Prime Minister and Minister of Finance, Philip Davis, has formalized an agreement with Grand Bahama Shipyard (Freeport) for a US$665 million transformation project aimed at establishing the facility as a leading global hub for cruise ship and vessel repair.
The project, expected to generate billions in economic impact for Grand Bahama over the next 25 years, will position the shipyard as the largest cruise ship repair facility in the world. For 2+ decades, Grand Bahama Shipyard has been owned by Carnival Corp. & plc, Royal Caribbean Group, and the Grand Bahama Port Authority.
The expansion will include the construction of two new docks, the largest of their kind, capable of servicing the full range of cruise ships, including the Icon and Oasis classes, as well as a significant portion of the global commercial shipping fleet. This development marks a significant recovery for the shipyard following the 2019 incident in which Drydock No. 2 was damaged by a crane collapse, leading to the temporary diversion of the largest ships to other facilities.
Carnival Corporation's President/CEO Josh Weinstein emphasized that this investment will establish The Bahamas as a central player in global ship repair and a crucial service provider for both cruise and commercial fleets.
Prime Minister Davis highlighted the critical importance of this capital investment, noting that the shipyard is expected to contribute US$350 million in total economic output once fully operational.
Within 5 years, the facility is anticipated to employ ~1200 workers, with the majority being full-time Bahamian employees.