US$14M Investment in Mobile Harbour Cranes for Enhanced Port Services in Guyana

Local shipping companies Muneshwers Limited and John Fernandes Limited have partnered to enhance port services in Guyana through the acquisition of two mobile harbour cranes, representing a significant US$14 million investment. This initiative has been celebrated as a major win for local content within the country.

The cranes were procured at a cost of US$8 million, with an additional US$6 million allocated for connecting the berths of both companies at their adjacent Water Street, Georgetown wharf facilities to accommodate the new machinery. During the commissioning ceremony held on Friday, Philip Fernandes, CEO of John Fernandes Limited, emphasized that this acquisition marks a pivotal step towards modernizing Guyana’s port services.

Historically, vessels arriving at local ports required cranes onboard to load and off-load cargo. With the introduction of the two mobile harbour cranes, named ‘Atlas’ and ‘Hercules’, this operation will now change. The cranes are specifically designed to service Panamax class vessels, boasting a working radius of 49 metres and a lifting capacity of 125 tonnes. This advancement means that gearless vessels, which lack onboard cranes, can now dock at Guyana’s ports for loading and unloading, resulting in faster and safer operational procedures.

Fernandes expressed optimism about Guyana’s business climate, which is seen as flourishing, largely due to government support. “This is a crucial first step in modernizing industry in Guyana and upgrading our facilities for future demands,” he stated.

The partnership between Muneshwers Limited and John Fernandes Limited previously led to the establishment of Cranes Guyana Inc, the entity responsible for the procurement of the mobile harbour cranes. Robin Muneshwer, Executive Director of Muneshwers Limited, highlighted that these cranes symbolize the future of Guyana’s shipping industry, reinforcing the need for a national port to accommodate the growing demands of the sector.

President Dr. Irfaan Ali and Finance Minister Dr. Ashni Singh were present at the commissioning, with President Ali praising the joint venture as a vital win for local content. He noted that this collaboration showcases the proactive efforts of local businesses to remain competitive amid evolving market demands.

“This investment is a significant boost for our country and for these two companies, demonstrating Guyanese businesses’ capability to innovate and expand,” said President Ali. He emphasized that the formation of Cranes Guyana Inc illustrates the importance of collaboration among local companies to thrive in a competitive and capital-intensive environment.

The President called for a shift in mindset among local businesses towards larger-scale operations, stating that the rapid growth of the oil and gas sector necessitates a more expansive approach. He reassured that the government will continue to foster an environment conducive to similar investments, aiming to establish Guyana as a regional transport and logistics hub.

The financing for the cranes was provided by the Inter-American Development Bank (IDB). IDB country representative Lorena Solórzano Salazar commended the partnership between the two companies, stating that their commitment will lead to significant improvements in efficiency within the transport and logistics sectors, ultimately supporting the country’s economic growth.

As the celebration of this achievement continues, the IDB reaffirmed its dedication to supporting private sector development in Guyana, highlighting the importance of such strategic investments in driving progress.