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To Be a High Quality Provider of Marine, Cargo And To be a high quality provider of Marine, Cargo and Passenger Handling and other related services to Seaport users locally and world-wide. BARBADOS PORT INC. 1 ANNUAL REPORT 2009 TABLE OF CONTENTS Board of Directors, Officers and Advisors ...............................................................3 Notice of Meeting ...................................................................................................................6 Chairman’s Report ..................................................................................................................7 Appendix 1-5 ...................................................................................................................20-24 Independent Auditors’ Report ...............................................................................29-30 Statement of Financial Position .....................................................................................31 Statement of Changes in Equity ...................................................................................32 Statement of Comprehensive Income .....................................................................33 Statement of Cash Flows .................................................................................................34 Notes to the Financial Statements ......................................................................35-72 2 BARBADOS PORT INC. ANNUAL REPORT 2009 BOARD OF DIRECTORS David Harding Chairman Capt. George Fergusson Deputy Chairman Everton Walters Managing Director & Chief Executive Officer Michael Weetch Director Karen Henry Director Neville Rowe Director Jonathan Morgan Director David Douglas Director Dr. Robin Mahon Director Keith Wilson Director Gabrielle Springer Director CORPORATE SECRETARY David Jean-Marie AUDITORS PWC PriceWaterHouseCoopers - Chartered Accountants ATTORNEYS-AT-LAW Patterson Cheltenham QC Lystra Kodilinye BANKERS Barbados National Bank Inc. Bank of Butterfield RBTT BARBADOS PORT INC. 3 ANNUAL REPORT 2009 Board of Directors David Harding Chairman Capt. George Fergusson Deputy Chairman Everton Walters Dr. Robin Mahon Managing Director Director & Chief Executive Offi cer Karen Henry Neville Rowe Director Director Gabrielle Springer Keith Wilson Director Director Jonathan Morgan David Douglas Director Director Michael Weetch Director 4 BARBADOS PORT INC. ANNUAL REPORT 2009 Management Team Everton Walters Managing Director & Chief Executive Offi cer David Jean-Marie Kenneth Atherley Divisional Manager, Divisional Manager, Corporate Financial Controller & Development & Strategy Corporate Secretary Anthony Benn Richard Alleyne Rawle Blackman Manager, Security Services Manager, Marine Services Manager, Terminal Operations (Ag) & Harbour Master Ian Stewart Peter Carrington Albert Soudatt Manager, Engineering Manager, Human Resources / Accountant Administration Karl Branch Gregory Gittens Manager, Management Project Manager Information Systems BARBADOS PORT INC. 5 ANNUAL REPORT 2009 NOTICE OF MEETING NOTICE IS HEREBY GIVEN THAT THE SIXTH ANNUAL GENERAL MEETING of the Shareholders of Barbados Port Inc. (hereinafter called “the Company”) will be held at the Board Room, Barbados Port Inc., University Row, Bridgetown, St. Michael on 21 February, 2012 at 10:00am. for the following purposes: 1. To receive and consider the financial statement of the Company for the year ended 31 December 2009 together with the reports of the Directors and Auditors thereon. 2. To elect Directors of the Company 3. To appoint the Auditors for the ensuing year 4. To transact any other business which may properly come before the meeting. Dated the 24th day of November 2011. BY ORDER OF THE BOARD OF DIRECTORS .............................................................................. David Jean-Marie Corporate Secretary 6 BARBADOS PORT INC. ANNUAL REPORT 2009 ANNUAL REPORT 2009 INTRODUCTION operational activities of the Port during the fi nancial and Business activity in the Port of Bridgetown showed mixed calendar year 2009. performance in 2009 relative to the previous year 2008. During this period, the Company felt the effects of the Vessel Calls global economic recession more forcefully as refl ected Cargo vessel calls at the Deep in the general performance of the Port, particularly in Water Harbour (excluding the area of cargo activity. Shallow Draught) declined by During the period, the portfolio of International 3.3% in 2009 with 589 calls, as Transport was transferred to Minister, the Honourable compared to 609 calls in 2008. George Hutson, and a new Board was re-constituted. The Shallow Draught Facility The mandate to the new Board was clear: to focus on recorded 165 calls in 2009, a the development of the cruise facilities and services, and decline of 3.5% as compared improve cargo services to ensure that the Bridgetown with the 2008 fi gure of 171. Port remained competitive. In contrast, a total of 461 cruise ship calls were made in The Board also felt it was important to enhance the 2009, which represented an 8.5 % increase as compared image of the Port and, in this regard, sought to improve with 425 calls in 2008. relationships and communication with key stakeholders. It is against this backdrop that I take pleasure, on 2009 behalf of the Board and Management of Barbados Port Inc., to report on the main strategic and 582 566 -2.7% 2 2 0.0% 11 11 0.0% 14 10 -28.6% 609 589 -3.3% 171 165 -3.5% 94 83 -11.7% 143 126 -11.9% 425 461 8.5% 361 398 10.2% 1,803 1,822 1.1% BARBADOS PORT INC. 7 ANNUAL REPORT 2009 CARGO Bulk handling The overall tonnage transiting the Port amounted to Break bulk activity declined by 8.1% between 2008 and 1,225,529 tonnes in 2009 (excluding bulk petroleum 2009, moving from 1,062,853 tonnes to 977,071 tonnes products) as compared to 1,389,457 tonnes in 2008. This represents an 11.8% decrease. The breakdown of the bulk handling activity (Fig. 2) is as follows: • General Cargo handled in 2009, namely domestic, transshipment and shifting (landed and reloaded) • Tonnage handled at the Bulk Facility (fi sh oil, grain cargoes was 1,065,143 tonnes as compared with and fertilizer) was 83,335 in 2009 and 95,860 in 1,210,215 tonnes for 2008. This represents a 2008, representing a decrease of 13.1%. decrease of 11.9%. • The Bulk Sugar and Molasses Terminal recorded • Domestic cargo moved from 934,107 tonnes in a total of 67,592 tonnes in 2009 representing a 2008 to 813,921 in 2009. decrease of 17.7% when compared with the 2008 fi gure of 82,110. • Transshipment cargo increased in 2009 by 1.6% when compared to 2008. The tonnage handled in • Petroleum products decreased by 5.1% from 2009 was 103,367 tonnes while 2008 transshipment 699,218 tonnes in 2008 to 663,750 tonnes handled cargo handled was 101,788 tonnes. in 2009. • Export cargo in 2009 was 140,669 tonnes as • Dry bulk cargo handled at the Cement Plant compared to 164,099 tonnes in 2008. This decreased by 17.2% from 184,665 tonnes in 2008 represents a decrease of 14.3%. to 152,937 tonnes in 2009. The distribution of cargo for the period 2005 to 2009 is shown in Figure1. Figure 1: Total Cargo handled in the Port of Bridgetown (2005 – 2009) Figure 2: Trends in Bulk Cargo handling (2005 – 2009) - tonnage 1,400,000 1200000 1,200,000 1000000 1,00,000 800000 800,000 600000 600,000 400000 400,000 200000 200,000 0 2005 2006 2007 2008 2009 0 2005 2006 2007 2008 2009 Shifted Containers Transhipment Export Domestic Sugar Terminal Bulk Facility Petroleum Cement Plant Total 8 BARBADOS PORT INC. ANNUAL REPORT 2009 Container Throughput Personal Effects The total number of containers (TEUs) handled (full and The Port handled 55,314 units of personal effects in empty) in 2009 was 82,832 as compared to 87,253 in 2009, down 6.8% over the 2008 fi gure of 59,370 (see 2008, a decrease of 5.1%. (Fig. 3) Fig. 4). • Full containers discharged at Barbados were 34,671 TEUs Figure 4. Personal eects cargo (2005 – 2009) • Transshipment containers handled in 2009 were 60,000 7,594 TEUs as compared to 7,806 TEUs in 2008. This represents a decrease of 2.7%. 50,000 • Empty containers discharged from vessels decreased by 52.9% when comparing the fi gure of 40,000 1,047 TEUs in 2009 to 2,225 TEUs in 2008. 30,000 • Empty containers shipped from Barbados were 33,449 TEUs in 2009 in comparison with 32,309 20,000 TEUs in 2008. A change of 3.5%. 10,000 • Containers shipped out full as export boxes were 6,071 TEUs in 2009 in comparison with 6,988 TEUs 0 in 2008. A change of 13.1% 2005 2006 2007 2008 2009 Personal Eects Cargo Figure 3: Container throughput at the Port of Bridgetown (2005 -2009) -TEUs CRUISE 100000 Passenger arrivals in 2009 were 778,864 as compared to 706,788 in 2008, an increase of 10.2% (Fig. 5). 80000 Approximately 56% of the total cruise business was associated with Carnival Corporation Lines, with Barbados 60000 receiving 190 calls from 29 Carnival Corporation vessels during 2009 (Appendix 1). 40000 Barbados also registered an increase in calls from Royal Caribbean Cruise Lines (27% of the total 461 calls in 20000 2009), with some 238,890 cruise passenger arrivals. This was the fi rst year in which passenger arrivals from Royal 0 2005 2006 2007 2008 2009 Caribbean Cruise Lines surpassed 200,000. Full Empty Transhipment The industry, however, still continues to be very seasonal (See Appendix 2). BARBADOS PORT INC. 9 ANNUAL REPORT 2009 Figure 5. Cruise Passenger arrivals from 2005 to 2009 1,000,000 Most of the homeport activity occurred on P & O (33%), Ocean Village (32%), Princess (13%), Fred Olsen (7%), and Island Cruises
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