JM | Mar 3, 2023

Positive 2023 outlook for Kingston Wharves

/ Our Today

Reading Time: 2 minutes

Expanding terminal yard space and relocating cargo storage facilities

(Photo: Kingston Wharves)

Durrant Pate/Contributor

Kingston Wharves is anticipating positive financial returns for 2023 having gone through a challenging 2022 in which net profits attributable to shareholders went down 16 per cent or J$502 million to J$3.2 billion.

The positive outlook is based on its improving infrastructure and digital architecture, where the terminal yard space is being expanded and the relocation of cargo storage facilities. This is being executed through a structured program of berth redevelopment and off dock warehouse construction, aimed at relocating cargo storage facilities and in turn increasing the available yard space on our terminal.

Kingston Wharves Chairman Jeffrey Hall explained that “the Berth 7 redevelopment project is progressing well and destined to deliver modernized berthing capacity, efficiency and enhanced experience to shipping lines that call our terminal. Specifically, the project will see the expansion of the main berthing area to simultaneously service two post panamax vessels”.

Boosting competitiveness

He stated that this development will boost the company’s competitiveness and strengthen its offering as a key gateway in the Caribbean. As a leading motor vehicle transshipment hub and auto logistics provider, Kingston Wharves is expanding its storage and short-stay maintenance facilities for automobiles.

According to Hall, “our terminal functions will be further optimised by the implementation of a state-of-the-art terminal operating system that will improve efficiency in the loading and unloading of vessels; gate operations and the clearance of commercial and personal shipments”.

Kingston Wharves Chairman Jeffrey Hall

He added that e-commerce is also a major component of the company’s customer engagement and its ability to execute efficient cargo delivery noting that Kingston Wharves is a pioneer in online cargo clearance in the shipping industry. This is underpinned by a suite of e-payment options housed in a single online portal for customer convenience.

To this extent, Kingston Wharves has partnered with Jamaica Customs Agency to introduce a Contactless Cargo pilot initiative to encourage customers to do business online, rather than attend the wharf to access services. The company chairman is confident that the strong foundation, solid investments and robust strategic plan that his management team has been rolling out, will continue to act as a platform for growth and profitability.

Hall admitted that the high cost of energy and increase in the price of critical inputs for terminal and logistics operations, are among the resulting factors affecting the demand for some of Kingston Wharves’ services and the overall cost of operations.

He argued that, coming out of the pandemic, these business challenges faced by Kingston Wharves last year were aided and abetted by the global economy again facing disruptive events including the Russia-Ukraine War, which created geo-political instability, fuelled inflation and affected business and consumer confidence.


What To Read Next