AGP Executive Report

Cruise Industry & Tourism: Carnival is ramping up America’s 250th celebrations with a fleetwide fireworks plan that includes seven ships converging near Grand Bahama’s new Celebration Key for a July 4 show, while other ships watch San Diego’s Big Bay Boom; locally, Carnival also unveiled its upgraded Bahamas private island, RelaxAway, Half Moon Cay, adding a new pier, trams, eateries and more. Maritime Operations & Safety: Norwegian Bliss cut port time in Alaska after a propulsion issue reduced speed, and the U.S. Coast Guard reported stopping 240 illegal immigrants on an overcrowded, leaking vessel south of the Turks and Caicos. Bahamas Heritage & Research: British divers and Bahamian researchers say shipwrecks tied to the “real-life Pirates of the Caribbean” were found near Nassau, with six wrecks linked to the Golden Age of Piracy. Regional Development & Policy: PM Dr. Godwin Friday used the CDB’s Nassau meeting to push resilience, regional cooperation and climate-linked development financing, while the Caribbean’s healthy food policy push highlighted slow progress on non-communicable diseases. Infrastructure & Governance: Bahamas aviation legal advisers heard calls for modern, resilient legal frameworks, and new government ministries are being formed alongside ongoing debates over funding and delivery.

U.S. Tariff Shock for Bahamian Exports: The Bahamas Commercial Fishers Alliance warns that proposed U.S. Section 301 forced-labour tariffs could hit spiny lobster exports, squeezing a sector already “breaking even” and raising job risk for processors and wholesalers. Forced-Labour Trade Pressure: USTR’s Section 301 findings recommend 12.5% tariffs for The Bahamas and 46 other economies, with public comments invited—raising the stakes for compliance and market access. Maritime Tech Upgrade: The Bahamas Maritime Authority launched a blockchain-secured digital seafarer record book system, aiming to modernize documentation for safer, smoother operations. Aviation Legal Focus: Energy/Utilities/Aviation Minister JoBeth Coleby-Davis urged modern legal frameworks and resilient institutions to support aviation’s role in tourism and emergency response. Budget & Capital Works: Government allocated $51.5m for 2026/27 capital works, including multiple Family Island clinic projects and hospital consultancy support. Homeless Shelter Land Stalled: Great Commission Ministries says its long-planned 100-bed Hope City shelter remains blocked by unresolved land ownership issues despite earlier approvals. Regional Tourism Governance: Turks and Caicos passed a Tourism Authority Bill to strengthen destination marketing and long-term planning. Piracy Heritage Discovery: Archaeologists and filmmakers reported six Nassau-area shipwrecks tied to the real “Golden Age of Piracy,” adding a new angle for cultural tourism and maritime history.

Maritime & Shipping: The Bahamas Maritime Authority says crew fatigue and poor lookout integration helped drive the 2022 L’Ecume II collision, while the Bahamas Maritime Authority also pushed a blockchain-secured digital seafarer record book system to modernize credentials. Tourism & Cruise Industry: Carnival is rolling out RelaxAway on Half Moon Cay with a bigger pier, multiple beach zones, and Bahamian shops, while Carnival also announced its first-ever President’s Cruise (Feb 28, 2027) calling at Celebration Key. Government & Infrastructure: The government allocated $51.5m for 2026/27 capital works, including multiple Family Island clinic builds and hospital consultancy work, with Glass Window Bridge topping the works list. Finance & Social Protection: National Insurance changes take effect July 1, lifting pensions and grants by 1.5% and raising the insurable wage ceiling by $20 per week. Regional Development: Caribbean Week in New York 2026 and the CDB’s 56th annual meeting in Nassau put regional resilience, youth employment, and faster climate-ready reforms front and center. Environment & Development Disputes: Rosewood Exuma opponents say a court-ordered disclosure is a major win after alleged document gaps in the Sampson Cay case. Trade Pressure: The U.S. proposed Section 301 tariffs tied to forced-labor findings, with the Bahamas named among the affected economies.

Forced-Labour Trade Crackdown: The U.S. Trade Representative has proposed Section 301 tariffs on imports from 60 economies over forced-labour enforcement failures, explicitly naming The Bahamas among the 54 countries found not to impose and enforce effective bans, with duties proposed at 10% or 12.5% and a July 7 comment hearing. Maritime Digitalisation: The Bahamas Maritime Authority launched a blockchain-secured Digital Seafarer Record Book, replacing paper with tamper-resistant, internationally interoperable sea-service verification for seafarers, shipowners and administrations. CDB Leadership Push: Prime Minister Godwin Friday urged the Caribbean Development Bank to move faster on reforms and climate-resilient development, warning of high debt, shrinking concessional finance and rising shocks as the CDB’s 56th Annual Meeting gets underway in Nassau. Aviation Legal Reform: Minister JoBeth Coleby-Davis told the Civil Aviation Legal Advisors Forum that aviation’s future must be built on modern legal frameworks and resilient institutions. Labour & Politics: Labour Week coverage highlighted efforts to resolve public-service concerns through dialogue, while union leaders debated whether openly backing political parties compromises union independence. Seabed Fees: Government proposed seabed lease fees up to $5,000 per acre for industrial users and $3,000 for commercial operators, with additional environmental levies and room for ministerial negotiation. Tourism & Culture: The Bahamas is set to lead Caribbean Week in New York, while Cat Island’s Rake & Scrape Festival runs June 4–6. Safety Update: Coast Guard divers continued searching in the Abacos for Lynette Hooker after her disappearance in April.

Maritime Digitalisation: The Bahamas Maritime Authority launched a blockchain-secured Digital Seafarer Record Book, replacing paper with tamper-resistant, internationally interoperable sea-service verification using authenticated discharge certificates and QR checks. Seabed Fees & Policy: A new Port Authority seabed lease rates order proposes up to $5,000 per acre for industrial users and $3,000 for commercial operators, plus environmental levies, with negotiated alternatives raising transparency and ministerial discretion concerns. Shipping Disruption: Shipping strain continues as vessels remain stuck around the Strait of Hormuz amid renewed attacks, with operators warning safe-passage assurances are needed before traffic returns to normal. Tourism & Cruise Signals: Norwegian Cruise Line cancelled seven months of Norwegian Viva sailings from San Juan in 2028 due to port availability, with refunds and credits offered; the move is being watched for knock-on effects across the region. Local Business & Infrastructure: Bahamas Power & Light blamed recent New Providence outages on substation and underground cable faults plus peak demand from early summer heat, while upgrades are said to stay on track before June. Housing Affordability: Budget reforms expand first-time buyer VAT relief to duplexes and triplexes and raise the qualifying ceiling to $600,000, aiming to boost multi-unit home ownership. Labour & Governance: Labour Week coverage highlights ongoing dialogue between government, employers and unions, while a separate report notes union leaders split on whether unionists should publicly back political parties. Culture & Community: Cat Island’s Rake & Scrape Festival returns June 4–6, spotlighting the island’s signature music, dance and local crafts. Finance Watch: Central Bank data shows April liquidity and external reserves rose sharply even as domestic credit growth slowed.

Maritime Digitalisation: The Bahamas Maritime Authority rolled out a blockchain-based Digital Seafarer Record Book, replacing paper with tamper-resistant, verifiable sea-service credentials and authenticated discharge certificates. Regional Finance & Policy: Prime Minister Godwin Friday led The Bahamas delegation to the CDB’s 56th Annual Meeting in Nassau, with talks on climate resilience, debt sustainability, and the energy transition, while youth leaders held a Youth FIRE Forum on digital futures and climate action. Tourism Leadership: Bahamas Minister of Tourism Glenys Hanna Martin represented the country at Caribbean Week in New York, pushing connectivity, workforce readiness, and sustainable destination development. Labour & Industry Relations: Labour Week updates came from Minister Pia Glover-Rolle on progress in labour dialogue, while union leaders debated whether unionists should publicly back political parties. Housing & Construction Costs: Budget changes expanded first-time home buyer VAT relief to multi-unit dwellings and raised the qualifying ceiling, aiming to boost affordability for young buyers. Energy & Utilities: Bahamas Power & Light blamed recent New Providence outages on equipment faults, underground cable failures, and heat-driven demand, while upgrades are still targeted before end of June. Insurance & Risk Prep: Officials said the country can shelter about 14,000 people but still trails the global benchmark, and a new Parks and Beaches chair couldn’t promise staying within budget amid global price shocks. Cruise & Tourism Demand: Norwegian Viva’s Puerto Rico cancellation raised concerns about spillover losses, while Norwegian Cruise Line set Sept 4, 2026 for Great Tides Waterpark at Great Stirrup Cay. Local Economy Signals: Bimini’s major resorts warned of a weak summer, citing boating and occupancy softness tied to guest perceptions of fees. Conservation & Marine Research: FIU research using hundreds of underwater cameras suggests shark conservation in the Bahamas depends heavily on managing prey availability, not just protecting sharks. Culture: Cat Island’s Rake & Scrape Festival returns June 4-6 with live music, crafts, and the Battle of the Rake & Scrape Bands.

Caribbean Trade & Food Supply: US beef exports to the Caribbean hit record value in March 2026, with the Bahamas among the fastest-growing destinations in first-quarter shipments, underscoring steady demand for reliable protein supply. Tourism Leadership in Focus: Caribbean Week in New York 2026 is underway, bringing Bahamas and regional tourism ministers together to push connectivity, resilience, and a stronger shared marketing push. Bahamas Maritime & Heritage: Nassau harbour archaeology has uncovered the first wrecks tied to the “Golden Age of Piracy,” including a possible match for the Fancy, with charred hull remains and pirate-era armaments. Cruise Industry Moves: Norwegian Cruise Line set Sept. 4, 2026 for opening Great Tides Waterpark at Great Stirrup Cay, with day passes and cabanas now available. Insurance & Hurricane Readiness: Homeowners are being urged not to cut insurance coverage as hurricane season begins, with brokers warning premiums may not drop much soon. Construction & Governance Fallout: Questions continue around Finance Minister Michael Halkitis’s past role connected to Top Notch Builders amid a wider drug-trafficking controversy. Logistics for Lower Costs: CLX Logistics launched new direct shipping routes via Antillean, including Nassau–Dominican Republic and Nassau–Turks and Caicos, aiming to reduce import costs and delays. Economy Watch: Bahamas inflation rose 2.7% year-on-year in February 2026, driven mainly by housing, utilities and transport.

Caribbean Development Bank in Nassau: The CDB’s 56th Annual Meeting kicks off at Baha Mar (June 1–5) with a focus on climate resilience, energy security, debt and growth, while an upfront Youth FIRE Forum brings young leaders into talks on digital futures, community prosperity and violence prevention. OPEC Fund joins regional finance push: OPEC Fund President Abdulhamid Alkhalifa attends the same Nassau meeting, lining up partnerships around climate resilience, food security, energy access and sustainable infrastructure. Shipping and imports get a boost: CLX Logistics launches new direct cargo routes via Antillean, adding weekly Nassau–Dominican Republic service plus direct freight links to Turks and Caicos and Miami—aimed at lowering import costs and cutting supply-chain delays. Housing affordability pressure: An IDB report says mortgage commitments for new homes fell 30% and for existing homes 20% from 2015–2025, pointing to lending barriers that hit entrepreneurs and informal-sector workers hardest. Cost of living signal: Bahamas inflation stayed elevated—up 2.7% year-on-year in February 2026—driven mainly by housing, utilities and transport. Local business and workforce: BAMSI names co-valedictorians in agriculture and marine science, while St. Augustine’s College wins RBC Young Leaders 2026 with a pond and park restoration project. Governance heat: Prime Minister Philip Davis stays silent on Eric “Playa” Gardiner’s U.S. detention as questions swirl around “Politician 1” and Minister Halkitis’s past ties to Top Notch Builders.

Bahamas Inflation Watch: BNSI reports February 2026 inflation at 2.7% year-on-year, with the biggest monthly jump (0.95%) driven by housing, utilities and transport costs. Logistics & Trade: CLX Logistics says new direct cargo routes—via Antillean—are connecting Nassau with the Dominican Republic, Turks and Caicos and Miami, aiming to cut import costs and transit delays for local businesses. Housing Affordability: An IDB report finds mortgage commitments for new homes fell 30% from 2015 to 2025, pointing to lending barriers that hit entrepreneurs and informal-sector workers hardest. Public Finance & SOEs: Government subventions to state-owned enterprises and statutory agencies rise by $103.7m, with notable increases for health and water-related entities. Governance Controversy: Finance Minister Michael Halkitis rejects opposition calls to resign after questions about past ties to Top Notch Builders Ltd. Education & Skills: BAMSI names co-valedictorians in agriculture and marine science, while SAC wins RBC Young Leaders 2026 for a pond and park restoration project. Tourism Diplomacy: The Bahamas boosts its global tourism profile through UN Tourism meetings in Paraguay, focusing on sustainability and women’s leadership. Shipping Security Angle: A broader maritime cooperation push highlights how stronger ports and supply chains support both trade and security.

Tourism Leadership: The Bahamas is sending a delegation to UN Tourism meetings in Paraguay, with Minister Glenys Hanna-Martin pushing themes like sustainability, investment, resilience and women’s leadership. Regional Tourism Push: Caribbean Week in New York kicks off June 1 with strong ministerial turnout, including The Bahamas, and a Caribbean Marketing Conference keynote by airline analyst Henry Harteveldt on June 3. Water Infrastructure: Nevis is moving ahead with a new 500,000-gallon potable water storage tank at Stoney Hill to boost redundancy and supply reliability. Banking Deal: Butterfield has agreed to acquire CIBC Caribbean in a US$1.79b transaction, aiming to build a larger regional banking group with about US$29b in assets. Construction & Governance: Bahamas budget coverage highlights a projected FY 2026/27 surplus of $223.1m, while political scrutiny continues over alleged links between Finance Minister Michael Halkitis and Top Notch Builders. Shipping/Maritime: Diana Shipping has launched a shareholder fight urging Genco investors to back six independent nominees ahead of June 18. Workforce Development: Grand Bahama Shipyard expands its apprenticeship pipeline, sending new cohorts to the UK for further training. Cruise Industry: Norwegian Cruise Line set Sept. 4, 2026 for the Great Tides Waterpark opening at Great Stirrup Cay.

Shipping & Governance: Diana Shipping urged Genco shareholders to replace an “entrenched” board, backing six independent nominees ahead of Genco’s June 18 meeting. Water Infrastructure (Nevis): The Nevis Island Administration is moving ahead with a new 500,000-gallon Stoney Hill storage tank, replacing an older 270,000-gallon unit to boost potable water redundancy. Cruise & Travel Risk: Carnival faced a data breach affecting Louisiana passengers, with affected guests advised to check for notifications and offered two years of credit monitoring. Private Island Tourism (Bahamas): Norwegian Cruise Line set Sept. 4, 2026 for the Great Tides Waterpark grand opening at Great Stirrup Cay, with day passes and cabanas now available. Regional Banking Deal: Butterfield agreed to acquire CIBC Caribbean in a US$1.79b transaction, aiming to create a larger regional banking and wealth platform. Construction & Taxes: Bahamas Contractors Association president Leonard Sands said about 30% of construction operates in the black market, costing government VAT revenue. Public Finance (Bahamas): Finance Minister Michael Halkitis reiterated a projected 2026/27 surplus of $223.1m, while critics questioned whether affordability measures translate into real consumer savings. Workforce Development (Grand Bahama): Grand Bahama Shipyard expanded its apprenticeship pipeline with BTVI training and UK trade certification pathways.

Banking Deal: Butterfield has agreed to buy CIBC’s controlling stake in CIBC Caribbean for about US$1.79b, creating a regional banking and wealth platform with roughly US$29b in assets; the deal is set to close in H1 2027, pending approvals, with Butterfield planning a mandatory takeover of remaining minority shares. Tourism Diplomacy: Tourism Minister Glenys Hanna-Martin led The Bahamas’ delegation to UN Tourism meetings in Paraguay, focusing on sustainability, innovation, investment, resilience, and women’s leadership. Budget & Cost of Living: Finance Minister Michael Halkitis outlined a 2026/27 budget projecting $223.1m surplus on $4.4b revenue and $4.1b expenditure, while analysts questioned whether affordability measures will translate into real consumer savings. Construction & Taxes: The Bahamas Contractors Association says 30% of construction activity is in the black market, costing government VAT revenue and undermining formal contracting. Workforce Development: Grand Bahama Shipyard expanded its Apprenticeship Programme, sending a new cohort to the UK for trade training before returning for hands-on qualification. Youth Sports: The Bahamas will host the 2026 PONY Baseball 14U Caribbean & Latin America championships in Nassau, June 4–9.

Bahamas Budget & Tax Relief: Finance Minister Michael Halkitis says the 2026/27 budget targets a $223.1m surplus on $4.4b revenue and $4.1b spending, with VAT relief expanded for first-time homeowners (including duplexes, triplexes and fourplexes with owner-occupied units) plus higher real property tax exemptions (to $600,000) and duty cuts on select household and health items. Construction & Compliance: Bahamas Contractors Association president Leonard Sands warns 30% of the construction sector operates in the black market, costing government VAT intake and undermining formal licensing. Banking Deal: Butterfield has agreed to acquire CIBC Caribbean Bank in a US$1.794b transaction, aiming to build a larger regional banking and wealth platform and keep CIBC Caribbean’s Barbados HQ. Workforce Development: Grand Bahama Shipyard expands its four-year Apprenticeship Programme, sending new cohorts to the UK for trade training before returning for hands-on qualification. Agriculture Strategy: IICA member states back a new 2026-2030 strategic plan focused on food security and agricultural resilience. Tourism Media Boost: COLORS of the Islands wins a 2026 Emmy, with The Bahamas cited as an early partner for the series’ Caribbean storytelling. Sports & Youth: Bahamas hosts the 2026 PONY Baseball 14U Caribbean & Latin America championships June 4-9, with regional teams chasing a World Series berth. Hurricane Readiness: A Caribbean climate outlook flags a quieter but “erratic” season, urging stronger water storage and drought planning. Legal/Travel Safety: A Carnival shore excursion lawsuit alleges a passenger was encouraged to jump into the water before a catastrophic Nassau accident.

CARICOM Membership Talks: The Bahamas’ public consultation on Bermuda’s transition from Associate to full CARICOM membership closes May 31, with feedback submitted via togetherforcaricom.gov.bm before a White Paper is prepared. Public Finance & Governance: Bahamas Public Services Union members in Grand Bahama gave President Kimsley Ferguson seven days to answer claims of financial mismanagement, missing biannual reports since 2019, unpaid NIB obligations, and uninsured union buildings. Construction & Political Scrutiny: Finance Minister Michael Halkitis confirmed he previously served with Top Notch Builders, a firm linked in US allegations to convicted drug trafficker Eric “Player” Gardiner, reigniting calls for accountability amid the election-day plane crash fallout. Budget & Housing Costs: Government unveiled a 2026/27 budget projecting a $223.1m surplus and expanding first-time homeowner tax relief, including higher real property tax exemptions and broader VAT exemptions for qualifying multi-unit homes. Banking Deal: Butterfield agreed to acquire CIBC Caribbean’s controlling stake in a US$1.794b transaction, aiming to build a larger regional banking and wealth platform. Construction Sector Tax Gap: Bahamas Contractors Association says about 30% of construction work operates in the black market, pushing for more firms to register and pay VAT. Aviation Industry: Aviation leaders met new Energy, Utilities and Aviation Minister JoBeth Coleby-Davis to align on government priorities for the sector. Tourism & Cruise Industry: Norwegian Cruise Line set Great Tides Waterpark’s Sept. 4 opening at Great Stirrup Cay, with day passes and cabanas available ahead of launch. Youth Sports: PONY Baseball/Softball Bahamas will host the 2026 14U Caribbean & Latin America Championships June 4-9 at Andre Rodgers National Baseball Stadium.

Caribbean Development Bank (CDB): Nassau will host the CDB’s 56th annual meeting, with a focus on how geopolitical shocks and global uncertainty are reshaping Caribbean development prospects, including impacts on inflation, growth, fiscal sustainability and external balances. Bahamas Budget & Housing Taxes: The Bahamas unveiled a 2026/27 budget projecting a US$223.1m surplus, with VAT exemptions expanded for first-time homeowners (including duplexes to fourplexes), higher property-tax exemptions, and duty cuts on select household and health items, while also boosting contributions from larger corporations and foreign property owners. Finance Minister’s Governance Claim: Finance Minister Michael Halkitis denied any ownership stake in a local construction firm tied to Eric “Player” Gardiner, saying he resigned directorships in 2021 after COVID-related suspension. Climate & Disaster Readiness: A climatologist warned the 2026 hurricane season may be quieter but “erratic,” with higher risks of intense rainfall, flash flooding, drought and extreme heat—urging stronger water storage and preparedness. Aviation & Postal Resilience: Bahamas aviation leaders met the new energy/utilities/aviation minister, while regional postal officials gathered in the Bahamas to push digital transformation, logistics, cybersecurity and resilience. Banking Deal: Butterfield announced an agreement to acquire CIBC Caribbean’s controlling stake in a major US$1.8bn transaction aimed at expanding cross-border payments and wealth management. Tourism & Cruise Infrastructure: Norwegian Cruise Line set Sept. 4, 2026 for the Great Tides Waterpark opening at Great Stirrup Cay, with day passes and cabanas available ahead of time.

Banking Deal: Butterfield has signed a definitive agreement to buy CIBC Caribbean Bank’s 91.7% stake in a $1.8 billion transaction, aiming to expand corporate, personal and wealth management services and boost cross-border payments, with CIBC Caribbean’s Barbados HQ staying in place. Public Finance & Healthcare: In the 2026/27 Budget Communication, Finance Minister Michael Halkitis flagged a lower projected surplus ($223.1m) while outlining major healthcare upgrades, including $11.6m for clinic construction and upgrades across the Family Islands and a new New Providence hospital backed by about $20m initial investment. Climate & Energy Costs: CIMH warned the region to prepare for hotter, drier conditions tied to El Niño, with possible drought and higher cooling bills ahead of the 2026 wet and hurricane season. Insurance Sector Focus: The Insurance Commission and Bahamas Financial Services Board strengthened ties to support insurance growth and push consumer awareness and financial literacy. Cruise & Tourism Development: Norwegian Cruise Line set Sept. 4, 2026 as the opening date for Great Tides Waterpark at Great Stirrup Cay, with day passes and private cabanas going on sale for eligible sailings starting May 28. Regional Development Agenda: The Bahamas will host the 56th Annual Meeting of the Caribbean Development Bank in Nassau June 1–5 at Baha Mar, with sessions on climate resilience, energy transition, debt sustainability and private investment.