Fiji business briefs: Port Denarau Marina, Lautoka Port, BSP Convertible notes

The United States is contributing US$2 million (FJ$4.07 million) to the Pacific Financial Technical Assistance Center (PFTAC). First established in 1993 to promote macro-financial stability in the Pacific island countries through technical assistance and training, PFTAC was the first of the International Monetary Fund regional technical assistance centers. The goal of PFTAC is to strengthen the institutional capacity of Pacific countries to design and implement sound macroeconomic and financial policies.

Port Denarau Marina is a finalist in the Best Superyacht Marina Australasia category of the ACREW Superyacht Business Awards 2020. The nomination is based on captain and crew experiences for the last season. The Best Superyacht Marina Award recognises the marina for providing the best standard of services and facilities to Superyacht Captains & Crew. The marina is also praised for their willingness to assist Superyacht guests; ensuring a comfortable and enjoyable stay. Voting is now open for ACREW’s some 15,000 members.

BSP Convertible Notes Limited (BCN) has reported a profit after income tax of F$2,606,665.00 for the year ended 31 December 2020. BCN was incorporated in April 2010 to facilitate the issuance of convertible notes to Fiji investors. The holders of the Fiji class shares receive dividends equivalent to the dividends that will be paid on BSP ordinary shares listed on Port Moresby Stock Exchange, expressed in Fiji Dollars.

Work will soon commence on Lautoka Yard 3, an extension to busy Lautoka Wharf following a groundbreaking ceremony yesterday. Fiji Ports Chair Shaheen Ali told officials at the ceremony that the pandemic saw a reduction of Fiji’s re-exports in 2020, by 38%, as well as reduced imports by 34% compared to the same period in 2019. The silver lining is, our balance of trade deficit has narrowed by 44%.

“The 8.2-million-dollar investment in this container yard (Yard 3) could not be timelier. It will increase the ability of Lautoka Port to store up to approximately 1,260 containers in this new facility. Lautoka Port capacity is approximately 40,000 TEUs (twenty-foot equivalent unit). This will therefore significantly boost our ability and ambition to trade and be the transshipment hub in the Pacific.”

China Railway First Group won the contract for this work.