The Board of Directors of Barbados Port Inc. (BPI) has approved a 60% discount on rents to tenants at the Shallow Draught and Careenage, hard hit by revenue slumps as a result of the COVID-19 pandemic.
The discount, which was initially offered for the period April to June when the national shutdown was in force to mitigate against the spread of virus, was extended to cover the period July to September and most recently, October to December 2020.
There are 24 tenants at the Shallow Draught and 59 at the Careenage, among them boat owners, water sports operators and those involved in island tours, pleasure cruising and fishing.
CEO of BPI, Mr. David Jean-Marie, explained, “Even with some ease in travel and leisure activity restrictions, we recognize that these tenants will really be struggling to generate revenue to be viable. This follows the loss of revenues that are unrecoverable with the fall-out of the tourist market and suspended summer activity. The Board therefore supported the requests for rent relief with the discount offer and further extended that offer after considering the less than favourable outlook predicted for the winter tourist season.
BPI recognizes the importance of maintaining occupancy and restoring vibrancy to the waterfront and the implications for economic recovery”, the CEO added.
The rent relief will reduce BPI’s 2020/21 revenues by approximately $600 000.