The Cayman Islands Government selected VIPP (Verdant Isle Port Partners) as the preferred bidder for a proposed cruise berthing facility and enhancement to cargo facilities in George Town Harbour. The government announced that the cruise and cargo port will cost around KYD 200 million (USD 240 million).
VIPP is a consortium that consists of cruise companies Royal Caribbean Cruises and Carnival Cruise Line, as well as construction companies Orion Marine Construction and McAlpine. The consortium will fund the project via capital from the 2 cruise lines along with a loan from FirstCaribbean International Bank. In return, the companies will levy a cruise passenger fee of around US$8 per head for every visitor to the islands.
The arrangement is expected to bring about KYD 333 million (US$ 400 million) for the companies over the project's 25-year-lifespan, based on an estimated 2 million passenger arrivals annually.
CBF will comprise 2-finger piers built on pilings to allow the sea and marine life to move underneath.
The project will be carried out under a DBFM (design, build, finance and maintain) arrangement. The port authority will go on operating and managing the facility.
According to Premier Alden McLaughlin, work will not begin until mid-2020. Construction is due to take two-and-a-half years to finish.