Port Authority Invests in Montego Bay

  • The Port Authority of Jamaica (PAJ) is investing billions of dollars in the expansion of shipping, logistics, and supply chain capacity in St. James. Senior Vice President of Finance, Information Services, Corporate Planning and Materials Management, Elva Williams-Richards, said that three major projects are being undertaken in the parish. These include the expansion of berth facilities at the Montego Bay Port at a cost of J$1Bn.
  • The works, which are already underway, aim to improve efficiency for cruise and cargo operations. In addition, the Authority will be redesigning and scraping a section of Tony Hart Boulevard, the first phase of which will cost more than half a billion dollars.
  • “These investments enhance the region’s capacity for trade, shipping and logistics, making western Jamaica a more attractive hub for international commerce and supports Jamaica’s goal of becoming a key player in the global supply chain,” she said.
  • Importantly, on March 14, 2025, Caribbean Information and Credit Rating Services Limited (CariCRIS) reaffirmed the assigned Issuer/Corporate credit ratings of CariA- (Foreign Currency Rating) and CariA (Local Currency Rating) on the regional rating scale, and jmAA+ on the Jamaica national scale assigned to PAJ. The ratings indicate that the level of creditworthiness of PAJ relative to other obligors in the Caribbean is good, and when compared to other obligors in Jamaica, is high.
  • CariCRIS also assigned a stable outlook on PAJ, reflecting the high likelihood that PAJ will continue to have profitable operations over the next 12-15 months.
  • This affirmation and stable outlook could enhance the PAJ’s access to funding, which could be used within the business for further expansions. This, coupled with the expectation of improved revenue-generating capabilities based on the number of ongoing upgrade projects, supported by growth conditions in the Jamaican economy, global trade volumes and the global cruise industry, would act as a positive growth driver to the domestic maritime sector and the wider economy.

(Sources: JIS & CariCRIS)