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2010 Annual Report 2010 MISSION STATEMENT 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 2010 TABLE OF CONTENTS Board of Directors, Officers and Advisors ...............................................................3 Notice of Meeting ...................................................................................................................6 Chairman’s Report ...........................................................................................................7-18 Appendix 1-5 ...................................................................................................................21-26 Independent Auditors’ Report ......................................................................................31 Statement of Financial Position .....................................................................................33 Statement of Changes in Equity ...................................................................................34 Statement of Comprehensive Income .....................................................................35 Statement of Cash Flows .................................................................................................36 Notes to the Financial Statements ......................................................................37-73 2 BARBADOS PORT INC. ANNUAL REPORT 2010 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 2010 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 2010 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 2010 NOTICE OF MEETING NOTICE IS HEREBY GIVEN THAT THE SEVENTH 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 September 18, 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 2010 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 25 day of June 2012. BY ORDER OF THE BOARD OF DIRECTORS .............................................................................. David Jean-Marie Corporate Secretary 6 BARBADOS PORT INC. ANNUAL REPORT 2010 ANNUAL REPORT 2010 In 2010, Barbados Port Inc.’s performance improved Vessel Calls modestly over 2009 in the area of cargo operations, cruise tourism and with respect to organizational Barbados received some 1,733 vessel calls in 2010, down initiatives to streamline 4.9% from 1,822 vessel calls in 2009 (Table 1). operational performance and service. The Company Table 1: Breakdown of vessel call by major category (2006 – 2011) controlled its expenditure Vessel Calls 2006 2007 2008 2009 2010 to the extent that it realized a Net Income of $2.0 million, Cruise 442 486 425 461 414 compared to a Net Loss General Cargo - Deep Water Harbour 634 633 582 566 505 of $2.34 million incurred General Cargo - Shallow Draught 225 207 171 165 128 in 2009, a turnaround of Cargo - Bulk Handling Facility 27 13 14 10 11 approximately $4.3 million. Bulk Sugar 2 2 2 2 3 It is in this context of Molasses 12 9 11 11 12 cautious optimism, in the Cargo - Cement Plant 122 112 94 83 112 face of continuing world Tankers 144 152 143 126 149 economic recession, that Other Vessel s 184 262 361 398 398 I am pleased present this Total Calls 1,792 1,876 1,803 1,822 1,733 seventh annual report on % Increase / Decrease -3.90% 4.70% -3.90% 1.10% -4.90% Barbados Port Inc. BARBADOS PORT INC. 7 ANNUAL REPORT 2010 There were 920 cargo vessels calls, including Dry Bulk, Break-bulk versus Containerized cargo Oil, inter-island and Container vessels, which represented 53.9% of the total calls, followed by 414 cruise vessel The breakdown of break-bulk versus containerized calls which represented 24.3% of the total calls in 2010. cargo is summarized in Table 2 below: However, during the past fi ve years the trend has been • Almost 90% (975,054 tonnes) of the general cargo towards a decline in the total number of vessel calls. handled at the Port was containerized, as opposed On the cruise side, it has been noted that vessels are to break-bulk cargo. getting larger on average and can therefore take more • There was actually an 11.2% increase in the volume passengers per vessel. On the cargo side, this region has of break-bulk cargo handled between 2009 and been affected by consolidation, where Shipping Lines 2010. Containerized cargo (expressed in tonnage) share space on their vessels with other carriers in an only increased by 0.8% between 2009 and 2010, effort to reduce costs. from 967,213 to 975,054 tonnes. Such vessel sharing strategies are also beginning to take • Similarly, there was an 8.6% improvement in the root in the area of container operations, where more volume of cold storage cargo (typically handled at and more shippers/consolidators are co-loading, to share BICO). In 2010, some 71,656 tonnes of cargo (break- and optimize available container space. bulk and containerized) were handled, compared to 65,972 tonnes. Cargo Activity • Less than container Load (LCL) volumes increased The two main categories of cargo handled at the Port modestly from 134,835 tonnes to 135,574 tonnes are general (containerized and break-bulk), bulk (typically between 2009 and 2010. Only 12.5% of the general oils, cement, fl our, sugar and petroleum). The tonnages cargo tonnage was LCL, i.e. representing cargo from associated with these two main categories are outlined containers unstuffed in the Port. below: General Cargo tonnage Figure 1: Total Cargo Handled in the Port Of Bridgetown (2006 – 2010) The Total General Cargo handled at the Port, inclusive of containerized and break-bulk cargo, was 1,083,971 1,400 tonnes, some 1.8% improvement over 1,200 the 1,065,143 tonnes reported in 2009 (Figure 1). The main characteristics of 1,000 the pattern of cargo handled at the Port 800 were as follows: 600 Some 78.4% (849,123 tonnes) of the Thousands total general cargo handled within the 400 Port of Bridgetown was for domestic 200 consumption (imports), while 13.1% (142,411 tonnes) represented export 0 2006 2007 2008 2009 2010 cargo. Transshipment cargo, 81,316 tonnes, represented 7.5% of the total Cargo Handled Total Discharged (Imports) Total Transhipment Shifted - Containerised Total Loaded (Exports) general cargo handled. 8 BARBADOS PORT INC. ANNUAL REPORT 2010 • Almost 695,438 tonnes of cargo was directly delivered, primarily via containers, but also from the category of break-bulk. This was 63.2% of the total tonnage handled. Table 2: Breakdown of General Cargo between 2006 and 2010 GENERAL CARGO 2006 2007 2008 2009 2010 Break-bulk Dry 156,926 136,990 125,913 78,445 93,897 Cold Storage 333 231 316 322 886 Transhipment 8,384 7,822 11,968 9,526 9,165 Direct Delivery 15,271 16,020 15,691 9,637 4,969 Total Break -bulk 180,914 161,063 153,888 97,930 108,917 Containerised LCL Containers 162,412 173,626 154,476 134,835 135,574 FCL Containers - Direct Delivery 734,792 749,610 732,480 665,696 685,438 Cold Storage 67,455 69,345 69,330 65,655 70,770 Transhipment 153,513 152,670 89,820 93,841 72,302 Shifting 8,922 8,503 10,221 7,186 10,970 Total Containerised 1,127,094 1,153,754 1,056,327 967,213 975,054 TOTAL GENERAL CARGO 1,308,008 1,314,817 1,210,215 1,065,143 1,083,971 Bulk cargo tonnages Bulk cargo tonnages totalled 992,974 tonnes in 2010 compared to 977,071 tonnes in 2009, an increase of 1.6%. Again, these numbers are down from tonnages recorded some Figure 2: Main components of Bulk Cargo handled (2006 – 2010) fi ve years ago. Nevertheless, the 800 last year has seen some levelling out in the bulk cargo volume. 700 600 The main components of the bulk cargo in 2010 were petroleum 500 products (65% of total tonnage) 400 and cement products (16%). 300 Cargo handled at the Flour Mill Thousands (grain, fertilizer, fi sh oil, margarine/ 200 fats) accounted for 9% of the total
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