the Bahamian economy while delivering unforgettable cruise vacations to millions of people. The success of our enduring partnership is built on our shared conviction that people must always be at the forefront of our thinking. That mindset is evident in the Grand Bahama Shipyard transformation project, which invests significantly in local businesses, creates jobs and contributes to a legacy of economic vitality in the country.”
Jason Liberty, president and CEO of Royal Caribbean Group, added: “For more than 50 years we have partnered with The Bahamas to deliver exceptional vacations to millions of guests and create opportunities for local Bahamian communities. We are proud to expand our longstanding partnership and see establishing Grand Bahama as a premier maritime destination for the repair and revitalization of all kinds of vessels, as a project that will drive economic growth for the Bahamian industry and create a positive impact for the people of The Bahamas for generations to come.”
The two new floating drydocks are currently under construction at CSSC Qingdao Beihai Shipbuilding in Qingdao, China, and are expected to be delivered in 2025 and 2026.