The Port Authority in fiscal 2020-2021 experienced an estimated $3.5 billion (35 per cent) loss in revenue from cruise and related activities, its second- largest business segment.
December 13, 2022
Port Authority still feeling pandemic impact
The Port Authority of Jamaica (PAJ), in its annual report for the fiscal year ended, said it continues to be affected by challenges linked to the COVID-19 pandemic, including the loss of cruise ship revenues.
In a report tabled in Parliament, Chairman Alok Jain stated, “The past year has been very challenging for everyone, having to navigate the uncertainties surrounding the COVID-19 pandemic. [But] the PAJ Group made significant strides in respect of its strategic objectives in the fiscal year ended March 31, 2021.”
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The group ended the financial year March 31, 2021, with total assets and total equity and liabilities of $83.61 billion, an increase of $5.22 billion (2020: $78.08 billion).
Net current assets for the year ending March 31, 2021 was $4.23 billion, an increase of $2.95 billion compared (2020: $1.28 billion).
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President and chief executive officer (CEO) of the PAJ Professor Gordon Shirley indicated that the COVID-19 pandemic resulted in an estimated $3.5 billion (35 per cent) loss in revenue from cruise and related activities, which is PAJ’s second-largest business segment.
He said that notwithstanding the fact that the cruise industry is being adversely impacted by the pandemic, resulting in the closure of all cruise ports, the authority focused on the completion of various projects across cruise segments to include Hampden Wharf Artisan Village and Reynolds Pier to enhance the island’s reputation as an award-winning cruise destination.
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Shirley noted that additional long-term development projects are being contemplated, and for these technical and financial due diligence and evaluation are being carried out during the financial year 2021/22 to determine the priority in respect to implementation. The projects, he said, will be undertaken through partnerships with public and private participation.
One such project in planning is the Falmouth east masterplan in Trelawny which includes the construction of a commercial building, civic and residential buildings, green space (inclusive of recreational facilities) with urban open spaces on 50 acres of land adjacent to the Falmouth port.
This is intended to facilitate the historic restoration of the core of Falmouth “to an authentic Georgian style and enhance the experience of both local and foreign visitors to the town.”
Another is the commercial complex at the Montego Bay Free Zone in St James which, as proposed, will include the development of 12 acres of land at the Montego Bay Free Zone into a commercial and logistics complex.
The PAJ also has in planning a new commercial office complex at the Old Sardine Factory, Newport East, Kingston: The PAJ intends to develop office and commercial buildings on 6.1 acres of lands at Newport East, contiguous to the sea to house both the operational & maintenance units of the harbours department.
The facility will also provide storage for the boats and offices. In addition, commercial office space will be included.
Supporting infrastructure
The PAJ is proposing the development of 100 acres of industrial lands in Kingston for commercial activities in West Kingston. This project will facilitate logistics operations adjacent to the Kingston Container Terminal and enable the development of supporting infrastructure including roads, drainage, and an improved telecommunications framework.
The agency is advanced in its Portmore BPO phase 2 development in St Catherine: The PAJ has substantially completed approximately 157,000 sq ft of aesthetically appealing campus of three-storey corporate type buildings at the Portmore Informatics Park. The Port Authority will initiate the development of 6.1 acres, which is contiguous to this development.
Notably, the PAJ is involved in the development of Special Economic Zones (SEZ) alongside the Jamaica Special Economic Zone Authority (JSEZA).
The authority owns approximately 1.6 million sq ft of building space across Jamaica which is managed by three SEZ subsidiaries (licensed under the JSEZA) which have been transitioned as developers whilst the PAJ is designated as sponsor.
One of the PAJ subsidiaries is the Montego Bay Free Zone (MBFZ) which manages 238,000 sq ft of building space on behalf of the Factories Corporation of Jamaica Ltd. The subsidiaries lease the properties to clients who are primarily involved in the business process outsourcing (BPO) sector and provide management services to the clients. The BPO industry remains a major source of employment and income for many Jamaicans.
Shirley said that, looking ahead, “We will seek to capitalise on opportunities that have emerged as a result of the pandemic by embracing the use of technological solutions throughout our business segments. The strategic emphasis of the organisation will be geared towards operational efficiency and effective management of our resources.”
Professor Gordon Shirley, president and CEO of the Port Authority of Jamaica.
