The Tribune

By NATARIO McKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE ARAWAK Cay Port Development Company said yesterday $64 million has so far been spent for the port's construction and that of the inland break-bulk facility at Gladstone Road, its chief executive telling Tribune Business the facility will be substantially completed by April 1 this year. That is when all shipping companies operating on Bay Street will have had to move to the new port facilities at Arawak Cay, according to Michael Maura. "By April 1, all those vessels calling on Bay Street today will have to relocate to Arawak Cay, which means that all cargo will be landing at Arawak Cay. ACL Shipping and Tropical Shipping both have warehouses on Bay Street. Those warehouse operations will continue until May 14, at which point they would be expected to relocate their cargo operations to the Gladstone Road Freight Terminal. The budget for construction of the port and inland break-bulk facility at Gladstone Road is $83 million," Mr Maura said. As for the Gladstone Road facility Mr Maura said: "The warehouse is substantially completed. We have the administration building that we expect to be six weeks ahead of schedule. "In terms of Customs processing you will still go to Thompson Boulevard, and when we get our administration facilities open that's when you will have the ability to come to Arawak Cay or out to the Gladstone Road Freight Terminal. We are looking at the third quarter for the Gladstone Road Freight Terminal, and we are looking at early May for the administration building." APD's $10 million IPO was launched back in December. The Government and private sector have each invested $20 million into the Arawak Cay Port, and once the IPO is completed the Government and private sector will each own a 40 per cent stake, with the public holding 20 per cent.