WIP Terminal is keen on growing its revenue from providing bunkering services to cruise ships berthing in Jamaica as it notes a resurgence in activity in the Caribbean’s cruise industry.

The West Indies Petroleum (WIP) subsidiary operates a storage and distribution facility and provides bunkering services to marine vessels including the cruise shipping lines.

The company cites that Royal Caribbean, one of the world’s largest cruise operators, recently reported strong indicators of industry growth. Over the past year the cruise liner has seen a 30 per cent rise in repeat bookings, with about a third of their current guests being new to cruising, pointing to an expanding market.

According to stated Charles Chambers, CEO of WIP Terminal, “The cruise industry’s comeback, coupled with its potential for further growth, presents a significant opportunity for our business.”

He added: “With our strategic location and substantial storage capacity, we’re ideally positioned to meet the growing fuel demands of cruise lines operating in the Caribbean.”

But WIP Terminal also anticipates that the changing demographics of cruise passengers are likely to impact fuel demand in the region.

Royal Caribbean has reported that one out of every two guests is now a millennial or younger. As such, WIP Terminal said a shift towards younger travellers could lead to increased and more varied Caribbean itineraries, potentially driving up demand for marine fuels in the region.

“We’re seeing a shift in the cruise market,” Chambers noted, adding: “Younger travellers and more first-time cruisers could lead to more frequent Caribbean sailings, which in turn would increase the demand for our bunkering services.”

WIP Terminal’s main facility is in Old Harbour with a 650,000-barrel storage capacity and its second storage facility in Ocho Rios has a capacity for 100,000 barrels.

With direct access to docking facilities, both docks give the company a competitive edge in serving the marine fuel market. 

“Our location is a key strategic advantage,” Chambers explained.

“Being centrally located in Jamaica, with excellent connectivity to major shipping lanes, allows us to offer quick and efficient bunkering services to cruise ships. This is crucial for an industry where time in port is money,” he continued.

To capitalise on this opportunity, WIP Terminal is considering expanding its capabilities.

“We’re exploring ways to better cater to the evolving needs of the cruise industry,” Chambers revealed.

 “Our existing infrastructure and strategic location already give us a strong foundation, and we’re excited about the potential to grow alongside the cruise sector.”