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2005
2005, June 18: Kingston Wharves Limited (KWL),
the private company which operates Jamaica’s main domestic wharves, is to spend
almost over USD30 million over the next nine months to expand and upgrade its
facilities.
 Its
chairman and chief executive officer, Grantley Stephenson, was quoted in a local
(Gleaner) newspaper: "There will be a rehabilitation of berths eight and nine to
accommodate larger ships and the demolition of warehouses on the terminal and
relocating the operations to a single warehouse on Ashenheim Road."
Once the rehabilitation of Berth 8 and Berth 9
are completed, deeper channels will be created, allowing Kingston Wharves to be
in "in a position to seek new shipping lines."
Mr.
Stephenson was speaking at KWL's annual general meeting, which was held on
Wednesday June 15, 2005 at the Jamaica Conference Centre in downtown Kingston.
He said the project "will lead to (creation of) an additional six acres of
container storage," to accommodate growing container volumes. A third phase of
the group's expansion involves the acquisition of additional land in Newport
West.
Grantley Stephenson
The cost of the expansion will be covered by debt
financing. According to the CEO, Kingston Wharves is studying four or five
proposals from finance companies. About US$25 million will be spent on the
rehabilitation of berths eight and nine while the remainder will be spent on the
relocation to nearby Ashenheim Road.
The CEO noted that there has been a 315 per cent
increase in the company's training budget for 2005. In this regard, the company
has brought in a human resources specialist to spearhead its investment in human
capital.
In reviewing the KWL group's performance for 2004
vis-a-vis 2003 Mr. Stephenson reported a 32 per cent increase in revenue and
controlled expenses, which grew by only 16 per cent.
The Kingston Wharves group also includes Security
Administrators Limited (SAL) and Harbour Cold Stores. Its terminal operations
are responsible for 76 per cent of the group's profits while SAL and Harbour
Cold Stores contribute 10 and 14 per cent, respectively.
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