Trinidad and Tobago’s robust maritime infrastructure, strategic geographic location, specialized value chain and ecosystem provide the right environment for your commercial maritime operations or leisure marine activities.
Quick Facts
Naturally sheltered
deep water harbor
Lowest downtime impact of the hurricane season in the Caribbean
Specialized workforce – well established maritime service providers and technical level training options
5 ports – includes 2 international container ports
8 marinas within the Chaguaramas maritime cluster
Existing bunkering facilities
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.
Lay-up of Vessels
Trinidad and Tobago’s naturally sheltered, deep harbour in the Gulf of Paria makes it a preferred location for the storage of ships. This is 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.
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.
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
Why Trinidad and Tobago for Commercial and Leisure Maritime?
A developed maritime infrastructure.
Second most developed road network in the Caribbean and third-best for port capacity in the English speaking Caribbean.
Proximity to the Panama Canal and a strategic location at the meeting points of shipping lanes between North, Central, South America and the Caribbean.
The Gulf of Paria is a large naturally sheltered deep and calm harbour which is ideal for bunkering, cold-stacking, transshipment and ship-to-ship transfers.
T&T has the lowest downtime impact of the hurricane season in the Caribbean.
A specialized workforce offers well- established maritime service providers and technical level training options at maritime training facilities.
A developed maritime infrastructure.
Second most developed road network in the Caribbean and third-best for port capacity in the English speaking Caribbean.
Proximity to the Panama Canal and a strategic location at the meeting points of shipping lanes between North, Central, South America and the Caribbean.
The Gulf of Paria is a large naturally sheltered deep and calm harbour which is ideal for bunkering, cold-stacking, transshipment and ship-to-ship transfers.
T&T has the lowest downtime impact of the hurricane season in the Caribbean.
A specialized workforce offers well- established maritime service providers and technical level training options at maritime training facilities.
Incentives
Special Economic Zones (SEZ)
Opportunities exist for manufacturers, business owners and entrepreneurs to apply for the SEZ incentives via the SEZ Authority.
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
Grant Fund Facility – Maritime
Funding is specifically available for the acquisition of new equipment, software and tools for businesses involved in:
- Shipbuilding, repair and maintenance;
- Servicing of vessels, including yachts, such as fiberglass work, welding, woodwork, upholstery services, sail making, electronics and electrical work, painting and rigging;
- Hospitality services;
- Travel agency services; and
- Yacht brokerage.
Research & Development Fund (RDF)
Eligible companies can access funding in three phases:
Phase 1: Feasibility- 70% of the total cost of the project up to $100,000.00;
Phase 2: Product and service development-
50% of the total cost of the project, up to $750,000.00;
Phase 3: Product/Service Commercialization- up to $150,000.00