The Bahamas Maritime Authority (BMA) saw a decrease in revenue of eight per cent in the fiscal year from 2017-2018.
This comes from the Authority’s annual report released yesterday, showing a dive in figures from $17,550,039 to $16,145,203 – totaling a decrease of $1,404833.
The BMA attributes this decrease to a decrease in receipts from the sale of seaman’s documentations.
Additionally, the net operating cost of the Authority for 2018 stood at $9,760,532 – an increase of $1,663,517 or 21 per cent in comparison to 2017’s costs of $8,097,015.
Total expenditure increased to $9.76 million, which is from $8.097 million in 2017.
The board also reported that during the fiscal year, 97 vessels of 4.22 million gross tons joined the register in comparison to 83 in 2017.
Ninety-seven vessels of 2.78 million gross tons were deleted from 122 vessels of 4.48 million gross tons in 2017.
It also reported a net increase of 1.44 million gross tons.
Altogether, the total number of vessels as at June 30th 2018 was 1,567 –64.15 million gross tons with the country ranking 7th in the world for the largest flag, with its ship ownership base being global and encompassing all sectors.
The report also boasted in the country, cementing its leadership in the passenger ship market where it has the largest number of cruise ships.
It added that the expertise in technological advanced ships is further supported by the increase of gas carriers and offshore units, placing the country as one of the top registers for this market.
Over the past year, The Bahamas Maritime Investigations Department noted that it handled a total of 732 marine incidents, 13 of which , it said, were severe enough to warrant a full marine safety investigation.
During this period, the report indicated that 12 marine safety investigation reports were published with recommendations and lessons to be learned were identified to improve safety.
A major investigation, it noted, includes an incident occurring in Exuma on June 30th last year where one American citizen lost her life along with a number of individuals sustaining injuries on board a locally operated and owned charter boat.
