Carib Scope

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  • Antigua and Barbuda takes centre stage as regional tourism stakeholders gather for CHTA Marketplace

    Antigua and Barbuda takes centre stage as regional tourism stakeholders gather for CHTA Marketplace

    Against a backdrop of simmering global economic uncertainty spurred by escalating Middle East conflict, the twin-island nation of Antigua and Barbuda has opened its doors this week to the 44th annual Caribbean Hotel and Tourism Association (CHTA) Marketplace, a premier industry gathering that draws hundreds of tourism leaders from across the globe. Running from May 12 to 16, 2026, the event marks the second consecutive year Antigua and Barbuda has earned the honor of hosting, bringing together more than 500 delegates, industry suppliers, and media professionals to address pressing sector challenges and unlock new growth opportunities.

    For small island economies across the Caribbean, tourism represents a foundational pillar of GDP, employment, and national development. As heightened geopolitical tensions between major global powers have pushed fuel prices and airfare upward, industry stakeholders have grown increasingly cautious about potential headwinds for regional travel demand. This year’s Marketplace has placed the economic fallout from the Middle East conflict at the top of its agenda, as regional players work to align on collective strategies to navigate turbulent market conditions.

    In an interview with SKNVibes News, Andy Liburd, a representative from the Antigua and Barbuda Tourism Authority, shared that the nation has completed extensive preparations to welcome the influx of industry attendees, and is leveraging the high-profile event to shine a spotlight on its world-class beaches, luxury hospitality, and unique visitor experiences. Liburd emphasized that the annual CHTA Marketplace functions as far more than a simple conference: it is a critical networking and business hub that connects global travel supply chains, brings together hoteliers, tour operators, and destination marketing teams, and creates space to forge new commercial partnerships that drive visitor growth across the region.

    Against widespread concerns about the impact of rising travel costs, Liburd struck an optimistic tone, noting that underlying consumer demand for Caribbean getaways remains resilient even amid broader economic volatility. “There is always going to be demand for people to leave their daily pressures behind and seek out a safe, welcoming place to unwind on vacation,” he explained. “Our collective task is to position Caribbean destinations as the top choice for these travelers, and this event gives us the perfect platform to do that.”

    Liburd stressed that coordinated regional collaboration will be non-negotiable for Caribbean destinations as they compete in an increasingly crowded and challenging global travel market. By uniting under a shared vision, the region can showcase itself as the ideal escape from global instability, while also leveraging modern digital tools and innovative technologies to boost marketing reach and operational efficiency. “If we come together as a Caribbean community to show the world that this is the best place to step away from global chaos, we will be on the right track,” he added. “This Marketplace gives us the space to laser-focus on exactly what we need to do to maximize every opportunity for growth.”

  • What is the thermal conversion process for improving Cuban crude oil?

    What is the thermal conversion process for improving Cuban crude oil?

    Against the backdrop of a tightened economic blockade that has squeezed Cuba’s fuel supplies to critical levels, a homegrown technological breakthrough developed by local petroleum researchers is offering new momentum for the island nation to capitalize on its own natural resources and advance toward long-term energy sovereignty.

    The innovation, crafted by a team of scientists at Cuba’s Center for Petroleum Research (Ceinpet), centers on a thermal conversion process tailored to address the unique challenges posed by the country’s most abundant crude oil resource: heavy crude extracted from northern Cuban oil fields. To break down the impact of this new development, Cuban state newspaper *Granma* sat down for an exclusive interview with Rafael López Cordero, senior researcher and management advisor at Ceinpet, who walked through the process, its potential benefits, and its roadmap for scaling.

    López Cordero explained that Cuba produces a range of crude oil grades, from light to extra-heavy, but more than 70% of the country’s domestic output comes from northern deposits of heavy crude. This variant is defined by extremely high concentrations of asphaltene compounds, which create the crude’s signature high density and viscosity, paired with elevated sulfur levels. This chemical makeup creates cascading challenges across every stage of the oil supply chain, from initial extraction all the way to refining and end use.

    “These asphaltenes complicate not just refining, but also transportation, pumping, and even extraction,” López Cordero noted. When heavy crude is pulled from wells, it arrives mixed with water, requiring specialized surfactants to separate the emulsions and recover usable crude. Its extreme viscosity also makes it impossible to pump through existing pipeline infrastructure without first diluting it with solvent products to lower its thickness. Currently, these solvents come from two sources: a portion of distillate fractions produced by the Sergio Soto Refinery in Cabaiguán, which processes domestic crude, and heavy naphtha generated from processing imported crude oil – a feedstock that could otherwise be used to produce gasoline for domestic consumption.

    This is where the new thermal conversion process delivers transformative change. López Cordero was careful to clarify that thermal conversion is an upgrading process, not a full refining step. While refining produces finished fuel products that meet market quality standards – from liquefied petroleum gas and gasoline to jet fuel, diesel, and asphalt – thermal conversion targets the physical properties of heavy crude to make it far more usable and valuable.

    By reducing the crude’s viscosity enough to eliminate the need for solvent dilution, the process frees up all the naphtha previously used for this purpose to be redirected toward gasoline production, directly boosting the country’s available fuel supply. It also delivers secondary benefits: a modest reduction in sulfur content cuts the fuel’s environmental impact, and the upgraded crude’s improved combustion properties reduce wear on power plant equipment, extending their operational lifespans and cutting maintenance resource needs.

    In its current non-catalytic form, the process upgrades crude for more efficient transportation and combustion without directly producing finished fuel derivatives that meet all national quality standards, but its operational benefits are already significant. The technology is now in the pilot scaling phase at the Sergio Soto Refinery, a location selected for its unique advantages for testing.

    “Sergio Soto already processes domestic heavy crude, has all the auxiliary infrastructure we need – steam, treated water, power – and a trained staff with years of experience handling heavy crude,” López Cordero said. “We don’t have to build from scratch; we can integrate our pilot plant into the existing operational system, and the crude is already stored on site, so no extra transportation is required.”

    Contrary to common misconception, the pilot plant is not intended for mass commercial production of upgraded crude. Its core mission is to collect critical engineering data: researchers will test different temperature ranges, crude emulsion injection rates, and other operational variables to map how these factors impact final product quality. Once these core parameters are finalized, the team will design modular, scalable units that can be deployed directly at wellheads across northern oil fields, bringing the upgrading process directly to the source of extraction.

    The research line behind thermal conversion has been underway at Ceinpet for several years, and was paused for a period due to a range of resource and operational constraints. But the intensification of the U.S. blockade, which has worsened shortages of imported solvents and naphtha, created new urgency to advance the homegrown solution, pushing the team to leverage domestic expertise and local resources to bring the project across the finishing line.

    While the technology is still in early scaling and will not resolve all of Cuba’s immediate energy challenges overnight, López Cordero emphasized that it represents a meaningful, firm step forward for the country. By enabling Cuba to maximize the value of its own domestic natural resources, the breakthrough moves the nation one critical step closer to the long-held goal of full energy sovereignty.

    Ceinpet has been investigating thermal conversion technology for several years, and the project’s progress amid ongoing economic pressure highlights the role of domestic scientific innovation in building resilience for the island nation.

  • BEC to Govt: Give us enough notice for wage hikes, legal changes

    BEC to Govt: Give us enough notice for wage hikes, legal changes

    On Monday, the Barbados Employers’ Confederation (BEC) raised formal concerns that the accelerated rollout of recent policy changes including minimum wage hikes and new paternity leave requirements is placing unmanageable logistical and financial pressure on local businesses, calling for more deliberate, forward-planning for future labour market reforms.

    BEC Executive Director Sheena Mayers-Granville clarified in an interview with Barbados TODAY that the nation’s employer association does not oppose expanding worker protections and benefits in principle. Instead, the core grievance centers on the abrupt timeline for implementing changes, which has left private sector operators scrambling to adjust. The most pressing issue cited is the rapid series of minimum wage increases, which were rolled out twice in 12 months – first last year, and a second upward adjustment this past January.

    “One of the things we have consistently advocated for is adequate notice for changes in legislation, changes in wage policy, because employers need time to adjust and adapt,” Mayers-Granville explained. Beyond the direct upward pressure on labour costs that comes with mandatory wage increases, abrupt policy shifts create unexpected technical challenges for many operations, she added. A large number of businesses rely on automated payroll and human resources systems that require time-consuming updates to reflect new wage structures, adjusted social security contribution rates or modified tax obligations. Rushed timelines leave no room for these critical system adjustments, creating additional operational friction for small and medium-sized enterprises in particular.

    Mayers-Granville also emphasized that sustainable wage growth cannot be disconnected from broader productivity trends across the Barbadian economy. While she acknowledged that rising cost of living justifies consideration of wage adjustments, she argued that policy makers must take a holistic, 360-degree view of the labour market. “Workers need to earn wages, but we also need businesses to grow to be able to sustain wage growth,” she said, framing long-term private sector expansion as a prerequisite for consistent improvement in worker compensation.

    Turning to the newly enacted paternity leave legislation, Mayers-Granville noted that the BEC was an active contributing member of the advisory committee that recommended introducing the new benefit. However, the association’s support was always conditional on a full assessment of the policy’s impact on the National Insurance and Social Security Service (NISSS), the public body that will now cover paternity leave costs. “Our major concern lay in NIS’s ability to manage that,” she stated. “Our major recommendation was that we should have an actuarial study on the impact before the implementation.”

    While Mayers-Granville confirmed that the requested actuarial assessment was ultimately completed, she pointed out that the 2023 rollout of the paternity leave law still did not include enough lead time for the BEC to educate member businesses on new compliance requirements and for employers to adjust their internal policies. Despite this gap in planning, the association has launched a targeted outreach and education campaign to help members align their operations with the new rules.

    On a positive note, Mayers-Granville acknowledged that the new paternity leave framework brings tangible benefits to many Barbadian employers. Before the legislation was passed, a large group of proactive businesses already offered paternity leave as a voluntary employee benefit, covering 100 percent of the cost out of internal budgets. Now that the benefit is administered and funded through the NISSS, these businesses see a direct reduction in their labour costs, a change that Mayers-Granville described as a clear plus.

    Even with this upside, the BEC continues to prioritize long-term stability of the national social security system, as the scheme takes on new social protection responsibilities alongside the country’s evolving social needs. “The ultimate goal remains ensuring the social security scheme is positioned [so] that it can manage the social protection items that we would want as our society develops,” Mayers-Granville said. The BEC will revisit the topic of labour reform this Wednesday, with a focused discussion on the critical connection between wage levels and productivity growth in the Barbadian economy.

  • BEC at 70 inks ‘Barbados Declaration’

    BEC at 70 inks ‘Barbados Declaration’

    BRIDGETOWN, Barbados – On a landmark Monday gathering marking seven decades of operation, the Barbados Employers’ Confederation (BEC), a cornerstone of the island nation’s industrial relations framework, cemented its forward-looking vision with the signing of the game-changing Barbados Declaration. This formal, multi-stakeholder pledge commits the organisation to advancing collaborative social dialogue and resilient, sustainable economic growth amid the accelerating disruptions of global technological transformation.

    Founded in 1956, the BEC has grown from an emerging collective of forward-thinking business leaders into one of the three core pillars of Barbados’ renowned Social Partnership model. Monday’s platinum anniversary event brought together key stakeholders including Barbados’ Minister of Labour Colin Jordan, senior trade union leaders, and top private sector executives, blending a retrospective look at the organisation’s 70-year legacy of shaping industrial relations with the launch of a clear roadmap for the next chapter of Barbados’ economic development.

    At the heart of the anniversary celebrations was the official signing of the Barbados Declaration, a document that outlines five binding core commitments spanning employer advocacy, the evolving future of work, and the strengthening of collaborative ties between businesses and their workforces. BEC Executive Director Sheena Mayers-Granville emphasized that the declaration is far more than a symbolic ceremonial gesture, framing it instead as a concrete “statement of intent” to guide the organisation’s work in the decades ahead.

    Reflecting on the BEC’s origins, Mayers-Granville recalled that the organisation’s founding visionaries recognised 70 years ago that without a seat at the decision-making table, critical policies shaping Barbados’ economy would be crafted without input from the business community. “Seventy years later, we are still at the table,” Mayers-Granville affirmed. “Dialogue is not a weakness. Sitting across the table from a trade union or a minister of government and seeking a shared solution is not a concession—it is the only pathway to sustainable outcomes.”

    Addressing the long-standing tensions that often characterise labour-capital relations, Mayers-Granville offered a unifying perspective: “The interests of workers and the interests of employers are not opposites; they never were. A business that cannot grow cannot create jobs, and a workforce that is not supported cannot sustain growth. These truths are not competing; they are the same truth seen from different angles.”

    BEC President Gail-Ann King framed the 70-year milestone not as a simple celebration of longevity, but as a moment to reaffirm the organisation’s central role in upholding national economic and social stability. “Today is not simply a celebration of longevity. It is a moment of reflection, recommitment, and renewal,” King said. “For 70 years, the BEC has advocated for enterprise development, sound industrial relations, and productive dialogue in the national interest. We are particularly proud of our contribution to the social partnership model, which remains one of the defining features of Barbadian democracy.”

    Against a backdrop of global shifts toward digital transformation and the transition to climate-resilient economies, King noted that the BEC’s leadership has never been more critical. “The next decade will require adaptability, innovation, and collaboration,” she added. “Employers must continue investing in people while embracing digital transformation and strengthening productivity.”

    Minister of Labour Colin Jordan extended official congratulations to the BEC on its platinum anniversary, specifically praising the organisation for bringing much-needed structure and stability to Barbados’ industrial relations ecosystem. Looking back at the labour unrest of 1926 and 1937 that predated the BEC’s founding, Jordan observed that the organisation’s formation catalysed a fundamental shift away from unilateral employer decision-making toward intentional, inclusive engagement with all stakeholders.

    Jordan also used the high-profile platform to issue a public call for more Barbadian businesses to join the confederation, noting a clear gap in how BEC member organisations and non-members approach labour dispute resolution. “In my ministry, we recognise a difference between BEC members – those who allow the BEC to be their advocate – and some others,” Jordan said. “We see a difference in the approach to dealing with people. We need organisations like the BEC to bring some order, stability, and confidence.”

    As the BEC enters its eighth decade of operation, the Barbados Declaration has been positioned as the official benchmark against which the organisation expects its performance to be measured. Facing growing systemic challenges ranging from the integration of artificial intelligence into the workforce to shifting national demographic trends, the BEC has made clear it will remain an active, solution-focused participant in national policymaking rather than a passive observer.

    As Mayers-Granville put it: “70 years is a long time, but it’s not a reason to slow down. The BEC intends to be here for more than 70 years in the future.”

    The five core commitments laid out in the Barbados Declaration are: Advocacy to foster an environment where businesses can thrive rather than just survive; active leadership in shaping AI integration, digitalisation, and workforce skills frameworks for the future of work; protection and preservation of Barbados’ homegrown model of mutual respect and collective negotiation in industrial relations; contribution to national sustainability and universal decent work goals; and ongoing commitment to collaborative social dialogue across all sectors.

  • Olieprijzen stijgen na Trumps afwijzing van Iraanse vredesreactie

    Olieprijzen stijgen na Trumps afwijzing van Iraanse vredesreactie

    Global energy markets saw sharp upward movement in oil prices on Monday, triggered by former U.S. President Donald Trump’s public rejection of Iran’s response to a U.S. peace initiative, which he labeled “unacceptable.” The renewed geopolitical friction has amplified market anxiety over prolonged supply disruptions, as the strategically critical Strait of Hormuz remains largely closed to commercial shipping – a development that ripples directly through global energy pricing.

    In early midday trading, Brent crude climbed $1.81, or 1.8%, to settle at $103.12 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.55, or 1.6%, to hit $96.97 per barrel. Earlier in the trading session, both benchmarks hit intra-day peaks, with Brent touching $105.99 per barrel and WTI reaching $100.37 per barrel. This rally comes on the heels of a roughly 6% price drop last week, driven by investor optimism that the 10-week-old conflict between the U.S. and Iran would be resolved quickly.

    John Evans, an oil market analyst at PVM Oil Associates, cautioned that despite encouraging signals from backchannel diplomatic talks, the gap between Washington and Tehran remains far too wide for an immediate breakthrough. “We do not expect any breakthrough before Trump’s visit to Beijing this week, where he will press Chinese leadership to put greater pressure on Iran to compromise,” Evans explained. Trump is scheduled to arrive in Beijing on Wednesday for high-level talks with Chinese President Xi Jinping, where Iran tensions and other key geopolitical issues will top the agenda.

    Over the weekend, Saudi Aramco CEO Amin Nasser issued a warning that the ongoing conflict has already cut off roughly 1 billion barrels of oil from global markets over the past two months. Even if the Strait of Hormuz reopens to full traffic immediately, Nasser noted it will take considerable time for global energy markets to rebalance and stabilize. Alongside this forecast, energy traders expect Saudi oil exports to China to decline further in June, driven by elevated prices and reduced production commitments.

    Shipping tracking data from analytics firm Kpler confirms that three oil tankers have recently transited the Strait of Hormuz with their AIS tracking transponders disabled, a security measure to avoid targeted attacks. Separately, a second Qatari liquefied natural gas (LNG) vessel is en route to Pakistan, with an expected arrival on May 12. Japan is set to receive its first delivery of crude oil from Central Asia on Tuesday since the conflict began, marking a small step toward diversifying the nation’s energy supply away from Gulf routes.

    Analysts at JPMorgan have projected that Brent crude will average roughly $97 per barrel throughout 2026, with little room for rapid price normalization even after the Strait of Hormuz fully reopens. Before the U.S.-Iran conflict erupted, the 2026 average price sat at around $85 per barrel, marking a nearly 14% increase in baseline pricing. U.S. independent shale producer Diamondback Energy has already positioned its portfolio to capitalize on prolonged volatility, purchasing options that profit from a widening price gap between WTI and Brent – a strategy that would deliver returns if the U.S. moves to restrict domestic crude oil exports.

    The geopolitical uncertainty roiling oil markets has also spilled over into global gold and equities markets, triggering a flight to safe-haven assets. Gold prices edged slightly higher on Monday, as investors continued to view the precious metal as a reliable store of value amid conflict and economic uncertainty. Gold traded near $4,700 per ounce, representing a 0.5% gain from Friday’s closing price.

    Global stock exchanges saw a tone of cautious optimism on Monday. While ongoing pressure from the energy crisis and geopolitical tensions keeps market volatility elevated, some sectors have benefited from rising commodity prices. Energy and raw material producers posted clear gains on the day, while technology and consumer goods stocks held relatively steady. Market participants are now closely monitoring developments around Iran and the upcoming Trump-Xi summit, as any escalation or de-escalation of tensions will have an immediate, direct impact on global financial markets.

  • Antigua and Barbuda Welcomes Delegates for the 44th annual CHTA Caribbean Travel Marketplace

    Antigua and Barbuda Welcomes Delegates for the 44th annual CHTA Caribbean Travel Marketplace

    Weeks ahead of one of the Caribbean tourism sector’s most anticipated annual industry gatherings, newly installed State Tourism Minister Michael Freeland has launched on-the-ground preparations with an enthusiastic welcome for early arriving delegates at Antigua and Barbuda’s primary international gateway. On Sunday, May 10, Freeland joined a cohort of local tourism officials and industry stakeholders at Sir V.C. Bird International Airport to greet participants traveling in for the 2026 CHTA Caribbean Travel Marketplace, rolling out the warm, signature hospitality the twin-island nation is globally renowned for.

    Among the first high-profile arrivals Freeland personally welcomed were Anguilla’s Tourism Minister Cardigan Connor and Chantelle Richardson, Anguilla’s Director of Tourism, marking the start of a week-long schedule of targeted business meetings, cross-stakeholder networking, and collaborative industry engagement focused on advancing Caribbean tourism. The event, organized annually by the Caribbean Hotel and Tourism Association, serves as a critical regional nexus that unites tourism product suppliers and qualified buyers from across the Caribbean basin and major global source markets. Beyond facilitating B2B transactions, the marketplace is designed to nurture long-term cross-border partnerships that fuel sustainable growth, innovation, and resilience for the regional tourism sector, which is the backbone of many Caribbean economies.

    Antigua and Barbuda’s selection as the 2026 host nation carries meaningful industry significance, highlighting the destination’s rising profile as a leader in Caribbean tourism and demonstrating its proven capacity to host large-scale international industry events smoothly and successfully. Local organizing partners, including Antigua and Barbuda’s Ministry of Tourism, the Antigua and Barbuda Hotels and Tourism Association, and a cross-section of public and private sector stakeholders, have been working for months to refine event plans. The team is focused on delivering a seamless, memorable marketplace experience that showcases Antigua and Barbuda’s top-tier tourism offerings, from its iconic white-sand beaches to its world-class hospitality infrastructure, while setting the stage for productive connections that benefit the entire region.

  • Grenadian entrepreneur to speak at World FZO Congress

    Grenadian entrepreneur to speak at World FZO Congress

    A prominent Grenadian business leader has earned a global spotlight, with founder of Citez Grenada Ltd Cory Zufelt set to share insights on the international stage at the World Free Zones Organisation (World FZO) 12th World Congress. Scheduled to run from May 12 to 14, 2026 at the Panama Convention Centre in Panama City, the major global gathering will draw hundreds of key stakeholders from every region of the world to examine the evolving role of special economic zones.

    Held around the core theme “Free Zones in the New Global Operating Model: Challenges and Opportunities”, the 2026 congress will convene a cross-section of leading voices, including senior government policymakers, free zone executives, global investment leaders, business founders, and international development specialists. Attendees and speakers will tackle pressing topics shaping the future of global free zones, ranging from international trade and cross-border investment to innovation strategy, sustainability, and building long-term national economic competitiveness.

    Zufelt has been selected to join a high-profile roundtable discussion titled “Anchoring Tourism and Culture in the Knowledge Economy”. The session will focus on a forward-thinking economic model: how free zones centered on tourism and cultural assets can act as catalysts for digital trade expansion, dynamic innovation ecosystems, global talent attraction, small and medium entrepreneurship, and sustainable service-led economic growth. He will share the panel with other distinguished industry and policy leaders: Peter Janech, Coordinator of Innovation, Education and Investments at UN Tourism based in Spain; Liriola Pitti, Chief Executive Officer of AEI Panama; and Juan Carlos Abud, Minister of Economic Development for Jujuy, Argentina. The roundtable will be facilitated by Juliana Villegas Restrepo, Director of International Promotion and Business Development for Colombia.

    As the only truly global multilateral organization representing special economic and free zones, World FZO currently supports and represents more than 2,260 free zones across 168 nations worldwide. Founded in Dubai in 2014 and registered in Geneva, the organization’s core mission is to connect free zone operators globally through knowledge sharing, industry networking, policy advocacy, and strategic consulting. It works to amplify the positive impact of well-structured free zones and strengthen their contribution to inclusive global economic prosperity and social development.

    For his part, Zufelt leads Citez Grenada Ltd, a Grenadian-owned economic development firm focused on building integrated platforms for cross-border trade, investment attraction, end-to-end business support services, skilled workforce development, digital business onboarding, and scaling future-oriented industries. The firm is currently advancing the Citez Grenada Project, a private-sector-led development initiative that explores how the small Caribbean nation can position itself as a strategic economic connector linking markets across the Caribbean, North America, South America, Africa, and the broader global economy.

    In comments on the invitation, Zufelt framed the opportunity as a landmark moment not just for his firm, but for Grenada’s national dialogue on long-term economic growth. “This invitation is an important moment not only for Citez Grenada, but for Grenada’s wider conversation around economic development,” he said. “Tourism and culture should not only be viewed as visitor experiences. They can also become platforms for investment, entrepreneurship, digital trade, workforce development, cultural exports, and long-term national growth.”

    Organizers project the 12th World Congress will attract more than 1,500 attendees from across the globe, including cabinet ministers, senior government officials, and leadership from major international organizations. For Grenada, Zufelt’s participation will put a spotlight on the Caribbean nation’s untapped potential to develop modern, diversified economic zone models that integrate tourism, cultural heritage, cross-border trade, digital services, green economic development, workforce training, and streamlined investment facilitation — opening new pathways for inclusive, sustainable growth.

  • TransJam Highway reports 46% rise in profits, 30% increase in dividends in first quarter

    TransJam Highway reports 46% rise in profits, 30% increase in dividends in first quarter

    KINGSTON, Jamaica — TransJamaican Highway Limited (TJH), the operator of Jamaica’s key highway concessions, has kicked off 2026 with standout financial performance, posting double-digit growth across all core revenue and profitability metrics while advancing its digital transformation of toll collection across its entire network.

    In an official press statement released Tuesday, the infrastructure firm announced unaudited first-quarter results ending March 31, 2026, that far outpace year-ago performance. Total revenue for the quarter hit US$29 million, marking a 29% jump compared to the same three-month period in 2025. Net profit surged 46% year-over-year to reach US$13.2 million, with earnings per share climbing the same 46% to US$0.00106 per unit. Even earnings before interest, taxes, depreciation, and amortisation (EBITDA) — a key metric for measuring operating cash flow in infrastructure concessions — rose 31% to US$23.7 million, confirming the resilience and strength of TJH’s public-private concession operating model.

    Beyond top and bottom-line growth, the company closed the quarter with a solidified balance sheet. Its debt service coverage ratio, a key indicator of financial health for debt-heavy infrastructure firms, improved to 3.43 times, a figure that well exceeds typical industry benchmarks. TJH officials emphasized that this strong ratio confirms the company’s ability to easily meet its ongoing debt obligations while still allocating capital to critical infrastructure upgrades, technological enhancements, operational overhauls, and consistent returns to shareholders.

    In a move that underscores the board’s confidence in the company’s trajectory, directors approved an interim cash dividend of US$13 million, which was distributed to eligible shareholders in April 2026. This payout represents a roughly 30% increase compared to the interim dividend issued in the same period last year, delivering immediate tangible value to investors.

    One of the company’s key ongoing strategic initiatives — expanding adoption of its contactless T-Tag electronic tolling system — also hit major milestones in the first quarter. Data from TJH shows that 54% of all motorists using its highway network now opt for T-Tag electronic payment, with peak-hour usage on the high-traffic Portmore Toll Road climbing to nearly 80%. The widespread shift away from cash and manual toll collection has delivered measurable improvements to traffic flow and driver convenience across the network, the company reported.

    Even as overall vehicle volumes on TJH highways have risen over the past three years, the company recorded roughly 2.2 million fewer vehicle transactions through manual toll lanes in that period. This reduction in manual lane activity has directly cut down on bottlenecks and reduced average travel times for all motorists, according to the company’s internal analysis.

    “The ongoing shift to electronic toll collection has dramatically boosted our operational efficiency while creating a safer, faster journey for everyone who uses our highway network,” said Ivan Anderson, Chief Executive Officer of TransJam Group, TJH’s parent company. “We’re now seeing faster vehicle throughput at every toll plaza, shorter wait times for drivers, more streamlined internal operations, and a noticeably better overall travel experience for our customers.”

    Anderson added that TJH will continue pouring investment into information technology upgrades, expanded digital payment options, optimized toll lane configurations, and customer service improvements to modernize the tolling experience and meet growing transportation demands across Jamaica. The company also noted that it has fully integrated the new May Pen to Williamsfield (Phase 1C) highway segment into its network operations, a project that has already boosted overall revenue generation and extended TJH’s strategic reach across the island.

    Looking forward to the remainder of 2026 and beyond, Anderson said the group is well positioned to sustain its growth trajectory, supported by consistent operating cash flows, steadily rising traffic demand, growing electronic toll adoption, disciplined capital allocation strategies, and ongoing debt reduction efforts.

    “As we continue to scale our operations and expand our network, our core focus remains unchanged: we are committed to delivering long-term value to our shareholders while continuously improving efficiency, convenience, and the overall travel experience for the thousands of Jamaicans who rely on our highways every single day,” Anderson noted.

  • Dominican Republic joins Caribbean plan to diversify cruise tourism

    Dominican Republic joins Caribbean plan to diversify cruise tourism

    The global cruise industry has been grappling with mounting financial strain driven by soaring and unpredictable fuel prices, and three major Caribbean tourism destinations – the Dominican Republic, Jamaica, and the Bahamas – have teamed up to roll out a coordinated regional strategy designed to reinvent and strengthen the sector, industry outlet Travel And Tour World reports.

    Fuel oil typically makes up between 15% and 25% of a cruise line’s total operating expenses, meaning the recent volatility in global energy markets has hit operator bottom lines disproportionately hard. To offset these rising costs and preserve profit margins, major cruise companies have already begun shifting their operational models: they are streamlining voyage routes, cutting back on the number of port stops per trip, and shortening average itinerary lengths. Traditional 7 to 10-day cruises that once dominated Caribbean offerings are increasingly being replaced by shorter 3 to 5-day getaways, a change that has forced regional destination providers to adapt to new industry norms.

    In response to this shifting landscape, the three participating nations are leaning into collective action to build long-term resilience for their shared cruise tourism sector. The multi-pronged strategy includes investments in new purpose-built cruise port infrastructure, upgrades to existing on-shore visitor attractions, and the implementation of aligned regional policies crafted to draw more cruise lines and retain passenger volumes. Proponents of the plan note that deeper cooperation will also give the region greater flexibility to adjust routes dynamically in response to ongoing fluctuations in the global energy market, a key advantage over individual uncoordinated adaptations.

    Cruise tourism has long stood as one of the foundational economic pillars for Caribbean economies, generating billions in annual revenue, supporting hundreds of thousands of local jobs, and sustaining widespread small business activity across coastal communities. But the sector’s heavy reliance on fossil fuel-powered maritime transport leaves it uniquely exposed to external global energy shocks, a vulnerability that has underscored the urgent need for long-term structural change across the region.

    For the Dominican Republic specifically, cruise activity is the lifeblood of key coastal tourism hubs including Puerto Plata and La Romana, where every ship’s arrival ripples through local economies, supporting everything from street vendors and tour operators to hotels and transportation services. Dominican tourism authorities have already prioritized expanding local visitor attractions and upgrading port facilities to keep the country competitive in a shifting market. Through its participation in this regional diversification push, the nation aims to lock in its status as a core stop on major Caribbean cruise routes, while building the flexibility needed to thrive amid a global operating environment defined by persistent energy uncertainty and rising maritime transportation costs.

  • Manufacturers urged to reformulate as sugar tax takes effect

    Manufacturers urged to reformulate as sugar tax takes effect

    Jamaica’s new tax on sugary non-alcoholic drinks has sent ripple effects across the local beverage manufacturing industry, with the country’s leading scientific research body stepping in to help producers adapt to the new regulatory environment while keeping products accessible and enjoyable for consumers.

    Starting May 1 this year, the Jamaican government implemented a Special Consumption Tax (SCT) of $0.02 per millilitre on non-alcoholic sweetened beverages (NASBs) that contain added sugar or caloric sweeteners, introduced as a revenue measure for the 2026/2027 national budget. Beyond boosting government revenue, the policy also carries a key public health goal: cutting rates of non-communicable diseases (NCDs) that impact a large share of the Jamaican population.

    In response to the policy shift, Dr. Charah Watson, Executive Director of Jamaica’s Scientific Research Council (SRC), is calling on all local beverage manufacturers to reformulate their existing products to cut sugar content. This adjustment, she argues, will not only bring businesses into compliance with the new tax regime but also deliver healthier, more affordable options for consumers without sacrificing the familiar flavor profiles customers expect.

    To smooth this transition, the SRC is offering a full suite of tailored support services to manufacturers of all sizes. “We’re supporting manufacturers in helping them reformulate, identify appropriate sugar alternatives and conduct the necessary quality testing,” Watson explained in an interview with Observer Online. “We can also assist with sensory evaluation with their target market, so as they adjust their recipes, we can directly measure how consumers respond to the updated products.”

    Watson noted that the push for lower-sugar beverages is not a sudden change. Larger local manufacturers have already been moving in this direction since 2018, when public discussions around healthier beverage options for school programs first gained traction. “There have been companies, as far back as 2018 and 2019, that have consistently engaged the SRC to support them in launching lower-sugar products that outperform previous industry standards,” she said.

    Now, the council is working to extend this support to small and medium-sized enterprises (SMEs) and micro-manufacturers, which often lack the resources and agility of larger industry players to adapt to new regulations quickly. “Many smaller producers have not yet taken advantage of the available support, and we want to raise awareness that these services exist to help them stay competitive, not get left behind,” Watson added.

    Priced to be accessible for smaller businesses, the SRC’s reformulation services start at approximately $65,000, with final costs varying based on the complexity of the product being adjusted. “The SRC was created exactly for this purpose: to support small and micro enterprises so that they can actively participate in the marketplace and continue to drive the local economy,” Watson noted.

    Reformulation is far from a simple quick fix, Watson emphasized. Instead, it requires a structured, gradual process that slowly reduces sugar content step-by-step, allowing consumers’ taste palates to adapt to the change over time. Clear communication with customers is also a critical part of the transition process, she added. Manufacturers are encouraged to update product labels to inform buyers of the recipe change, avoiding unmet expectations from customers accustomed to the original product’s flavor. “It’s all about how you manage the transition, and how you effectively communicate that change to your customer base,” Watson explained.

    To further speed up adoption of lower-sugar products, the SRC has also developed pre-made, ready-to-use low-sugar beverage formulations that manufacturers can license and bring to market immediately. These existing recipes include flavored waters and functional drinks, all designed to meet the new regulatory sugar standards while offering consumers healthier alternatives to traditional sugary sodas and sweetened beverages.

    For both consumers and producers, Watson argues that sugar reformulation delivers mutual benefits: it supports the government’s public health goal of reducing NCD rates, while helping businesses retain their market position and competitiveness under the new tax framework. By taking advantage of the SRC’s support, local beverage makers can navigate the regulatory shift successfully while meeting evolving consumer demand for healthier options.