abtsco

Container pier and yacht

ABTSCO Ltd was formed in 2013 as a limited liability holding company. It was formed as a response to a need in Bermuda to remove the current container port from its present location in the capital city of Hamilton. The Bermuda government conducted studies on optional sites and ABTSCO Ltd chose a combination of two those sites as suitable. There is a plan to turn the current container storage space into promenades restaurants shops; cafes and civic centers and have better utilization of the city wharfs to facilitate marinas for yachts and pleasure craft.

Bermuda is entirely dependent on imports for all its goods and in an attempt to make the transition economically feasible and not increase the cost of import the idea of creating a transhipment hub was developed by Khalid Wasi. Bermuda is the northern most island in the Atlantic and for many years acted as a transhipment point for the US Navy ad NATO alliance. Bermuda’s location was strategic to the development of the western world and offers a first class new opportunity for container cargo transhipment and re-customization.

Additionally the Bermuda government has recently opened the once monopoly on power generation and this proposed new port is approximately one and a half miles from Bermuda’s sole power plant offering an opportunity to supply LNG fuel and power generation as an additional revenue option for the port.

The port has several proposed revenue streams and will effectively become an industrial park. The new port will designed to handle two panamax ships per week and host cruise ships of every size along with a fuelling station potential dry-dock, marina, and hotel with nearby golf course, warehousing and shopping area. Essentially a new port town.

The venture is estimated in the region of 1.5billion dollars and ABTSCO Ltd is looking for an equity partner with an existing interest in shipping or port operation, to participate along with them in developing the port.