Carib Scope

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  • WEST INDIES PETROLEUM TERMINAL FILES FOR $5.59-B JSE LISTING

    WEST INDIES PETROLEUM TERMINAL FILES FOR $5.59-B JSE LISTING

    In a significant move within Jamaica’s energy sector, West Indies Petroleum Terminal Limited (WIP Terminal) has initiated proceedings to list on the Jamaica Stock Exchange (JSE). The company plans to introduce 11.18 billion existing shares at J$0.50 per share, establishing an approximate market capitalization of J$5.59 billion (US$36.1 million). This listing strategy, structured as an introduction rather than a capital-raising exercise, aims to enhance corporate visibility and create liquidity for existing shareholders.

    The decision to go public follows a major corporate reorganization in May 2025 wherein WIP Energy Limited acquired a controlling 79.84 percent stake from ultimate parent West Indies Petroleum Limited. This restructuring was explicitly designed to maximize shareholder returns and facilitate capital markets accessibility. The current ownership structure shows WIP Energy Limited holding 79.84 percent and World Energy Solutions Limited maintaining 19.96 percent of shares.

    Despite positioning itself as infrastructure critical to Jamaica’s energy security, WIP Terminal faces substantial financial headwinds. For the fiscal year ending December 2024, the company reported an 8.3 percent revenue increase to US$8.21 million, yet net profits plummeted by 51.9 percent to US$1.04 million. This profit compression stemmed from two primary factors: finance costs that more than tripled to US$1.08 million following corporate bond issuances, and a US$1.04 million impairment provision against a promissory note from World Energy Solutions Limited.

    The company’s liquidity position presents immediate concerns. Cash reserves dwindled to just US$11,213 by year-end 2024, down dramatically from US$128,041 the previous year. This minimal cash buffer contrasts sharply with current liabilities of US$5.95 million, including US$4.35 million owed to related parent companies. Financial disclosures indicate that US$5.01 million of total liabilities fall due within the next three months, creating a significant liquidity challenge.

    While the company maintains compliance with debt covenants—showing a conservative debt-to-equity ratio of 0.22 times and debt-to-EBITDA ratio of 1.19 times against a 4.5 times limit—these metrics rely on earnings and asset valuations rather than addressing the immediate cash shortfall. The 2024 financial statements include a restatement from 2023 following a trust deed amendment that corrected a ‘manifest error’ in debt covenant calculations, potentially raising investor scrutiny regarding the sustainability of covenant compliance.

    WIP Terminal’s investment thesis centers on its physical infrastructure assets, primarily the 740,000-barrel South Terminal at Port Esquivel operating within a Special Economic Zone that provides a favorable 12.5 percent corporate tax rate. The company claims its ultimate parent controls approximately 60 percent of Jamaica’s domestic bunker fuel market, though this assertion remains unverified independently. Management is pursuing diversification strategies, having recently secured storage agreements with third-party entities including Musket Corp, TotalEnergies, and Sunoco LP, reducing reliance on parent company revenue from 93 percent to more balanced proportions.

    VM Wealth Management Limited serves as listing sponsor and broker, while PricewaterhouseCoopers East Caribbean provided an unqualified audit opinion on the 2024 financial statements. The board includes independent directors Kurt Boothe, Amanda Levien, and Karl Townsend, who chair key committees overseeing audit and compensation matters.

    This listing represents the culmination of nearly a decade of strategic development since West Indies Petroleum group entered the storage business in 2016 through the acquisition of what was then a 600,000-barrel ethanol facility from Jamaica Broilers Group. The group’s leadership characterized this acquisition as a pivotal transformation ‘from a bunkering specialist into a full-service energy company.’ The public listing now tests whether this strategic vision can generate sustainable value for public shareholders amid evolving energy markets and the company’s current financial challenges.

  • New Senator pledges to fight for missing persons and mental health

    New Senator pledges to fight for missing persons and mental health

    In her inaugural address at Government House, newly appointed Senator D’Asante Small has committed to leveraging her legislative position to champion enhanced safeguards for The Bahamas’ most vulnerable citizens. The recently sworn-in lawmaker articulated a comprehensive five-pillar agenda focusing on critical social issues during her acceptance ceremony upon receiving the Instrument of Appointment.

    Senator Small identified public safety reform as her primary objective, emphasizing the necessity for a strengthened national framework addressing missing persons cases. She specifically highlighted the urgent need for improved protocols concerning missing children and adults with cognitive conditions such as Alzheimer’s and dementia, noting that each case represents a beloved family member or friend.

    Mental health transformation constitutes another cornerstone of her legislative vision. The senator characterized psychological well-being as a pervasive national concern affecting all sectors of society. Her proposed initiatives include establishing a dedicated mental health emergency hotline, enhancing community-based support services, and eliminating societal stigma surrounding mental health treatment. She asserted that mental wellness warrants equivalent attention to physical health and that no individual should endure silent suffering.

    Gender equality and women’s empowerment feature prominently in Senator Small’s platform. She pledged to create expanded opportunities for female leadership through specialized training programs, mentorship initiatives, and ensuring meaningful participation in decision-making processes. The senator affirmed that advancing women’s representation directly correlates with community and familial progression.

    Confronting gender-based violence remains a critical priority, with Senator Small vowing to intensify national efforts through improved protective measures, enhanced reporting mechanisms, survivor-centric services, and sustained public awareness campaigns. She unequivocally stated that every Bahamian deserves security within their household and nationwide.

    Prime Minister Philip Davis endorsed the appointment as part of a broader strategy to incorporate younger generations and more women into prominent governmental roles. He recounted Senator Small’s distinguished trajectory from youth organizations through academic excellence at St John’s College and the University of Tampa, to her professional contributions with the Public Hospitals Authority and international representation at UN forums on gender equality. The Prime Minister emphasized that her substantial pre-Senate experience has prepared her for significant legislative responsibilities.

  • Windies dismissed for 205 on day 1 of 2nd Test vs NZ

    Windies dismissed for 205 on day 1 of 2nd Test vs NZ

    New Zealand’s pace attack delivered a commanding performance on the opening day of the second Test against West Indies at Wellington’s Basin Reserve on December 10, bowling out the visitors for 205 after inserting them to bat first.

    Seamers Blair Tickner (4/32) and debutant Michael Rae (3/67) spearheaded the Black Caps’ bowling effort, with Tickner’s fiery spell unfortunately cut short by a shoulder injury that required him to be stretchered off the field. The West Indies innings unraveled dramatically in the final session, losing their last six wickets for just 30 runs after showing early promise.

    The Caribbean side began steadily with openers John Campbell (44 off 87 balls) and Brandon King (33 off 55) building a 66-run foundation. However, Tickner’s breakthrough—trapping King lbw—triggered a collapse that saw the tourists struggle against New Zealand’s persistent seam movement and short-pitched tactics.

    Top-scorer Shai Hope (48 off 80) provided resistance before succumbing to Tickner’s well-directed bouncer, while captain Roston Chase (29) looked settled until being clean-bowled by the injured Tickner. Debutant Rae recovered from a nervous start to claim crucial wickets, including the dangerous Justin Greaves who had scored a double-century in the first Test.

    New Zealand’s openers Devon Conway (16*) and Tom Latham (7*) navigated nine testing overs from West Indies’ pacers to reach 24/0 at stumps, trailing by 181 runs with all wickets intact.

  • TCL, Red Cross team up to donate supplies to Jamaica

    TCL, Red Cross team up to donate supplies to Jamaica

    In a powerful demonstration of corporate solidarity, international cement conglomerate Cemex and its subsidiary Trinidad Cement Ltd (TCL) have mobilized a worldwide humanitarian response to address the devastation caused by Hurricane Melissa in Jamaica. The comprehensive relief initiative, branded ‘Together for Jamaica,’ has generated substantial donations of critical supplies including non-perishable food items, infant care products, and essential hygiene kits through an organization-wide fundraising campaign.

    The multinational effort engaged employees, distribution networks, suppliers, and business partners across Cemex’s global operations, with the corporation matching all contributions received. Remarkably, TCL employees in Trinidad and Tobago exhibited extraordinary generosity by not only donating physical supplies but also converting their vacation days into monetary contributions for the relief effort.

    Francisco Aguilera, Managing Director of TCL Group, emphasized the initiative reflects the organization’s fundamental commitment to supporting neighboring communities during their most challenging times. ‘I am profoundly proud of our employees who demonstrated tremendous generosity, offering both essential supplies and personal contributions that reflect a deep sense of compassion and regional unity,’ Aguilera stated.

    The companies have established a strategic partnership with the Trinidad and Tobago Red Cross Society to ensure efficient distribution of aid. Red Cross Director General Stephan Kishore highlighted the critical importance of such collaborations during emergency response operations, acknowledging TCL’s leadership and the heartfelt contributions from its employees.

    Hurricane Melissa struck Jamaica on October 27 as a catastrophic Category 5 storm, representing the most powerful hurricane ever recorded to hit the island nation. The disaster resulted in 45 fatalities and widespread destruction across multiple parishes, with severe flooding submerging numerous homes and displacing thousands of families. Communication networks in rural areas remained compromised well into November. According to United Nations assessments, the storm caused approximately US$6 billion in damages, equivalent to 30% of Jamaica’s GDP, with economic impacts expected to escalate further.

    The humanitarian campaign aligns with Cemex and TCL’s broader social responsibility framework, which prioritizes community resilience, strategic humanitarian partnerships, and empowering Caribbean populations during crises. Through their collaboration with the Red Cross, the companies ensure all donated resources reach the most vulnerable communities in Jamaica, supporting both immediate recovery efforts and long-term regional reconstruction.

  • Manning: Landlord tax will leave people homeless

    Manning: Landlord tax will leave people homeless

    SAN FERNANDO EAST MP Brian Manning has issued a stark warning that Trinidad and Tobago’s proposed landlord tax could trigger widespread homelessness, escalating his political confrontation with Finance Minister Davendranath Tancoo. The former finance ministry minister challenged the government’s characterization of the tax as fundamentally different from previous property tax proposals.

    In a December 9th phone interview, Manning systematically dismantled the government’s position, asserting that the landlord tax mirrors the very property tax structure that the current administration previously opposed. He revealed the tax operates on two tiers: 2.5% on annual rental income below $20,000 and 3.5% on gross annual rental income exceeding that threshold.

    “This version actually proves more expensive than what the PNM had been proposing,” Manning stated, highlighting what he called the government’s “bold-face hypocrisy.” He emphasized that even homeowners renting single rooms would be subject to the tax, potentially forcing residential property classifications to commercial status.

    The MP particularly criticized the $2,500 registration fee, noting landlords must pay this substantial amount before generating any rental income. He contextualized this within broader fiscal measures including electricity surcharges, increased alcohol costs, and new fees on imported goods through container processing charges and doubled customs declaration fees.

    Manning expressed grave concern for vulnerable populations, specifically mentioning former CEPEP and URP workers who lost their livelihoods under current policies. “The Minister of Finance, after putting 50,000 people on the breadline overnight, is now trying to also put them on the street,” he declared, predicting these measures would inevitably increase living costs beyond what many citizens can afford.

    The controversial tax legislation, detailed in the Finance Bill 2025, already passed the Lower House on December 5th and is currently undergoing Senate debate. Manning condemned the overall budget as “the most mismatched, thoughtless, confused budget that I have seen in my entire life,” warning it could decimate multiple industries while creating a housing crisis potentially requiring government-provided free housing for displaced citizens.

  • Beach access fears raised as land swap resolution passes

    Beach access fears raised as land swap resolution passes

    The Bahamas House of Assembly has ratified a contentious land exchange agreement along West Bay Street, triggering intense parliamentary discourse concerning public shoreline accessibility and commercial tourism encroachment. The resolution, passed following vigorous deliberations, aims to address longstanding infrastructure deficiencies while simultaneously raising alarms about Bahamians’ diminishing access to coastal areas.

    Government representatives championed the initiative as a critical infrastructure modernization effort that will resolve persistent safety hazards, including dangerous road curvature, elevation complications, and severe flooding that has regularly submerged vehicles. Works Minister Clay Sweeting presented photographic evidence demonstrating the roadway’s susceptibility to inundation, emphasizing that the realignment concept has been under consideration since the 1960s.

    Opposition legislators voiced substantial reservations regarding the arrangement’s implications for public beach access. St Anne’s MP Adrian White, a real estate attorney, expressed concerns that the redevelopment might exacerbate existing accessibility issues rather than ameliorate them. He specifically referenced cartographic indications of potential beach access points between maritime parcels and questioned whether public traversal rights would be adequately preserved.

    The debate intensified with former Prime Minister Dr. Hubert Minnis highlighting Goodman’s Bay as a cautionary example where commercial tourism operations have substantially occupied beachfront space. He detailed how cruise ship tourists and commercial operators have effectively claimed half the beach area with umbrellas and chairs, potentially restricting resident access. Paradise Island was similarly cited as experiencing comparable accessibility challenges.

    Deputy Prime Minister Chester Cooper acknowledged these concerns while affirming the government’s dedication to safeguarding Bahamian beach access. He clarified that Goodman’s Bay falls under Beaches and Parks jurisdiction, which has already implemented measures to prevent additional commercial expansion.

    The negotiated agreement involves a partnership between the Ministry of Works and developer Vakis Ltd., wherein the developer will finance road construction, design, utility relocation, and drainage enhancements. The government will provide lighting infrastructure and utility materials. The land exchange yields a net public benefit of approximately 10,516 square feet, with government acquiring 44,639 square feet while transferring 34,123 square feet to the developer.

    Additional considerations emerged regarding the historical rock wall featured in the James Bond film ‘Thunderball,’ with assurances that the no-build zone will extend to this structure and coastal visibility will be preserved for motorists.

  • Walker officially assumes post as US Ambassador

    Walker officially assumes post as US Ambassador

    NASSAU, The Bahamas – Herschel Walker has formally commenced his diplomatic duties as the fourteenth United States Ambassador to The Bahamas following a credential presentation ceremony with Governor General Dame Cynthia Pratt at Government House. The confirmation of his appointment by the US Senate on October 7 culminated in his swearing-in at the White House on October 17, marking a significant milestone in bilateral relations.

    The newly appointed ambassador will immediately engage with key Bahamian stakeholders across government, business, education, cultural institutions, and sports organizations. Concurrently, he will receive comprehensive operational briefings from embassy personnel on critical security and consular matters.

    In an official statement, Ambassador Walker expressed profound honor in accepting this role, emphasizing his commitment to ‘strengthening the enduring ties between our nations and engaging with communities throughout The Bahamas.’

    His appointment concludes a thirteen-year vacancy in the position since Nicole Avant’s departure in 2011. The official ambassadorial residence, Liberty Overlook, has been prepared for occupancy after extensive renovations following its prolonged vacancy.

    Nominated by President Donald Trump in December 2024, Walker secured confirmation through a 51–47 Senate vote. During his September confirmation hearing, he outlined strategic priorities including countering Chinese regional influence, enhancing anti-narcotics cooperation with the Drug Enforcement Administration and regional partners, and promoting American investment to stimulate Bahamian economic development.

    Walker brings a distinctive profile to the diplomatic corps, having achieved national recognition as an elite athlete across professional football, Olympic bobsledding, and mixed martial arts. His public service includes serving as national spokesperson for the Patriot Support Program, advocating for mental health awareness among military personnel, and co-chairing the President’s Council on Sports, Fitness, and Nutrition from 2017-2021. For nearly two decades, he spearheaded National Health Through Fitness Day, bridging fitness advocates and policymakers.

    His transition to national politics featured a 2022 Republican Senate campaign in Georgia that faced significant controversy regarding allegations of domestic abuse and reproductive rights inconsistencies.

    The successful installation of Ambassador Walker resolves years of diplomatic limbo characterized by multiple failed nominations, including Cassandra Butts (deceased before confirmation), Trump nominees Doug Manchester and William Douglass (withdrawn), and President Biden’s nominee Calvin ww (never proceeded to confirmation).

  • As year draws to a close still no clear indication of public disclosure compliance

    As year draws to a close still no clear indication of public disclosure compliance

    Nine months after the statutory deadline for mandatory financial disclosures by Bahamian public officials elapsed, significant uncertainty persists regarding compliance rates, exposing systemic flaws in the government’s accountability mechanisms. The March 1 filing deadline, which included provisions for extensions, has been characterized by chronic delays that critics argue undermine the integrity of public service.

    Bishop Victor Cooper, chairman of the Public Disclosures Committee, provided ambiguous responses when questioned about compliance status. While unable to confirm whether all parliamentarians and senators had submitted their disclosures, Cooper revealed that reminder letters were still being dispatched to prompt submissions. His contradictory statements regarding December deadlines—initially referencing them as reminders for March submissions before clarifying they pertained to a new reporting cycle—highlighted the administrative confusion surrounding the process.

    Opposition Leader Michael Pintard of the Free National Movement has consistently criticized the disclosure framework, emphasizing its failure to ensure timely compliance and transparency. The committee’s explanations citing accessibility issues and facility challenges have been widely dismissed as inadequate justifications by government watchdogs.

    Notwithstanding the overall opacity, numerous high-ranking officials from the Davis administration have confirmed their compliance, including Deputy Prime Minister Chester Cooper, Education Minister Glenys Hanna Martin, and National Security Minister Wayne Munroe. The Free National Movement has asserted that all its parliamentarians met the legal requirement.

    The ongoing delays and lack of public accountability mechanisms raise serious concerns about the effectiveness of anti-corruption measures within the Bahamian government, with the absence of a published compliance list violating statutory transparency requirements.

  • Jamaican former correctional officer mowed down by moped in New York

    Jamaican former correctional officer mowed down by moped in New York

    NEW YORK — A devastating traffic incident in Queens has cut short the homecoming plans of a retired correctional officer, highlighting ongoing concerns about road safety and unlicensed vehicle operation in New York City.

    Trevor Lloyd Samuels, 68, a former Department of Correctional Services officer and father of five, was fatally struck by a moped while crossing at the intersection of 168th Street and 93rd Avenue in Jamaica, Queens on December 5. The Springfield Gardens resident was engaged in final shopping preparations for what would have been his first visit to Jamaica in three years.

    According to police reports, the collision involved Yunior Buleje Rodriguez, 26, of Richmond Hill, who was operating the two-wheeled vehicle without proper licensing. Authorities apprehended Rodriguez at the scene and charged him with aggravated, unlicensed operation of a motor vehicle.

    The Daily News revealed that Samuels had planned to depart for Jamaica on December 9, carrying gifts for family members and friends affected by Hurricane Melissa. The trip also included intentions to attend a colleague’s funeral service.

    Kievette Samuels, the eldest of his children, described her father as possessing extraordinary recall abilities, capable of vividly recounting events from half a century past. The retired correctional officer had previously served in the medical section of Kingston’s General Penitentiary.

    Samuels’ personal story reflects transnational family connections—four of his children remain in Jamaica, while his nonagenarian mother resides in Florida. He is survived by five grandchildren in addition to his immediate family.

    While expressing acknowledgment that the arrest cannot reverse her loss, Kievette Samuels noted her satisfaction that investigative measures had been implemented following the tragic incident.

  • New Zealand lose Tickner as West Indies all out for 205

    New Zealand lose Tickner as West Indies all out for 205

    WELLINGTON, New Zealand – New Zealand emerged with a dominant position after the opening day of the second Test against the West Indies at Basin Reserve, though their commanding performance was overshadowed by a concerning injury to pace bowler Blair Tickner.

    The Black Caps concluded play at 24-0 without loss, capitalizing on their earlier success of dismissing the tourists for a modest total of 205 runs in 75 overs. Tickner was the standout performer with the ball, delivering a formidable spell of 4-32 from 16 overs before his day ended abruptly.

    The incident occurred during a fielding effort when Tickner suffered a heavy fall onto his left shoulder, requiring immediate medical attention. Team medical staff from both sides rushed to assist the bowler, who was eventually stretchered off the field and transported to a local hospital for further assessment. New Zealand Cricket later confirmed a left shoulder injury.

    Wicketkeeper Mitch Hay, making his Test debut in place of the injured Tom Blundell, described the scene as ‘pretty awful to witness’ and expressed the team’s collective concern for their teammate.

    Captain Tom Latham (7 not out) and Devon Conway (16 not out) navigated a challenging nine-over period with the new ball successfully to stumps. Hay indicated the home side’s intention to build a substantial first-innings lead on what he described as a pitch offering something for bowlers.

    The West Indies, after being sent in to bat following Latham’s successful toss, initially flourished with an opening partnership of 66 runs within the first hour. However, Tickner’s breakthrough triggered a collapse that saw the visitors lose six wickets for just 30 runs in the final session despite promising contributions from John Campbell (44) and Shai Hope (48).

    Debutant seamer Michael Rae provided valuable support with 3-67 in his maiden Test appearance, while Hope acknowledged his team’s failure to capitalize on their strong start, emphasizing the need for a better batting performance to compete in the match.

    Both teams fielded altered lineups due to injury concerns, with the series poised at 0-0 after the drawn first Test in Christchurch. The third and final Test is scheduled to begin December 18 in Mount Maunganui.