Barbados Port Inc Annual Report 2019
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VISION MISSION 2030 To be the most customer focused, cost effective and Our Vision highly efficient provider is to be of value driven cruise, the most cargo services and related innovative, property development green services while providing maritime hub satisfactory benefits to in the world stakeholders, including by 2030. customers and employees. 6 Company Profile 8 Board of Directors 9 Senior Management Team 10 Chairman’s Review 14 Mission Critical Deliverables 18 Financial Performance Review 22 Operational Performance Review 43 Milestones in 2018/19 48 Appendices 1-3 53 Financial Statements PLOTTING A NEW 4 BARBADOS PORT INC. ANNUAL REPORT 2018/2019 5 company The Port of Bridgetown is an award-winning, full service, international trade seaport located in Barbados and managed by Barbados Port Inc. (BPI). It is by comparison a small port, but more important than its size is the diversity of its portfolio. All major cruise lines have chosen the Port of Bridgetown as a port of call and from among them, an impressive listing have chosen Barbados for homeporting operations. The marine terminal handles all BPI’s sustainability principles guide major categories of cargo including: its journey to becoming a world- class port. They are to: • Containers (incl. imports and exports of food and beverage • Build Long-Term Shareholder products, consumer goods such Value as furniture, appliances, etc.) • Strengthen Strategic Alignment • Liquid bulk (incl. petroleum, • Enhance Corporate Image molasses, etc.) • Improve Operating Quality and • Dry bulk (incl. grain, cement, Eciency gravel, etc.) • Enhance Market Competitiveness • Break-bulk (incl. agricultural • Create a High-Performance produce, and other goods Culture intended for the manufacturing, • Enhance Execution Excellence processing and distribution • Build Growth-Enabling sectors) Infrastructure • Automobiles These are the value enablers that The Port of Bridgetown is are applied across the business and International Shipping and that allow the Company to manage Port Facility Security (ISPS) its risks and opportunities and to compliant and is renowned for generate value for all stakeholders. its dependability, reliability and They also guide BPI’s relationships excellent safety record. with shareholders, employees, customers, business partners and It is the major point of entry for community groups. They take into approximately 90% of the goods account the external environment, used in the manufacturing and retail the economic conditions and sectors in Barbados and is dedicated changing innovation and technology to supporting businesses in the drivers, as well as the societal and export trade. State of the art cargo environmental issues that have an handling facilities and technologies impact on business. support the following services: • Receipt and delivery of cargo, utilising a variety of cargo handling equipment • Storage of cargo awaiting delivery or shipment, in covered warehouses or open storage • Storage of refrigerated and frozen cargo • Unstung/stung containers • Sorting of cargo according to special requirements of consignee • Rental of cargo handling operations equipment • Priority access to block-stacked empty containers as requested by ship agents ANNUAL REPORT 2018/2019 7 Board of Directors Senator Lisa Cummins Corporate Secretary Chairman Ms. Karen Forde Mr. Denis Cadogan Auditor Deputy Chairman PricewaterhouseCoopers SRL Mr. David Jean–Marie Managing Director Bankers Republic Bank Sir Roy Trotman (Barbados) Ltd. Director First Citizens Bank Capt. George N.M. Fergusson (Barbados) Ltd Director Attorney-at-Law Mrs. Lisa Gale Lystra Kodilinye Director Clarke Gittens Farmer Mr. Iain Thomson George Walton Payne & Co. Director Ralph Thorne Mr. Ricardo McConney Director Ms. Janice Brown Director Mr. Reynold Grant Director Mr. Esworth Reid Director 8 BARBADOS PORT INC. 8 Senior Management Team Mr. David Jean-Marie Mr. Kenneth Atherley Mr. Curtis Smith Capt. Karl Branch Chief Executive Ocer Divisional Manager, Divisional Manager, Divisional Manager, Corporate Operations Human Resources Development & Strategy Ms. Karen Forde Mr. Ian Stewart Lt. Cmdr. Fernella Cordle Capt. Carl Gonsalves Chief Financial Ocer & Manager, Manager, Manager, Marine Services Corporate Secretary Terminal Operations Security Services & Harbour Master Mr. Glenn Roach Mr. Albert Soudatt Mr. Tedroy Marshall Mrs. Michelle Webster Manager, Quality Accountant Manager, Engineering Manager, Management Assurance, Employee Services Information Systems Training & Development Mrs. Charmaine Soo Chan Mrs. Nancy Solomon-Batson Ms. Jane Brome Manager, Internal Audit Manager, Human Resources/ Manager, Market Development Administration & Cruise Operations ANNUAL REPORT 2018/2019 9 Chairman’s Review This is a moment of change. Nationally, Barbados is without question in a historic period. Out of years of sustained depression, we have begun an aggressive and ambitious structural adjustment program aimed at stimulating growth and e¦ecting transformation into a world-class economy and society. The Port must help to enable that transformation. New partnerships, new domestic and outward investments in greenfield and brownfield areas of commercial activity, infrastructural and capacity expansion and upgrades, investment in our people through upskilling and retooling, global benchmarking of best practices, innovation and technological development, new and Senator Lisa Cummins redefined relationships with old, new, traditional and non-traditional Chairman partners all must combine as the planks on which the contemporary incarnation of the Bridgetown Port is built. This is where the Bridgetown Port of 2019 is going and we call it ‘The Second Wave of Corporatisation.’ This is the first Report of Barbados In order to plot a new trajectory, first, we needed as a Board, a group Port Inc. (BPI) since of directors, all outstanding in their various spheres of influence, to understand where we were. And so upon appointment, we received my appointment a comprehensive induction which included meetings with senior as Chairman on management and town hall meetings with sta¦ at every level. This has July 1, 2018 and it continued throughout the past year. As Chair, with a background in international trade, I made it a point of reference to understand how is my pleasure to the nation’s sole cargo and cruise port supported, at a conceptual use the opportunity and operational level, the delivery of services to a wide range of to present the stakeholders and clients, domestic and international. One thing is clear, the Port is a complex, fast paced and dynamic place and it has been contemporary an intense year of complete immersion. In the process, it has been my vision of the absolute pleasure to have had the opportunity to work closely with the BPI management and sta¦ who are exceptional professionals who Bridgetown Port. personify experience, skill, sacrificial dedication, professionalism and hard work above and beyond the call of duty. Collectively as a Board, Management and sta¦ of BPI, I am proud to lead a team that has spent the year assessing where we were, projecting where we needed to be, and then moving together towards a common goal of Port transformation and national development through our individual and collective e¦orts. 10 BARBADOS PORT INC. Now, we have a new emerging policy framework But there have been the inevitable challenges along on which we will build in the coming year with the the way. addition of a new Master Plan and Investment Plan. So far, we have developed a new Vision, Strategic In the same way that the national economy was Plan and identified our Mission Critical objectives. challenged by a series of problematic contracts We have a clear vision supported by precise and the associated liabilities, high debt service deliverables, time bound targets and individual ratios and rising operational costs, internal to the responsibility through a robust monitoring and Port there were similar challenges. Among the first evaluation framework. priorities for the new Board were addressing the financial position of the Port, lowering debt service We now have the Bridgetown Port’s ‘Vision 2030’ as ratios, managing cash flow, collecting receivables, our policy direction. minimizing exposure to liabilities and renegotiating contracts. Stabilizing BPI’s financial position was 2018-2019 was a foundation year for Vision 2030 critical. As expected therefore, this period was and we set key benchmarks that we needed to marked by declining revenues and increasing reach in order to position us for the second year expenses and this in itself presented some which we have termed our ‘Incremental Year’. That challenges to our operations. should take us into a ‘New Foundation’ for our third year which we expect to give way to ‘Radical Externally, Barbados’ continuing trade deficit Transformation’ and ultimately ‘Breakthrough meant that this year showed declining exports and Transformation’ in years four and five respectively. increased imports which influenced the revenues of the Port on the cargo side. Despite a general decline I am pleased to say that the Port has met and in tonnage handled this year, BPI registered a 10- exceeded our goals for this Foundation year and year high in Bulk Cargo, where tonnage handled has achieved 32% of our Mission Critical objectives. exceeded 1 million for the first time in 10 years. We undertook a holistic review of all contractual Some 1, 023, 964 tonnes were handled, 5% more arrangements and in some cases ended