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Guyana’s move to expand its port facilities to accommodate larger vessels will drive down consumer prices for goods, according to Minister of Public Utilities and Aviation Deodat Indar. Speaking during an event to commemorate International World Maritime Day on Thursday, Minister Indar underscored the importance of the maritime sector to the country’s economy as he outlined plans to modernise the sector. “The global maritime industry itself is on a growth trajectory, projected to exceed 4.2 trillion by 2031. And as trade volume rises, regulation and the need for it also increases…this aligns with Guyana’s own rapid development, where the inflow of larger vessels with higher growth tonnage is already placing surmounting pressure on the infrastructure that we have. That is why we are expanding areas of the river inside, in terms of the width,” the minister outlined. He explained that efforts are underway to deepen channels in Guyana to accommodate larger vessels like the Panamax, a ship sized to pass through the original, smaller locks of the Panama Canal, meaning it has maximum dimensions of about 965 feet (294 meters) in length, 106 feet (32.3 meters) in width, and a draft of roughly 39.5 feet (12 meters). “These vessels are large vessels, and because they carry larger volume, they carry down unit costs, unit freight costs. In that way, we can bring down the cost of importation, thus reducing prices on the supermarket shelves for consumable goods. Whether it’s clothing, whether it’s construction material, whether it’s finished product like electronics, you name it,” Minister Indar highlighted. He also pointed to the need for dry docking facilities in the country when these vessels start passing through Guyana. “…so that they can deal with the higher tonnage of vessels to dry dock them, so that they can be redeployed right here in Guyana, saving operators from mobilization…and remobilisation costs,” Indar noted. Additionally, he said the government is working to improve the legislative framework for the sector. “We are modernising the regulative and the laws that govern port facilities. It is our mandate that Guyana should have a Port Authority, and we are working towards that, so that it brings us on par with other port authorities across the globe,” he stated. According to Minister Indar, there needs to be uniformity among ports, especially where security is concerned. “We are working in that step to ensure that the things that come into our country and leave our country are not contraband, so that we can protect the image of the maritime sector and Guyana as a whole. So, therefore, a reformed Port Act and the establishment of an independent Port Authority, we have to set up, and that will ensure transparency, accountability, and world-class efficiency across all maritime operations,” the minister noted. Minister Indar also pointed to long touted plans to develop a deep-water harbour in Guyana. “Steady work has been done on the deepwater port that we intend to put in the Berbice area. The deepwater port will position Guyana and trade in a way that we have never seen it before. That is why it is now driving the need for more infrastructure to connect Brazil to the shipping port in Berbice,” he highlighted. Noting that the global shipping industry facilitates around 80% of the international trade, the minister posited that the maritime sector is a significant generator of wealth for Guyana. “It is coupled with the petroleum activities that we have, where you now have four FPSOs, about five drill ships, around 60 to 70 ocean-going vessels, either construction vessels or platform supply vessels or anchor handlers, tubs, you name it, it is here in Guyana, and the Maritime Administration Department, they have to interface with these international companies on a daily basis,” he expressed. “I would say that the local maritime industry has been around a long time, but these days, because we have found oil in 2015 and production started in 2019, and then it’s now ramping up at a breakneck speed, the maritime sector is very important to Guyana’s economic prosperity,” the minister added. In this regard, he noted that the goal is to position Guyana as a maritime hub in the region. “…as a transshipment port, as a place where we can do industrial zones, packaging, reassembling, repackaging of containers, forward shipping, you name it, the whole gamut. We are mandated to make Guyana that place,” he affirmed. RELATED ARTICLES
