Maritime Services

Maritime Services

Our robust maritime infrastructure, strategic geographic location, specialized value chain and ecosystem provide the right environment for your commercial maritime operations or leisure marine activities.  

Investment Opportunities

Lay-up of Vessels

T&T’s naturally sheltered, deep harbor in the Gulf of Paria makes it a preferred location for the storage of ships. This will be particularly useful to oil and gas services companies during periods of a business slowdown. There are designated maritime zones for lay-ups which attract competitive fee structures:

  • Cold lay-up - suitable for vessels up to 5 years out of service. In this lay-up condition, vessel crewing is in line with emergency requirements to deal with fire, flooding, mooring and security watch.
  • Warm lay-up - suitable for vessels up to 12 months out of service. In this condition, vessel crewing is reduced to below the trading limit and in agreement with the Flag State, Classification Society, insurers and local authorities.
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Offshore Bulk Transshipment

Opportunities exist in designated maritime zones in the Gulf of Paria for the establishment of offshore transshipment operations – bulk commodities and energy-related products. Investors will benefit from Trinidad and Tobago’s proximity to source markets in South America, a well-developed maritime infrastructure as well as industry support mechanisms.

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Ship Repair & Dry-docking Services

There are several ship repair facilities located in Trinidad including one dry dock facility with a lifting capacity of 23,000 metric tonnes (MT) and an overall length of 230 meters. Opportunities exist for investors to engage in joint ventures to expand existing facilities or for greenfield investment to develop new facilities to cater for the increasing demand for ship repair services in the region.

Industry Facts

  • Naturally sheltered deep water harbor
  • Lowest downtime impact of the hurricane season, in the Caribbean
  • Specialized workforce – well established maritime service providers & technical level training options
  • 5 ports - includes 2 international container ports
  • 8 Marinas within the Chaguaramas Maritime Cluster
  • Existing bunkering facilities

Key stakeholders

Facilities

Commercial Marine

Increased activity in the manufacturing sector and requisite growth in import/export trade has led to growth in the Commercial Maritime services industry. Trinidad and Tobago is now a strategic transshipment sub-hub for exporters wishing to target other smaller Caribbean islands and the mainland in South America.

Leisure Marine

The country’s leisure marine activities are concentrated in the Chaguaramas cluster tucked in the north-western peninsula of Trinidad. 

Key to this cluster is the Chaguaramas Bay which is an exceptionally sheltered natural harbour. It is one of the best locations in the Caribbean for yacht storage and repair centres.

 

  • 8 marinas/boatyards
  • The industry is serviced by approximately 470 in-water berths with available accommodation for an estimated 1000 yachts on land
  • It is export oriented with an average 70% to 80% of its sales going to transient yachts
  • About 180 companies throughout Trinidad cater to the yachting industry

Incentives

Import Duty Concessions

Locally registered firms engaged in ship building and ship repair are allowed duty free treatment on their machinery, equipment and materials for use in the boat and ship building and repairs industry.

Value Added Tax Exemption

Repair services for ships involved in commercial maritime are exempt from VAT under the provisions of the Value Added Tax Act

Training Allowance

Companies are allowed expenses reasonably incurred in the training and retraining of employees up to 150% of such expenditure under Section 10E of the Corporation Tax Act, Chapter 75:02.

Yachting Allowances

Under the Corporate Tax Act, any company which promotes or sponsors yachting will be allowed an allowance equal to 150% of the actual expenditure incurred in respect of such promotion or sponsorship, up to a maximum of $450,000.

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Investments

TEL: +1 868 225 4688FAX: +1 868 225 5820