• One of the largest port terminals in the English-speaking Caribbean, Kingston Wharves Limited, outlined its strategy to fuel growth for the remainder of 2026 in its 2025 Annual report.
• The company is focusing on building a scalable, future-ready logistics division with regional reach, underpinned by strong leadership, advanced digital systems, and a deeply customer-centric approach.
• The development of a western bonded warehouse and logistics hub, strategically positioned to support tourism expansion, hurricane reconstruction efforts, and broader import-driven economic growth, is a key initiative. It also aims to strengthen its logistics market share by delivering faster turnaround times and maintaining high service standards. This will be supported by its pursuit of ISO 9001¹ certification to embed quality, transparency, and operational excellence.
• It is pursuing operational enhancements, including automation of delivery processes and the introduction of dedicated customs inspection lanes, all designed to create a smoother, more efficient cargo flow and an improved end-to-end customer experience. KWL will also invest heavily in its motor vehicle and container segments, expanding storage capacity, optimising yard space, and undertaking key infrastructure and climate-resilience projects to drive long-term efficiency, sustainability, and financial performance.
• Overall, KWL appears well-positioned to deliver steady growth, coming off a solid year where it grew earnings by 33.2%. This should be supported by major partnerships with key partners in the logistics business, including its 27% acquired stake in Montego Bay-Based Cargo Handlers Limited and a partnership with international furniture and fixture logistics provider, Logistics Plus Limited. Management deems these developments to be major moves to extend the company’s logistics footprint, enhance capacity, bolster competitiveness and expand market share.
• However, execution and external factors such as global trade conditions and climate risks will remain important considerations. Furthermore, if a conclusion to the war in the Middle East does not materialise and the Strait of Hormuz remains closed, it could further disrupt global supply chains and reduce economic activity, causing headwinds for its terminal operations.
• At the market close on Tuesday, May 5, 2026, KWL’s stock price had appreciated 8.4% since the start of the year to J$37.35. At this price, KWL trades at a Price-to-Earnings (P/E) ratio of 15.1x, which is below the Main Market Energy, Industrials and Materials (EIM) Sector median of 18.6x.

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¹Being ISO 9001 certified signals that it has structured systems in place to improve efficiency, reduce errors, and maintain high service standards over time.

(Sources: JSE & NCBCM Research)

• Jamaica is set to expand its airlift from Canada with the introduction of new direct routes by Porter Airlines to Sangster International Airport in Montego Bay, adding nearly 5,000 seats to the market for the 2026–27 winter tourist season.
• The service will connect Montego Bay with three major Canadian gateways, Toronto, Ottawa and Hamilton, marking a significant boost in accessibility for Canadian travellers. Tourism officials say the move reflects growing demand for Caribbean travel, particularly from Canada, one of Jamaica’s key source markets.
• Minister of Tourism Edmund Bartlett described the development as a strong endorsement of the island’s appeal. “This new airlift from Porter Airlines is a powerful affirmation of Jamaica’s standing as Canada’s premier winter sun destination,” Bartlett said. “Connecting Montego Bay directly to Toronto, Ottawa and — for the first time for Porter — Hamilton opens our island to an even wider circle of Canadian visitors.
• With Canada accounting for 19.0% of Jamaica’s tourist arrivals, second only to the United States at 37.5%, the introduction of new airlines could provide a meaningful boost to travel to the island, particularly in light of the 29.6% decline in tourist arrivals since the start of the year.
• While this presents a valuable opportunity for the tourism industry, there are notable risks ahead. The ongoing conflict in the Middle East has driven up jet fuel prices, which could significantly increase airfare and overall travel costs and dampen demand.
• This surge in fuel costs has been weighing heavily on the aviation sector. The financial strain is already evident, with at least one airline, Spirit Airlines, having ceased operations, while for JetBlue Airways, plagued by approximately $9Bn in debt and six years of financial losses, it could be the proverbial straw that breaks the camel’s back. Given that both of these carriers play a significant role in connecting Jamaica to our primary source markets, the United States, this could have far-reaching implications for the tourism sector, which relies heavily on consistent and affordable airlift to sustain visitor arrivals and overall industry growth.
• Nonetheless, with the US and Iran appearing to edge closer to a deal to end the War, fuel prices are likely to come down and could provide much-needed relief to the industry’s bottom line.

(Sources: Caribbean National Weekly & NCBCM Research)

• Venezuela and Guyana revived their ongoing territorial dispute over the oil-rich Essequibo region with public hearings at the International Court of Justice in The Hague on Monday, May 4, 2026, marking a significant stage in a case filed by Guyana in 2018. Guyana seeks to uphold the 1899 Arbitral Award, which established the current border.
• However, Venezuela continues to reject the ruling as invalid and argues the matter should be resolved through bilateral negotiations under the 1966 Geneva Agreement. Guyana's foreign minister, Hugh Hilton Todd, described the case as of "existential importance," saying Venezuela's claim affects more than 70% of his country's sovereign territory. Local media, including the Guyana Chronicle and Stabroek News, have warned that losing Essequibo would "dismember" the nation, costing land, population and national heritage.
• Venezuela's delegation, led by Foreign Minister Yván Gil, is attending the hearings to "present its historical truth," according to a statement posted on X. The government reiterated that it does not recognise the court's jurisdiction over the dispute. Caracas maintains that while it will participate in proceedings, the Geneva Agreement remains in force and requires both countries to resolve the dispute through mutually agreed negotiations.
• The Essequibo region, covering about 62 square miles, has gained global strategic importance due to its vast natural resources. The offshore Stabroek Block alone is estimated to hold more than 11 billion barrels of oil, helping drive Guyana's rapid economic growth. Beyond oil and natural gas, the territory contains deposits of gold, diamonds and bauxite, as well as critical biodiversity within the Guiana Shield. In 2023, Venezuela held a referendum aimed at reinforcing its domestic and international position on creating a new Venezuelan state called "Guayana Esequiba."
• The referendum triggered strong international concern and heightened tensions with Guyana, which denounced the process as an attempt at unilateral annexation and a direct threat to regional peace amid ongoing legal proceedings in The Hague. After the capture of President Nicolás Maduro in a U.S. military operation in January, the interim government led by Delcy Rodríguez has maintained Venezuela's longstanding territorial claim.
• Rodríguez, who previously oversaw the case before the court, has used nationalist imagery, including maps depicting Venezuela with Essequibo, during public appearances. Guyana has filed formal complaints over those displays. Under the court's schedule, Guyana was to present its arguments for six hours on Monday before the panel of 15 judges. Venezuela is to respond on Wednesday (May 6th). Guyana will present on Friday again, with Venezuela to deliver the closing arguments on May 11.

(Source: News.AZ)

• Caribbean cruise tourism is undergoing a major transformation in 2026 as fuel cost volatility disrupts traditional sailing patterns and port connectivity. Governments across the Bahamas, Barbados, the Dominican Republic, Trinidad and Tobago, etc., are responding with urgent diversification strategies to retain cruise traffic and protect tourism revenue.
• Rising bunker fuel prices and global oil market instability are significantly increasing cruise operating costs, forcing cruise lines to shorten Caribbean itineraries, reduce port calls, and prioritise high-revenue destinations. This shift is disrupting cruise tourism flows, port activity, and regional travel economy growth across fuel-sensitive Caribbean routes.
• Of note, cruise lines are reducing voyage durations and consolidating Caribbean routes by focusing on fewer, high-yield ports to offset rising fuel costs. This rationalisation has resulted in the reduction of multi-destination itineraries and a decline in cruise calls to secondary ports across the region.
• The shift has reduced the viability of smaller Caribbean ports that rely on volume rather than high-value spending. Shorter itineraries align with changing consumer preferences for flexible travel. However, this trend reduces geographic distribution of cruise benefits, concentrating economic gains in fewer destinations while leaving secondary ports vulnerable to declining traffic.
• To counter this, Caribbean nations are introducing port fee adjustments, enhancing infrastructure, and coordinating regionally to maintain competitiveness in global cruise tourism markets. For example, the Government of The Bahamas has invested over $300Mn in the redevelopment of Nassau Cruise Port, transforming it into a world-class facility. This includes expanded berthing capacity, modernised terminals, and improved passenger flow systems.
• Similarly, Barbados is shifting toward premium cruise tourism by targeting high-spending travellers and upgrading port facilities to maximise revenue despite reduced cruise call volumes. The Dominican Republic is also expanding port capacity and diversifying cruise destinations to attract larger vessels and maintain strong passenger growth despite itinerary reductions. Of note, the Dominican Republic has emerged as one of the fastest-growing cruise destinations in the Caribbean, supported by government-backed investments in port infrastructure.
• On the flip side, Trinidad and Tobago is reducing reliance on cruise tourism by expanding air travel, cultural tourism, and eco-tourism to stabilise tourism revenue amid cruise market uncertainty. The Ministry of Tourism is also implementing a diversified tourism strategy to reduce dependence on cruise arrivals. Investments in cultural events, festivals, and eco-tourism are aimed at attracting a broader visitor base. Improved air connectivity is also supporting inbound tourism growth. This multi-pronged approach is set to enhance resilience against external shocks like fuel price volatility.

(Source: Travel and Tour World)

• Oil prices plunged on Wednesday morning, May 6, 2026, on news that the US and Iran may be within striking distance of a deal to end the war in Iran that has wracked the global energy market. Futures on Brent crude, the international benchmark, fell by as much as 11% to briefly dip below $100 per barrel before regaining the level, after only a week ago crossing $126 per barrel.
• The precipitous drop in oil prices comes after reports that Washington and Tehran may be close to reaching an agreement to end the war, now in its third month, and reopen the Strait of Hormuz. Key provisions of the deal in progress include a moratorium on Tehran’s nuclear enrichment program, US agreements to lift sanctions on Iran and release billions of dollars in frozen funds, and commitments from both sides to reopen the Strait of Hormuz and allow commercial traffic to restart.
• Iran is expected to send a response to the US proposal through mediator nation Pakistan within the next two days, Bloomberg reported. Ebrahim Rezaei, the spokesperson for Iran’s National Security and Foreign Policy Commission, said Wednesday that the terms reported by Axios represent an American “wish list,” and that Tehran is prepared to respond militarily if its own demands aren’t met.
• The news comes after President Trump said Tuesday night that he was ending “Project Freedom,” the White House’s public operation to guide vessels out of the Persian Gulf through Omani waters, after announcing the plan only two days prior on Sunday, May 3, 2026.
• If both sides agreed on the preliminary deal, that would start the clock on 30 days of detailed negotiations to reach a full agreement. The full agreement would include the U.S. lifting sanctions and releasing frozen Iranian funds, Iran and the United States lifting competing blockades on the Strait of Hormuz, and curbs on Iran's nuclear programme, to seek a pause or moratorium on Iranian enrichment of uranium.
• That said, even if the US were to reach a deal with Iran and both sides were to agree to a reopening of the Strait of Hormuz, it is likely to still take months for the global energy system to normalise. The bill for repairs to critical energy infrastructure has surpassed $50Bn, according to Rystad Energy, and shipowners will be loath to face the risk of re-escalatory military action by Iran.

(Sources: Reuters & Yahoo Finance)

• British government bond yields dropped sharply on Wednesday, May 6, 2026, as investors scaled back their bets on interest rate hikes after officials in Pakistan said the ​United States and Iran were closing in on a one-page memorandum to end the ‌war.
• Financial markets trimmed their expectations for ​increases in borrowing costs by the Bank of England (BoE) this year, pricing in 49 ​bps of interest rate hikes, equivalent to two quarter-point rises.
• Two-year gilt yields, which are sensitive to interest rate expectations, slumped 18 basis points to 4.339% on Wednesday morning and were on course for the biggest daily drop in almost a month. Longer-dated yields also fell, ⁠with the 10-year yield falling as much as 15 bps to 4.905%, the lowest since ​April 23. Thirty-year gilt yields were down 14 bps. That contrasted with moves on Tuesday, when ​30-year gilt yields rose to their highest since 1998.
• Since the start of the U.S.-Israeli war on Iran in late ​February, British bond prices have slumped and fallen further as an agreement to reopen the Strait of Hormuz did not ​materialise. However, the U.S. and Iran are nearing a deal to end the war soon, according to reports on Wednesday, May 6, 2026.
• Investors viewed the reports of a possible deal to end the war, which triggered a sharp decline in oil prices, as reducing the risk of another inflation shock, prompting markets to scale back expectations for further BoE tightening and fuelling a broad rally across UK government bonds and equities on Wednesday.

(Sources: Reuters)

• Widely regarded as a leader in Jamaica’s gaming industry, Supreme Ventures Limited (SVL) has taken a step into digital banking through its fintech arm, Supreme Ventures Fintech Limited (SVFL).
• In its 2025 Annual Report, released on May 1, 2026, the company highlighted the Bank of Jamaica’s (BOJ’s) approval of its digital wallet and prepaid card as a key milestone toward secure, inclusive, and convenient payment solutions. The BOJ’s approval signifies that SVL’s digital wallet meets stringent national security, anti-money laundering (AML), and financial stability standards.
• This new addition to its financial services segment is scheduled for launch by the end of 2026 and is anticipated to serve as a key growth driver for the Group. Its impact will be fueled by a strengthened financial ecosystem, enabling greater convenience and a more seamless customer experience.
• While lingering effects of Hurricane Melissa may continue to weigh on some of SVL’s business segments, particularly retail-dependent channels, recent performance suggests that operations are stabilising. Terminal recovery in the lottery segment reached approximately 98%, and its Q1 2026 earnings were up 37.8% to $700.62Mn. Its earnings were supported by steady revenue growth and improved operating efficiency, despite expectations of a slowdown similar to its experience in the aftermath of Hurricane Beryl (July 2024).
• Management expects that continued growth in its fintech arm through ongoing expansions should be accretive to SVL’s bottom line.
• SVL’s stock price was J$16.21 at the market close on Monday, May 4, 2026, down 6.2% since the start of the year. However, the stock has increased by 5.5% since the release of earnings, recovering some of its losses. At this price, SVL trades at a Price-to-Earnings (P/E) ratio of 20.98x, which is below the Main Market average of 24.9x

(Sources: JSE & NCBCM Research)

• The local agro-industrial sector is set to receive a significant boost following a deepening of bilateral relations with Japan, aimed at improving productivity, resilience and export readiness among small enterprises.
• Under a Japan-funded project being implemented by the United Nations Industrial Development Organisation (UNIDO), approximately US$200,000 will be injected into the country’s agro-processing industry.
• The initiative forms part of the wider ‘Industrial Development and Technology Transfer among the member states of the Caribbean Community’ programme, under which Jamaica has been selected as the demonstration country for agro-industrial technology transfer.
• The programme will provide direct support to micro, small and medium-sized enterprises (MSMEs) while also strengthening the capacity of the Jamaica Business Development Corporation (JBDC) to deliver advanced, technology-driven services.
• Utilising a structured, three-pronged approach with a strong focus on incubation support, the initiative will give participating enterprises access to equipment such as steam-jacketed kettles, hammer mills, dehydrators, freeze dryers, density meters, and screw presses, enabling them to scale operations and improve efficiency.
• Acting CEO of the JBDC, Harold Davis, said the initiative, designed to support MSMEs through technology transfer, capacity building, and improved market access, will help businesses compete more effectively.
• Through the application process, being implemented in collaboration with the JBDC, selected enterprises will receive integrated support packages combining access to appropriate equipment and technical advisory services. Special emphasis will be placed on businesses affected by Hurricane Melissa. Highlighting the critical role of MSMEs in Jamaica’s economy, Japan’s Ambassador to Jamaica Kohei Maruyama, said the programme is designed to strengthen their capacity not only to withstand shocks but also to drive inclusive growth.
• The application period, expected to close on May 15, 2026, seeks to welcome eligible applicants that are legally registered manufacturing enterprises operating in Jamaica, particularly within the agro-processing, furniture and wood products, as well as the wellness and cosmeceutical sectors. Women-led and youth-led enterprises are strongly encouraged to apply.

(Source: Ministry of Industry Investment & Commerce)

• The Trinidad and Tobago (T&T) stock market recorded its fourth consecutive year of decline, according to the Central Bank’s latest Annual Economic Survey. In 2025, declines in the Composite Price Index (CPI) deepened, falling 11.8%, driven by a 13.2% drop in the All T&T Index (ATI) and a 7.3% contraction in the Cross Listed Index (CLI). As a result, total stock market capitalisation fell 10.2% to $91.9Bn. Investor pessimism is being fueled by the underperformance of the domestic energy and non-energy sectors, alongside global and domestic uncertainty. For the four (4) years, the index has declined by 54.5%.
• In contrast, the Small and Medium-sized Enterprise (SME) Market index rebounded, recording double-digit gains for most of 2025, though it ended 2025 modestly at 1.6%. Improvements in Eric Solis Marketing Ltd’s performance, and the addition of Medcorp Ltd, the fourth company to be listed on the SME Market, contributed positively to the overall gains observed.
• That said, the performance of regionally-listed stocks deteriorated. The decline in stock exchanges in Barbados and Jamaica contributed to the falls in the CEI. However, stock market capitalisation in Guyana rebounded strongly, increasing by 29.9%.
• Nevertheless, bursts of activity contributed to an overall improvement in turnover. For 2025, the first-tier market observed 129.5Mn (+46.9%) shares exchanged at a value of $994.1Mn (+18.2%), corresponding to a turnover ratio of 1.02 (2024: 0.79). The Conglomerates index recorded the highest trading volume, accounting for 44.5% or 57.6Mn shares, while the Banking index captured 55.6% of total trading value, amounting to $552.4Mn.
• In the bond market, primary debt grew in 2025 despite lower issuances. The local bond market recorded 11 (-31.3%) primary issues at a face value of $11,992.41Mn. up from $10,175.6Mn in 2024. The Government was the only issuer in the market, raising funds for budget support and debt refinancing. Value of trades on the secondary government bond market was also higher, while the volume of trades dipped in 2025. The secondary market recorded 419 (-2.1%) trades at a face value of $262.6Mn. In comparison, a total of 428 trades were recorded at a face value of $96.9Mn in 2024.
• For 2025, the 1-year rate increased by 66 basis points (bps) to 4.60% while the two-year rate jumped by 35bps to 4.65%. During the period, the three-year and five-year rates advanced by 55bps and 39bps to 4.56% and 5.26%, respectively. The benchmark 10-year rate gained 35bps to 5.91%.

(Sources: Trinidad Express Newspapers & NCBCM Research)

• Chile’s Central Bank (BCCh) and Brazil’s Central Bank (BCB) took diverging policy paths last week (April 28th and 29th). The BCCh held its policy rate steady at 4.50%, while the BCB delivered a modest 25 basis point (bps) cut to 14.50%, reflecting different domestic conditions despite the shared global shock.
• Both central banks pointed to the escalating US–Iran conflict as a key driver of uncertainty, with the surge in global oil prices raising concerns about inflation, weakening growth prospects, and increasing the difficulty of setting forward-looking monetary policy.
• In Chile, the impact has been particularly acute due to the government’s decision to allow higher global oil prices to pass through to domestic fuel costs, resulting in a sharp rise in fuel prices and pushing inflation from below target (3.0%) toward a projected 5.2% by the end of 2026.
• The inflation surge comes at a fragile moment for Chile’s economy, which has already shown signs of contraction and rising unemployment. Yet the scale of price pressures is expected to force the BCCh into rate hikes, potentially lifting rates to 5.00% despite the weak growth backdrop.
• In contrast, Brazil has benefited from relatively resilient financial markets and a stronger currency, allowing the BCB to continue its easing cycle, though at a slower and more cautious pace as 2026 inflation forecasts edge higher (4.6% from 3.9% previously) and policymakers grow wary of external risks.
• That said, there are considerable risks to Brazil’s forecasts, given the uncertain global geopolitical environment and the contingency of the view on a Flávio Bolsonaro election win in October. The baseline assumes the majority of easing takes place after the election; if the opposite outcome materialises, there is likely to be a symmetric risk of hikes (particularly in the event of global energy prices remaining elevated).
• For Chile, should the war continue for longer than expected, there are both upside risks to the inflation and interest rate forecasts, given the strong pass-through of inflation into the domestic economy and the risk of destabilised inflation expectations. However, if the US and Iran can reach an accord leading to normalising prices, the BCCh could opt instead to view the external price shock as transitory, which presents little threat to the two-year inflation outlook, leading them to hold the rate at 4.50% through the end of the year.

(Source: BMI, A Fitch Solutions Company)