BMA’s delegation was led by Board Chairman Anthony Kikivarakis, and included Peter John Goulandris, Deputy Chairman; Commodore Davy Rolle, Managing Director' and Deputy Directors, Captain Dwain Hutchinson, Seafarers & Manning, Stephen Keenan, Inspections & Surveys, and Christine Scavella, Registrar NY.

The BMA held talks with the Maritime Authority of Brazil and with Vice Admiral Raul Bittencourt, Deputy Executive Secretary, Brazilian Navy Directorate of Ports and Coasts, and also visited the Brasa Shipyard in Niteroi, where they saw fabrication of topside modules for a Floating, Production, Storage and Offloading (FPSO) unit. Also scheduled were meetings with:

• Petrobras - the Brazilian integrated oil and gas company which is the world’s 7th largest and with operations in 25 countries.

• Companhia Vale do Rio Doce - a Brazilian multi-national diversified metals and mining corporation, one of the largest logistics operators in Brazil, the second largest mining company in the world and an operator of large bulk carriers.

• V. Ships Brazil - a leading supplier of independent ship management and related marine services to the global shipping industry.

• MODEC Services de Petoleo do Brazil - a general contractor specializing in engineering, procurement, construction and installation of floating production systems.

• SBM (Single Buoy Mooring) Offshore - Rio Office - a leader in floating production and mooring systems, in production operations and in terminals and services.

• Stena Bulk - a world leading tanker shipping company.

• Odebrecht Oil and Gas Services - OOG provides integrated, customized solutions for the upstream oil industry in Brazil and around the world.

• Teekay - the world's leading midstream marine services company and a vital link in the global energy supply chain.

• Seadrill - a leading offshore deep water drilling company.

The face-to-face exercises with clients and potential clients as well as the on-hand technical expertise were well received by the delegation’s Brazilian hosts.

The BMA’s objective is not only to increase its tonnage but as part of the global shipping industry, to promote safety, security and the protection of the environment. The Authority currently is ranked 5th among Flag States with more than 1600 ships on the Register and a gross tonnage of 57 million.

The BMA is planning to revisit Brazil later this year in order to maintain this positive momentum and relationships developed during its April initiative.

This, he said, would allow all to feed off their respective strengths and develop strategies that would benefit the sector as a whole. The Chairman said The Bahamas has the potential to become even more of a major maritime player in the Western Hemisphere given its location, tax regime, existing harbours and the services provided to seafaring vessels. The maritime industry is considered to be the third largest contributor to the Bahamian economy, with the Bahamas Ship Register having almost 1,700 vessels, representing 57 million gross tonnes. That being said, Mr. Fair pointed out "We do not intend to rest on our laurels. Our vision is to have all these maritime industries and organisations join forces and coordinate their approach to the rest of the world. This would bring benefits to all Bahamians," Mr Fair said.

His vision for Maritime Bahamas includes a coordinating team but he says modern communications would make it possible to involve virtually all interested parties in the broader policy decisions. It could become a 'one stop shop' for those making enquiries about maritime business in The Bahamas; ensure that any presence at international conferences and exhibitions reflects the full range of maritime interests and possibilities within The Bahamas; and advise on careers in the sector. “By having maritime interests talking to one another, fresh ideas would emerge to enhance the future for all."

The Chairman also spoke to the maritime industry’s huge potential to generate extra work and spin-offs for the Bahamian financial services industry - including the insurance sector, accountants and attorneys - and said there are lessons to be learned from other small island states that have exploited the maritime sector. For example, both Cyprus and the Isle of Man have attracted large numbers of ship management countries, with finance houses and insurance companies following these firms to the latter jurisdiction. “The Bahamas could use its proximity to the Americas to do the same, and also market the attractions of its tax system - as Singapore did to attract Japanese shipping owners.”

Mr. Fair took the opportunity of the Chamber presentation to announce plans to host a high level Bahamas International Business Forum in Freeport during February 2013, in conjunction with the Commonwealth Business Council. "The Council has much experience in organising such events, and in identifying international persons of interest to attend,” he said. GBPA plans also include a number of promotional visits overseas, with Asia, South America and Europe identified as initial targets. “The key message is what Grand Bahama has to offer as a global shipping and business centre in preparation for the opening of the expanded Panama Canal in 2014. As a result of our strategic location we can - and should - be a major beneficiary of the increased trade flows from this expansion."

The COB has signed a Memorandum of Understanding with SUNY for a Maritime Studies Baccalaureate degree programme -- a flagship offering of the its Northern Bahamas campus (NBC) in Grand Bahama. Effectively, successful graduates will receive a degree from the college and another from SUNY Maritime College in two disciplines: Bachelor of Science in Maritime Operations Engine Licence and Bachelor of Science in Maritime Operations Unlimited Deck Licence. The Baccalaureate degree programmes will raise awareness of the maritime industry and opportunities that exist for Bahamians. Dr Brendamae Cleare, Interim Vice President for Academic Affairs at COB points out, “The Bahamas is perfectly poised to become a centre of maritime excellence.” Captain Walt Nadolny, Vice Chairman of the Marine Transportation Department and Assistant Professor of Environmental Policy and Management at SUNY Maritime College, adds “We’ve had a history of Bahamian students so this seemed like a very natural fit.”

SUNY is an undergraduate and graduate institution focused on engineering, business, science, and maritime transportation. U.S. News & World Report has ranked SUNY Maritime College as a top tier regional college and 6th overall among public baccalaureate colleges in the North, and in 2011 The Princeton Review named the College a "best Northeastern college" in America.

Students will study at COB's campus in Grand Bahama for the first three semesters, SUNY for the next four and the final semester will be taught at COB's main campus. Students will spend their summers at sea, fulfilling the practical component of the degree programme and learning how to become adept seafarers.

Dr. Richard Burke, Professor and Chairman of Engineering at SUNY says, the United States and The Bahamas are neighbours and it is the neighbourly thing to do, to work together for a common purpose. “And it allows us to, vicariously perhaps, share in the justifiable pride in having a flag that has become very significant in the ports of the world.”

The international shipping industry employs some 1.25 million seafarers, thousands of whom are attached to vessels that sail under the Bahamas Flag.

Bahamas High Commissioner and Permanent Representative to the IMO Paul Farquharson headed the Bahamian delegation to the IMO assembly. He was accompanied by Bahamas Maritime Authority officials, including Chairman Ian Fair, Vice Chairman Peter Goulandris, and Director and CEO Commodore Davy Rolle.

Chairman Ian Fair addressed the 27th Session, highlighting The Bahamas’ long and distinguished history as a maritime nation. Currently, The Bahamas accommodates 56 million gross tons on its Ship Registry and maintains an enviable Port State Control (PSC) record, being on the White List of every PSC Memorandum of Understanding.

The Chairman assured the assembly that The Bahamas highly values its membership in the IMO. He said, “We will continue to work constructively with all members of this organisation in pursuit of the goals of the assembly. Moreover, we will work with all to ensure they are fully addressed.”

G.T.R. Campbell, another Bahamian based company, supervised the construction of the CS Calvina, which was built by the Tianjin Xingang Shipbuilding Heavy Industry Co. Ltd.

Campbell Shipping Company is a key partner of the Bahamas Maritime Authority’s Bahamas Maritime Cadet Corps, a programme to prepare secondary high school students for employment in the maritime industry. It also provides financial assistance to BMCC students to complete advanced training.

Impressive Register

The Bahamas maintains an impressive ship register - representing one of the largest fleets in the world with over 52m in gross tonnage. Its reputation for quality and excellence has resulted in it becoming the trusted first option flag for many of the biggest players in international shipping.

The Fleet includes a wide cross section of ship types and nations, and is renowned for being young; in fact, the BMA actively discourages older vessels from joining the Register.

The BMA anticipates that both its Greece and Hong Offices will be fully operational by the end of this year, resulting in an expansion of the registry by some 10%.

The Nassau Conference 2011 was held June 15, 2011 at the British Colonial Hilton hotel in downtown Nassau, under the theme “Wealth Management: Navigating Our Future”. Now in its sixth year, the Conference continues to provide a high quality learning and information experience, delivered by well respected speakers – locally and internationally - who cover topics and issues that concern the financial services community.

A particular area where Mr. Sands sees a niche is the provision of consulting services relating to risk assessment and reputational management. The shipping industry presents "certain risks which may not have been properly assessed", and this is where opportunity lies for financial services providers, according to Mr. Sands.

The shipping executive also espouses the need for forging better linkages between the maritime sector and other key industries. Clustering with the financial services and tourism sectors, for example, would add to what he describes as the “natural” advantages The Bahamas enjoys in maritime affairs. As an example, he points to the requisite skill sets for developing a regulatory framework, policies, procedures and contingency plans already prevalent within the financial services sector – and which can be harnessed for maritime sector development.

Nassau Conference participants were told that already the sector’s focus on seafarer qualifications has prompted steps to facilitate training opportunities. As of this fall, The College of The Bahamas will be offering three Bachelor’s degree programmes with the State University of New York (SUNY). The joint programme will allow students to complete 3 semesters at COB, four at SUNY, and the final semester back at COB; a partnership that should also make seafarer training more accessible and affordable. Campbell Shipping reportedly plans to recruit some 25 students for enrolment in the September 2011 programme. At the Conference, Mr. Sands also reported on plans to establish a Maritime Academy, and on talks currently underway with the Bahamas Shipowners Association to ensure that every Bahamian-flagged ship will have a trained Bahamian on board – also an integral part of the training process and career development within the sector.

The Bahamas Maritime Authority (BMA), established in July 1995, has become a powerful voice in world shipping and influences the development of policies and legislation both nationally and on the international stage. The Bahamas Ship Registry is ranked third largest in the world, with some 1,650 vessels representing a gross tonnage of more than 53 million tons. It is ranked number one for cruise ship registration.

Bahamas Landfall: Rediscovering The Bahamas will update participants on developments in the international financial services industry in The Bahamas; Grand Bahama and the maritime sector; and residency and second home ownership. An update on the Tax Information Exchange Agreement (TIEA) between The Bahamas and Canada also will be provided.

"We are very pleased with the interest in the seminar by the financial and business community in Toronto," said Wendy Warren, BFSB's CEO and Executive Director. "The Canadian economy weathered the recent recession much better than most countries and continues to do well. I think it's clear through the expected turnout that The Bahamas is being viewed with great interest as a location for investment and financial service opportunities."

A similar workshop was held in Calgary at The Petroleum Club on Monday, March 28 for financial and business professionals.

BFSB's Bahamas Landfall workshops were organized to coincide with a trade and investment mission to Canada led by the Rt. Hon. Prime Minister Hubert Ingraham, who also attended the Annual Meetings of the Inter-American Development Bank (IDB) which took place in Calgary.

Toronto's Bahamas Landfall event, and the one in Calgary, is receiving sponsorship support form Ansbacher Bahamas, ATC Trustees (Bahamas) Limited, Butterfield Bank (Bahamas) Limited, IP Solutions International, KPMG, Premier Fund Services, PricewaterhouseCoopers, RBC Private Wealth Management and Scotiabank.

The speaker lineup is impressive. From the lead presenter, Min. Zhivargo Laing who will speak to Grand Bahama as a Light Industry, Transshipment & Maritime Hub through to the concluding presenter, Attorney General John Delaney, seminar participants are expected to benefit from a content-rich seminar.

Technical presentations will address the Securities Industry, Investment Funds Services, Estate Planning, Infrastructure and Business Environment, and the benefits to be derived from the Bahamas-Canada Tax Information Exchange Agreement. These presentations, along with corporate testimonials, will be given by Aliya Allen, Graham Thompson & Co.; Barry Malcolm, Scotiabank (Bahamas) Ltd.; Carlton Mortier, Ansbacher Bahamas; Edison Sumner, IP Solutions International Ltd.; Julien Martel, Butterfield Bank (Bahamas) Ltd.; Kevin Seymour, PricewaterhouseCoopers; Paul Winder, ATC Trustees (Bahamas) Ltd.; Simon Townsend, KPMG Bahamas; and Terah Rahming, Premier Fund Services.

Twenty two individuals representing various Bahamian financial and business firms will be in Toronto for the BFSB seminar.

The scholarship is inclusive of tuition, fees, course material, accommodation, and transportation costs. Commencing in September 2011, the successful candidate will follow a 4-year degree programme at the State University of New York (SUNY). Upon completion of the degree,. the qualified officer will be expected to serve on board a Bahamian flagged vessel for at least 2 years, providing the solid foundation upon which to build a maritime career.

Further information can be obtained from the Bahamas Maritime Authority at its West Bay Street Nassau Office. Deadline for application is March 31, 2011, with interviews taking place in Nassau during the first week in May.

The Prime Minister spoke to the impressive Bahamas Ship Register, one of the largest fleets in the world with over 52 million in gross tonnage, and the anticipated growth of a Mega Yacht Registry. The Yacht Registry was launched in the fall of 2010.

He used this opportunity of addressing the impressive mix of international and domestic maritime industry professionals and investors on The Bahamas’ position as one of the world’s premier centres for international services. “We are a stable democracy with a sound legal system and an independent judiciary. We are a low-tax jurisdiction with no taxes on income, wealth or inheritance, and our currency is held at parity with the US dollar. The continuity, consistency and commitment we offer in providing financial services strengthen our appeal as a financial centre and create an attractive environment for business. We believe that we offer some of the best operating conditions required for businesses to operate satisfactorily and profitably.”

For all these reasons, he said, ship-owners, managers and or operators looking for a home for their business need look no further than The Bahamas; a number of shipping companies have already done so. “We constantly seek to improve our maritime services and products. And we also developed essential support industries, such as, finance, insurance, ship brokers, and expert maritime legal expertise.”

Conference Theme

The Theme for BIMCATS 2011 is "The Mariner: Building on the Year of the Seafarer". The Prime Minister noted that underlying all of the nation’s efforts is a commitment to quality. “We aim to attract the top-end of the market in every field we operate. When we set out to attract ships to our fleet, we look for the quality owner with ships of which we can be proud. But, a top quality fleet needs top quality seafarers.” He said, therefore, that the theme of the Conference is particularly relevant.

The Bahamas has recognized the importance and the urgency of training Bahamians to perform in the full spectrum of maritime activities; an ongoing goal is to develop a core of highly qualified and experienced mariners capable of assuming leading roles both in the Bahamian and international shipping industries. The Bahamas Maritime Authority and The Bahamas Shipowners Association have sponsored training for both deck and engineer cadets, and a cadet corps has been established to expose young Bahamians to career opportunities in the sector. “We also recognize that ship-owners and operators require other professional services with a maritime bent -- be they experts in finance, insurance, maritime law or other allied industries such as ship’s handlers, shipping agents and a myriad of associated businesses,” the Prime Minister said, noting that The Bahamas would be happy to work with industry partners to enhance and increase opportunities for Bahamians to qualify to fill those needs.

He concluded that shipping, properly regulated and monitored, today is probably the most environmentally-friendly mode of transport; it is almost certainly the most economical. Reports indicate that over 90% of world trade is carried by sea; the vast majority is carried safely, cleanly and economically in ships that are of excellent quality.

Maritime Sector Developments

BIMCATS has gained in importance to the development of the maritime sector and, in fact, to the overall economy of The Bahamas as the cluster of maritime-related business expands. Specifically,

• Hutchison Whampoa’s Freeport Harbour and Container Port, has the deepest berths in the region, and serves as a major container transshipment hub for the eastern seaboard of the US and as the principal east-west line-haul route through the region.

• Freeport is host to a large ship care facility with three floating dry docks able to receive for repairs and refurbishment, the largest cruise ships afloat, commercial cargo ships and mega yachts.

• Freeport and Grand Bahama Island host two significant fuel and crude oil storage and transshipment terminals. At BORCO, recently acquired by US-based Buckeye at the princely sum of $1.7 billion, some $400 million are being invested in an enlarged storage facility, which is already the largest in the region with a 20 million barrel capacity but which will be increased further to 30 million barrels in the years ahead. The facility has the ability to blend and transship crude oil, bunker fuel and other petroleum products.

• The ship repair facility has full accreditation from Lloyd's Register Quality Assurance Inc., under the relevant ISO standards for quality and the environment. Not only do these standards represent an internationally acclaimed benchmark, being held by very few ship repair yards globally, but the yard is considered by industry experts to have the most advanced environmental treatment scheme of any shipyard in the world. It contributes around B$40 million to the local economy each year. As early as 2002 it was named as ‘Shipyard of the Year’.

• In both Freeport and Nassau there are extensive cruise ship facilities which handle many of the world's largest ships every day. The Bahamas is one of the principal cruise destinations in the Caribbean region and several of the largest cruise ship companies have their own facilities on Family Islands.

The expansion of the authority, and of the yacht sector itself, resulted in the need for a more focused and autonomous infrastructure dedicated to this area. The authority was formed in 1995 to administer the Bahamas Ship Register, which currently constitutes one of the largest in terms of tonnage worldwide. The authority has offices in Nassau, London and New York, representative offices in Piraeus and Leer, and an agency in Tokyo. The authority recently opened an office in Hong Kong and plans are afoot to open an office in Greece.

The Bahamas is perhaps best known for its cruise passenger ships. However, the Ship Register encompasses a wide range of vessel types. The majority of vessels on the register are tankers or general cargo and bulk carriers, but containers, offshore support vessels, reefers, passenger ferries and roll-on/roll-off cargo ships also feature. The authority always has registered yachts, but traditionally within the confines of the general Ship Registry.

Under the previous system, the registration, survey and management of yachts was regulated by the Bahamas Maritime Authority Bulletin 102, which largely applies the provisions of the UK Maritime and Coastguard Agency Large Commercial Yacht Code for yachts over 24 metres load line length. However, vessels in commercial or non-commercial use for sport or pleasure did not fall easily within a particular class and safety standards did not always apply.

The new Bahamas Yacht Code, which is now being passed through Parliament, will govern the registration of commercial yachts which:

• are at least 24 metres in load line length;

• weigh less than 3,000 gross tons;

• are in commercial use for sport and pleasure;

• do not carry cargo; and

• carry no more than 12 passengers.

The code will govern safety standards, security and the prevention of pollution. The code is still mainly based on the UK code, with a few minor exceptions. Non-commercial pleasure yachts will be urged to adhere to these standards. Yachts which are shorter than 24 metres long will be governed by the UK Small Commercial Vessel and Pilot Boat Code of Practice. Bulletin 102 will also be updated accordingly.

The registry will enable a new numbering and more appropriate classification system to be introduced for yachts. An expert team of yacht surveyors, along with the authority technical team, will be available to assist with yacht owners' survey and safety issues.

The addition of the Bahamas Yacht Registry adds a new dynamic and quality component to an already well-rounded, well-developed and expansive ship registry system.