The Bahamian maritime industry is facing a severe economic crisis as recent regulatory changes and substantial fee increases for visiting vessels trigger widespread cancellations and revenue losses. According to a comprehensive survey by the Association of Bahamas Marinas (ABM), the sector anticipates direct financial losses exceeding $25 million, coupled with the potential endangerment of approximately 1,000 jobs. A sharp 40 percent decline in both charter and cruising arrivals has significantly undermined the nation’s competitiveness as a premier yachting destination.
The severity of the situation is highlighted by the cancellation of the fourth annual Bahamas Charter Yacht Show, scheduled for January 2026. Event organizers attributed the decision to an insufficient number of registrations, with fewer than 20 boats committed compared to 40 at the same time last year. ABM President Peter Maury confirmed the cancellation was a direct consequence of the new fiscal and regulatory environment, which has made the event economically unviable. The absence of a major sponsor and the inability to attract a critical mass of participants forced the cancellation, dealing a significant blow to local businesses that rely on the event.
In response to months of advocacy from industry stakeholders, Deputy Prime Minister Chester Cooper announced a governmental review of the fee structure and regulatory processes implemented on July 1, 2025. The review will assess the ‘competitiveness’ and ‘impacts’ of the new regime. However, anonymous industry sources express skepticism, suggesting that any forthcoming reforms will likely be too late to salvage the crucial 2025-2026 winter season, with one source stating bluntly, ‘I think the damage is done.’
The fallout extends beyond lost event revenue. Industry reports indicate that two major charter companies, each operating a fleet of 30 boats in Abaco, are ceasing operations due to the prohibitive cost of doing business. The negative trend is further evidenced by brokers reporting a 40 percent reduction in bookings for The Bahamas, while competing Caribbean destinations are experiencing a 25 percent uptick. The ABM emphasizes that the greatest impact will be felt by ancillary Bahamian-owned support businesses—from provisioners to cleaning services—which lose a vital platform to showcase their services to an international audience.