Bahamas News

CIBC FirstCaribbean MD Applauds Instrumental Move by TSL

#Bahamas, May 24, 2018 – Nassau – At the launch of Tug Services Limited (TSL)’s two new tugs, CIBC FirstCaribbean’s Managing Director (Bahamas & TCI) applauded the company for making an “instrumental” move to help build the Bahamian economy.  CIBC FirstCaribbean’s Marie Rodland-Allen spoke at the unveiling of TSL’s tug boats Rose and Sampson.

Tug boats are an intricate component of the fabric of marine and harbour life. For years they have been used to guide cruise ships, container ships and car carriers into the port of Nassau as well as for the delivery of oil tankers at Clifton Pier.  “The services these tugs provide are vital to the Bahamian economy as it relates to tourism – one of our key sectors – and the marine/shipping industry at large,” Rodland-Allen said.

CIBC FirstCaribbean is the financier of the two new tug boats, which arrived recently as part of TSL’s initiative to replace aged vessels to better accommodate the major cruise ships that would like to call on the port of Nassau. This state of the art equipment will contribute to the port’s overall efficiency.

CIBC FirstCaribbean’s Director of Corporate and Investment Banking (Bahamas & TCI) Raymond Donaldson said, “When we looked at the transaction, we believed it was instrumental for the Bahamian economy and tourism, which is a major sector here in The Bahamas. So we definitely wanted to be a partner with Tug Services to see how best we could assist with the acquisition of these tugs.”

“We have a strong appetite for projects such as these that are critical to the success of the Bahaman economy and continue to look for opportunities in the market to provide financial solutions that range from loans and cash management solutions, as well as general day to day banking activities,” he added.

Rodland-Allen said, “Now with these new vessels, there is an excellent opportunity for TSL to expand in The Bahamas and to further impact the economy. It is an excellent move that bodes well for our marine industry, because of the very nature of their work.”

Tug Services Limited is a modern-day success story, 100% Bahamian owned and operated by a group of mariners with over 50 years of experience in the industry; and with noble and historic roots to a grand Bahamian seafaring legend, the late Sir Durward Knowles.


Release: Serena Williams Public Relations

Photo Caption: CIBC FirstCaribbean is the proud financier of two new tug boats owned and operated by Tug Services Limited. CIBC FirstCaribbean Managing Director (Bahamas & TCI) Marie Rodland-Allen had the honour of speaking at the ceremonial launch of the two vessels and greeting their captain. L to R: CIBC FirstCaribbean Director of Corporate and Investment Banking (Bahamas & TCI), Raymond Donaldson; CIBC FirstCaribbean Senior Corporate Manager, Sonia Rutherford; Tug Services Limited (TSL) Captain Eugene Munroe; and CIBC FirstCaribbean Managing Director (Bahamas & TCI), Marie Rodland-Allen.

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