NASSAU, BAHAMAS — Nassau’s main commercial shipping port saw its volume decrease by as much as 30 percent less than budgeted volumes between March and June as a result of COVID-19.
In its annual financials for 2020, Arawak Port Development (APD) noted it has been one of the organizations specifically exempted from lockdowns due to the nature of its operations and the critical role it plays in the supply chain for essential goods on the island of New Providence.
“As a result of COVID-19, volumes for the months of March to June decreased by as much as 30 percent less than budgeted volumes,” it reported.
“Despite the decline at the early onset of the pandemic, there was an increase in the importation of hardware and building supplies due to ongoing projects on the island.”
In response to COVID-19, the company back in March granted several concessions to its customers.
These included an increase in free storage time, the waiving of rent for tenants at the Nassau Container Port and Gladstone Freight Terminal for the month of April 2020, and a reduction in port tariff rates by 50 percent effective March 23, 2020, for a period of 30 days.
“The above concessions, along with the volume reductions noted above, resulted in the decrease in revenues in the last quarter of the fiscal year,” APD stated.
“Total revenues for the year however were in line with the prior year, and net income was slightly above budget. While the extent and duration of the impact of COVID-19 is uncertain at this point, management believes that these events would not have an impact on the carrying amount of assets and liabilities as at the reporting date, nor would it impact the company’s ability to continue as a going concern.”
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