11222023 BUSINESS by tribune242

business@tribunemedia.net

WEDNESDAY, NOVEMBER 22, 2023

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By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net CABLE Bahamas’ top executive yesterday asserted that an “up to” $55m refinancing package agreed with the Government will “set up Aliv for future success”. Franklyn Butler, the BISXlisted communications provider’s executive vice-chairman, president and chief executive, told Tribune Business that the deal - which includes a “pretty hefty” debt-for-equity swap - will “fundamentally strengthen the balance sheet” of The Bahamas’ second mobile operator while also reducing its operational spending. The refinancing terms, which were revealed in the footnotes Cable Bahamas’ just-released

2023 annual report, commit Cable Bahamas and the Government to inject up to a combined $55.129m into Aliv. Their contributions will be equivalent to their current shareholdings in the mobile operator, meaning that the Government - as owner of a 51.75 percent stake - will provide the majority. Its financing will be provided via HoldingCo, which holds the Government’s majority interest. Cable Bahamas owns the remaining 48.25 percent, but has Board and management control, and the Aliv refinancing also alters the interest rate, associated calculations and repayment schedules on the BISX-listed provider’s roughly $70m “shareholder loan” to the mobile operator.

Mr Butler effecand data centres. tively described the This, in turn, will cut deal as a ‘win-win’ for the mobile operator’s both Cable Bahamas operating expenses. and Aliv. While the “On October 31, latter will enjoy a more 2023, the company robust balance sheet, [Cable Bahamas] reduced debt and executed a deed of lower associated intercontribution whereby est costs, he explained the company and that Cable Bahamas’ FRANKLYN BUTLER HoldingCo in their cash flow should also capacity as shareholdbenefit as the mobile ers of Aliv collectively operator starts to pay the “accrued interest” on that agreed to contribute additional capital into Aliv and restrucshareholder loan. The refinancing deal, which was ture its existing debt obligations executed on October 31, 2023, to optimise its capital structure after Cable Bahamas’ end-June and enhance financial flexibility,” financial year close, also reduces Cable Bahamas told shareholders the fees paid by Aliv to its con- in its annual report. trolling shareholder for use of the latter’s facilities including towers SEE PAGE B6

Gov’t ready to ‘step to plate’ and buy GBPA Deal’s ‘equal By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Government has been negotiating to acquire the Grand Bahama Port Authority (GBPA) for months with the Prime Minister yesterday confirming it is “willing to step to the plate” and agree a deal itself. Philip Davis KC, speaking as the Cabinet met in Grand Bahama yesterday, said the Government had informed the existing owners of Freeport’s quasigovernmental authority - the Hayward and St George families - that it is prepared to acquire the GBPA and its affiliated assets if no suitable private investor or buyer emerges. Asked to confirm if the GBPA might be sold, and the Government acquire it, the Prime Minister replied: “If it’s going to be sold, it requires government

approval, and we’ll approve any agreement for the sale of the Port Authority once it’s going to align with the benefits we have identified that could be had by Grand Bahamians and The Bahamas in particular. “And the Government itself is willing to step to the plate to acquire the Port, and we’ve made that known to the families as well.” Mr Davis’ comments reaffirm what multiple sources have been telling Tribune Business for some time, namely that the Government has been speaking to both the St George and Hayward families, and their representatives, about its willingness to acquire the GBPA for months. This newspaper was told the St George estate is united in its willingness to exit, and sell, their 50 percent interest in the GBPA and its Port Group Ltd if

PHILIP DAVIS KC the terms and price are right. However, the intentions of the Hayward side are understood to be less clear. The Sir Jack Hayward 1993 Discretionary Settlement, which is the trust that holds the family’s 50 percent GBPA interest, is currently under the control of Supreme Courtappointed judicial trustees. These are Paul Winder, an expatriate banker with Lyford Cay-based Deltec

Bank & Trust, and Rhone Trustees. It is understood that the judicial trustees have requested that one of the ‘Big Four’ accounting firms conduct a valuation of the GBPA and Port Group Ltd assets, and their worth, to determine a reasonable purchase price that could stand up to future challenge. More than one source has suggested talks with the Government have focused on a price in the $150m-$175m range for the entire concern. Other contacts, though, have scoffed at such figures and suggested it was both highly unlikely that the Hayward family will sell or that the Government would buy-out the St Georges and settle for becoming its 50/50 partner. It was also suggested that no formal offer has been

SEE PAGE B5

Melia site set for $500m outlay on 600-room hotel By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Prime Minister yesterday revealed that Baha Mar’s owner plans to invest up to $500m in developing a new 600-room resort on the site of the old Melia Nassau Beach hotel. Philip Davis KC, when asked to respond to Opposition charges that the multiple new tourism, airport and infrastructure projects just unveiled for Bimini and West Grand Bahama are designed to help win today’s

by-election in the constituency, recalled how the Free National Movement (FNM) branded Baha Mar’s opening just prior to the 2017 general election as “fake”. “It’s not unlike when they said Baha Mar would never open,” the Prime Minister recalled. “When it opened, it was a ‘fake opening’. Now look at what is happening, It’s flourishing. It is flourishing. “Now, again, under my watch, they’re about to invest another $400m to $500m to develop another 600-room hotel having now taken down the old Melia

MELIA NASSAU BEACH HOTEL hotel.” No details were provided on the number of construction and full-time jobs likely to be created. Baha Mar and its owner, Chow Tai Fook Enterprises (Bahamas), have yet to formally announce what their plans are for the oceanfront Cable Beach site now freed up by the Melia tear-down. However, Mr Davis’ description is not that

different from what Dion Bethell, Arawak Port Development Company’s (APD) president and chief financial officer, told Tribune Business of the post-Melia vision. “There’s some demolition going on there, and they’re forecast to develop rooms and residences. They’re expected to put up 400 rooms and 60

SEE PAGE B8

Commonwealth cuts loan delinquency by up to 5% By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMMONWEALTH Bank says non-performing loans have reduced by between 1-5 percent across all credit segments since year-end 2022 as its portfolio expands faster than market growth. Tangela Albury, the BISX-listed lender’s vice-president and chief financial officer, told Tribune Business in written replies to this newspaper’s questions that the Bahamian “low interest rate

environment” meant the bank has to control interest expense to maintain its margins. Commonwealth’s net interest income grew by 20 percent year-over-year for the first nine months of 2023, rising by $15m from $76.414m to $91.515m, which it attributed to “to strategic management of the bank’s investments and improvement in the quality of loan assets”. Ms Albury added: “Our objective is to maintain positive growth in net interest income through continued control of

interest expense, given that we continue to operate in a low-interest rate domestic business environment. “Specifically, the key factors driving the increase in net interest income have been improvement in the asset quality of the loan book, as well as loan growth, coupled with a revision to our approach to investing the bank’s excess liquidity. “We have seen a growth in loan receivables of 2 percent, year-on-year. This is noted against the Central Bank’s quarterly statistics as of September

reflecting a year-on-year market growth of 0.7 percent. Exceeding market growth has translated into increased interest income as we also aggressively manage our delinquency levels.” Commonwealth Bank’s net loan book grew to $801.983m at end-September 2023 from $786.245m at year-end 2022. As for credit quality, Ms Albury added: “Across the bank’s loan segments, we have seen the non-performing loans reduce between 1

SEE PAGE B8

treatment’ for 53k FTX Bahamas claims t -PDBM MJRVJEBUPST JO ABEWBODFE 3BZ TFUUMFNFOU UBMLT t A1PPMJOH QMBO BT ADPNNJOHMJOH JNQPTTJCMF UP VOSBWFM t "HSFFNFOU XPVME FOE '59 #BIBNBT CO DMBJN By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

FTX’s Bahamian liquidators “are in the advanced stages” of negotiating a “global settlement” with their US counterpart that will ensure equal treatment for their near-53,000 creditors. Brian Simms KC, the Lennox Paton senior partner, and PricewaterhouseCoopers (PwC) accounting duo, Kevin Cambridge and Peter Greaves, in their third report to the Supreme Court revealed that talks with John Ray, US head of the 134 FTX entities in Chapter 11 bankruptcy protection, were focusing on the creation of a “pooling mechanism” as the best process for returning assets to the crypto exchange’s victims. Affirming their desire to avoid renewed battles with Mr Ray, which would further slash investor/creditor recoveries through the imposition of extra legal costs and delays, the trio

BRIAN SIMMS KC said “pooling” represents the best solution given that the Bahamian and US liquidation estates’ respective assets and liabilities “are so commingled that it is difficult or impossible to unravel” or separate them. The recently-upgraded official liquidators for FTX Digital Markets, the failed crypto exchange’s Bahamian subsidiary, said talks to resolve their differences and disputes with Mr Ray have been ongoing since September and they “hope to be in a position to recommend to the Supreme Court of The Bahamas that this global settlement is entered into”.

SEE PAGE B4

PAGE 2, Wednesday, November 22, 2023

THE TRIBUNE

BY-ELECTION SPENDING IS ‘WIN-WIN’ FOR BIMINI FNM supporters at the party rally for the by-election for West Grand Bahama & Bimini.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net BIMINI’S Chamber of Commerce president yesterday hailed spending by both political parties on today’s by-election as a “win-win” for all residents and the island’s economy. Edward Reckley, also proprietor of Under the Sun Water Sports, told Tribune Business that the by-election is just adding more fuel to a Bimini economy that was already gaining momentum. “Because of that now it is a good time, because you have a lot of persons between Grand Bahama and Nassau supporting both parties,” he added of the by-election’s impact.

“So from that there is an economic move, especially from the food vendors and all of the other merchants who are there, and then we also have the cruise ship at

the same time. So it’s going very fine from the economic part of it. We are getting a good boost from the by-election.”

While by-election spending will come to a halt this week, both the Progressive Liberal Party (PLP) and Free National Movement (FNM) have pledged to do

more for Bimini’s long-term development. “We also have a new airport that is going to be taking place. We also have the road paving that’s taking place; that’s happening right now. So it’s a win-win situation for Bimini, whichever candidate happens to win,” Mr Reckley said. The recently-announced $80m private-public partnership (PPP) upgrade for Bimini’s airport is also intended to boost airlift to the island and its commercial trade. “This by-election is definitely a blessing in disguise despite it being sad for Mr (Obie) Wilchcombe’s family, but essentially the by-election is going to sustain the island based on whichever candidate may

win,” he added. “I believe that, for both candidates, their table is going to be full due to the fact of the explosion that Bimini is taking in at this time.” Resorts World Bimini is celebrating passing the one million visitor mark today, which is a “good indicator as to where the island’s economy is headed”. Mr Reckley added: “I feel excellent about this as this is showing a new way of Biminites now getting involved into any type of business that would be very lucrative at this time due to the fact of the visitation between the cruise ship, and also all the other boats that would come in and give us repeat visitors.”

Mangrove tours to boost post-Dorian regeneration TOURISM and environmental groups have teamed to launch the ‘Mission for Mangroves Tour’ to give visitors an insight into environmental restoration and regeneration. The Mission for Mangroves Partnership, spearheaded by the Bahamas Hotel & Tourism Association (BHTA) in partnership with The Bahamas Protected Areas Fund (BPAF), the Grand Bahama Island Promotion Board (GBIPB) and the Ministry of Tourism, Investments and Aviation (BMOTIA), unveiled an initiative that will be led by specially-trained taxi drivers who have completed a certification process. Bahamian taxi and tour professionals, including members of the Grand Bahama Taxi Union, underwent an in-depth training process to become certified ‘Stewards of the Environment’ (SOTES).

The training process was facilitated by BPAF and Waterkeepers Bahamas, which provided key insights and information regarding the importance of mangroves and the estuaries in which they flourish. Mangroves exist as living, breathing barriers that protect against the damaging effects of storm surges and mitigate coastal erosion. Mangrove estuaries are also a key component of a healthy ecosystem as they provide marine life with a nurturing habitat in which they can grow, and flourish, and the estuaries store more carbon than landbased forests. The parties, in a statement, said the ‘Mission for Mangroves Tour’ advances a vision for the development of environmentally-friendly, regenerative nature-based experiences, where visitors are able to actively participate in restoration efforts.

This ensures their visit creates a permanent ecologically friendly ‘imprint” through engagement with local Bahamians, and other environmental stakeholders. Through ‘The Mission for Mangroves Tour’, and with the help of Bahamian SOTE’s, guests will be able to leave behind a baby mangrove; a propagule, planted and nurtured in the soil of Waterkeepers’ Mangrove Farm in Grand Bahama. These propagules will grow and develop under Waterkeepers staff, and will eventually be replanted in coastal environments that suffered significant depletion of their mangrove population due to the ravages of Hurricane Dorian. In addition to its environmental aspirations, The Mission for Mangroves project aims to provide Bahamian entrepreneurs with an opportunity to tap into this tourism market and earn additional

MISSION for Mangroves Partners. From L to R: Donovan Moxey, MobileAssist; Rashema Ingraham, Waterkeepers Bahamas; Karen Panton, Bahamas Protected Areas Fund; Suzanne Pattusch, Bahamas Hotel & Tourism Association; Meshell Britton, Grand Bahama Island Promotion Board; Kristal Bethel, Bahamas Ministry of Tourism, Investments and Aviation. revenue. The initiative is being launched with a digital payment platform from MobileAssist. Visitors will be able to scan the SOTES QR codes, both online and in person, to pay for their Mission for Mangroves Tour and other excursions. SOTES are able to accept guest payments instantly without the need for a costly merchant account to facilitate credit

card purchases - a facility that is often unattainable for micro, small and even medium-sized business owners and operators in The Bahamas. The Caribbean Hotel and Tourism Association (CHTA) provided financial support to train the SOTES from funds donated by members throughout the region to assist and empower hospitality

professionals disadvantaged by Hurricane Dorian. The Ministry of Tourism’s Grand Bahama Office will assist visitors to the island with queries, and encourage them to take advantage of this opportunity to help Grand Bahama meet its climate action goals in offsetting carbon emissions and increasing the island’s resilience to climate impacts.

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

THE TRIBUNE

Wednesday, November 22, 2023, PAGE 3

BETTER IP PROTECTION ‘GREAT’ BUT CREATIVES REQUIRE MORE By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE Government’s bid to create a dedicated intellectual property (IP) office was yesterday hailed by musicians as a “great” advance in helping to safeguard their creative works against piracy and theft. Fred Ferguson, former founding member of the Grammy Award-winning group, Baha Men, told Tribune Business that while he supported the creation of such an office, combined with strengthened IP legislation and a more robust enforcement regime, more is needed to realise the potential of Bahamian creative industries. “We always get put on the back burner,” he said. “We get used for rallies and we get used for parties, and we get used in the discussions, but when every administration changes we go back to zero. So we have not had one that has set any plan in place for the arts past the five-year term.” The Bahamas already has mechanisms to register intellectual property rights, so that the work of innovators and artists is protected, but Mr Ferguson argued that such rights - and their enforcement - so that Bahamian artists are duly compensated for use of their works has never been enforced. “We have the PRS (Performing Right Society). I’m a member of PRS, so I don’t know what they are going to do differently. PRS has always been here,” Mr Ferguson said.

“But people have not been living up to the rules, so what is registering my work with this new office going to [do to] cause the people at Fish Fry to pay my royalties, or the people who set up on R.M Bailey park on Saturdays to pay my royalties, or Atlantis or Sandals to pay my royalties?” Pointing out that IP protection goes beyond just establishing an office, Mr Ferguson said the respect for a creative person’s work is what is required. Despite receiving more airplay locally, Bahamian artists such as Mr Ferguson typically enjoy higher earnings when their music is played internationally. Bodine Johnson, singersongwriter, said: “I’m speaking for myself as a singer, writer and on-screen talent for over 20 years. A large number of our creatives have not taken advantage of locally offered copyright protections in the past because they honestly did not know how. “The Intellectual Property law as it currently exists is not written in laymen’s terms and, in many cases, is not enforced. Those of us who have had the opportunity to work with large companies, or have had our works registered internationally, have benefited and tried to direct our colleagues where we can. “But without the timely dissemination of information, or the ability to ask questions that could be answered in a timely manner by specialists (without paying legal fees), many people have not even tried.

Ms Johnson added: “I am elated that Mr Pinder has announced that a public consultation website will be launched to publish new legislation in the Intellectual Property Reform Project. As a creative in many aspects, registration for my work has typically been done through international IP channels and publishing companies and, to some degree, it is insufficient. “Clearly outlining the proposed legislation, educating the public through these efforts and using a multi-phased approach will allow Orange Economy members to digest and make recommendations. I particularly look forward to the registration of my works locally, which will allow for global protection, preventing me from having to use multiple outlets to protect my work.

“Knowing that a considerable effort is being made to bring us up to speed is appreciated, and I’m looking forward to reading, learning and sharing this information with other creatives in any capacity I am able.” Ryan Pinder KC, the attorney general, on Monday said a dedicated IP Office will be created as a standalone entity, spun out from its present home in the Registrar General’s Department. Confirming that the Government plans to implement IP legal reforms that will bring The Bahamas into line with international best practice, he added that it also intends to establish a “defined sector policy” for intellectual property. Describing the present system for intellectual property rights protection as “clunky, slow and inefficient”, and with

The Bahamas also lacking membership in the necessary international conventions, he pledged to transform processes from ones that are manual-based via the launch of an online electronic portal. Mr Pinder said the proposed legal reforms “will allow for an efficient and streamlined process for international and domestic protection of IP assets and creations” in areas such as integrated circuits, false trade descriptions and geographical indications. “These will be comprehensive reforms that will launch The Bahamas into the forefront of intellectual property protections for our citizens, creating the necessary element for economic empowerment in areas of new creations,” the Attorney General added. “We will not only pass the legislation, we will also join the necessary

international conventions to ensure the protection of the above elements of intellectual property internationally. We will be joining the necessary conventions for international protection of intellectual property in a phased approach, so we can implement the conventions effectively. At the end of the process, we look forward to joining up to 11 new IP international conventions.” The Government plans to launch a public consultation on the reforms in December, much as it did with the medical marijuana changes. “Our government is determined to ensure that Bahamian creatives extract greater value from global orange economy revenues,” Mr Pinder said, adding that the reforms will also provide a mechanism whereby IP assets can be used as collateral for financing.

GOVERNOR GENERAL DEPUTY MEETS ACKLINS TRADE BODY THE GOVERNOR General’s deputy, Ruby Ann Darling, received Basil J. Moss, the Acklins Trade and Development Association’s president and other members, in a courtesy call on Wednesday, November 15. Pictured from L to R: Philippa Charlton, Ida Collie, B.J. Moss, Ruby Ann Darling, Beryl Ferguson and Cardie Cox. Photo:Letisha Henderson/BIS

PAGE 4, Wednesday, November 22, 2023

LEGAL NOTICE

KYLIX FUND LTD. Registration No. 197450 B INTERNATIONAL BUSINESS COMPANIES ACT (No.45 of 2000) In Voluntary Liquidation

Notice is hereby given that in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the dissolution of KYLIX FUND LTD. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the Dissolution was November 2nd, 2023. Crowe Bahamas Liquidator

THE TRIBUNE

Deal’s ‘equal treatment’ for 53k FTX Bahamas claims FROM PAGE B1 Both the Supreme Court and Delaware Bankruptcy Court will have to approve any deal, but the negotiations appear to represent the best hope of ending more than eight months of hostility between the two sides, which erupted into the open on March 19, 2023, when Mr Ray’s team launched legal action in a bid to effectively cut the Bahamian liquidators off from access to FTX assets. The proposed deal will also “release” inter-company claims between FTX Digital Markets and Mr Ray’s Chapter 11 estate, meaning that the Bahamian liquidators’ previously-filed $9.151bn claim against the latter will not proceed and recover nothing Relations between the two sides appear to have improved in recent weeks, with the Bahamian liquidators finally being given access by Mr Ray and his team to the FTX Digital Markets’ books and records that are in the latter’s possession. Files relating to “36 FTX Digital Markets custodians” have been transferred to Mr Simms and his PwC colleagues, with talks over those relating to a further 40 - including “priority custodians” - ongoing. As for the settlement talks, the Bahamian liquidators revealed: “The liquidators and debtors [Mr Ray and his team] are in the advanced stages of alignment in respect of a global settlement. The basis of the global settlement being discussed is that the parties agree to a plan that treats FTX Digital Markets customers no less favourably (when taken as a whole) than the class of FTX.com customers. “This requires a mechanism through which assets can be notionally pooled

and allocated between estates and claims determined. Based on the liquidators’ assessment, the assets and liabilities of the debtors [Chapter 11 estate] and the FTX Digital Markets estate are commingled that it is difficult or impossible to unravel.” The FTX.com customers are creditors of Mr Ray’s Chapter 11 estate. The Bahamian liquidators have thus far received 52,931 claims from purported creditors, investors and clients of FTX Digital Markets, and added that the proposed “pooling” resolution is the best option for both avoiding protracted litigation with Mr Ray and a lengthy process of determining who owns which assets. “The liquidators believe the pooling of customers and creditors of FTX Digital Markets to be in the best interests of the estate,” Mr Simms and his PwC colleagues wrote. “Upon settling all the terms of the global settlement the liquidators, after canvassing creditors, intend to apply to the Bahamian court to enter into a settlement to sanction and compromise claims on terms substantially proposed in the global settlement. “The liquidators are of the view that, given the costs and risks of the extant litigation, considering a compromise with the debtors which would allow distributions through a process in which customers and creditors can either prove in the US or The Bahamas is in the best interest of the estate. “As the debtors are proposing a plan on the basis of notional pooling of the claims of FTX Digital Markets customers and other FTX.com customers, and the assets of FTX Digital Markets and the debtors, a key threshold for the liquidators is that efforts are made to determine that the assets of the estates are so commingled as to make the separate assets of each estate and the individual customers of each estate impossible to determine.” Mr Simms and the PwC duo said reaching such a conclusion will be critical in enabling them to recommend to the Supreme Court the settlement and proposed “pooling mechanism”

for returning assets to their rightful owners. “The liquidators have analysed the books and records of the estates, and held numerous meetings with the debtors and their advisers on the subject of commingling of assets and liabilities between the debtors and FTX Digital Markets estate,” the Bahamian trio added. “While investigations continue, the liquidators believe at this stage that it appears on the analyses and discussions that the lack of financial records and commingling of assets make it impossible for customers to trace assets or the liquidators to trace assets belonging to FTX Digital Markets or its customers. “Therefore, no option may exist except for a plan which is based on the distribution of assets [via] a pooling mechanism.” However, the FTX Digital Markets trio said they believe they now have access to “most of the information” held by Mr Ray and his team that is of relevance to the Bahamian liquidation proceedings. Some 282,778 files, comprising 139 giga bytes (GB) of data and relating to 37 FTX Digital Markets employees, were handed over to the Bahamian liquidation team on July 31, 2023. And a second batch linked to a further 20 employees of FTX’s Bahamian subsidiary was presented on September 21, 2023. Ten, or half, of the exemployees whose data was included in the second batch were described as “priority custodians”, likely meaning embattled FTX founder Sam BankmanFried and members of his inner circle. It is unclear, though, whether all cloudstored data related to FTX Digital Markets has been handed over. “Lennox Paton, on behalf of the liquidators, carried out a preliminary review of the documents provided and noted that several document families included correspondence and information supporting the liquidators’ position in the adversarial proceedings,” the Bahamian trio wrote. That position is that FTX’s international clients and their assets were all transferred to FTX Digital Markets before the crypto

exchange’s implosion just over one year ago. That view is opposed by Mr Ray, but the Bahamian liquidators asserted: “At present, it is the liquidators’ view that migration to FTX Digital Markets of the customers was more likely than not to have been effective. “While significant work still needs to be done in respect of this issue, and a judicial determination is necessary, it is the liquidators’ view that, based on the assumption that migration occurred, FTX Digital Markets is both cash flow and balance sheet insolvent.” Explaining how the “global settlement”, and “pooling mechanism”, are designed to work, the Bahamian liquidators said they will establish a process that allows Mr Ray’s team and themselves to “adjudicate claims against their respective estates”. While the FTX Digital Markets claims process has yet to begin, Mr Simms and the PwC duo said a May 1, 2024, deadline for submitting all claims is being considered “in order that the two estates will move in tandem in distributions”. “Customer claims will be administered, evaluated and adjudicated in both estates,” the liquidators said. “The global settlement will include a mechanism by which claims will be reconciled between the debtor and FTX Digital Markets estates. “Each estate will proceed with realising value in their estate (co-operating by using the most appropriate jurisdiction or process to realise value across asset classes). An equalisation mechanism will then apply between the debtors’ plan and the FTX Digital Markets estate such that either the debtor or FTX Digital Markets remit an amount of funding to the other estate to equalise eligible recoveries. “The calculation of claims under the equalisation mechanism will be based on an amount for each customer’s claim that is no higher than the schedule amount in the debtors’ claim process. Insofar as additional claims can be admitted into the FTX Digital Markets liquidation they may result in a dilution of the distributions for those customers claiming in the FTX Digital Markets estate.”

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THE TRIBUNE

Wednesday, November 22, 2023, PAGE 5

Gov’t ready to ‘step to plate’ and buy GBPA FROM PAGE B1 forthcoming from the Government yet. Tribune Business understands, though, that the Government plans to use its financial claims against the GBPA as leverage to squeeze the families if it is unable to achieve a smooth sale. The Davis administration has already invoked sections in the Hawksbill Creek Agreement that stipulate the GBPA must reimburse it if the cost of providing public services in Freeport exceeds the city’s tax revenues. The dispute may be put into arbitration if the two sides are unable to resolve their differences, with Freeport’s quasi-governmental authority arguing that the Government is incorrectly

interpreting this clause to cover multiple public services not contemplated by the original agreement. However, it is thought the Government plans to repeatedly come back to this issue in the belief the families will be unable to pay what is owed. Mr Davis, when asked yesterday whether the GBPA has paid what the Government claims is due and owing to Bahamian taxpayers, replied: “Well, I’m waiting to hear what they have to say. This is a matter we’ve discussed and they ought to have gotten back to us by the end of October.” However, he blamed the West Grand Bahama and Bimini by-election, which will be held today, and other events such as the upcoming

NOTICE International Business Companies Act (No. 45 of 2000)

AFN FAMILY OFFICE LTD. Registration No. IBC 206924 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that AFN FAMILY OFFICE LTD. has been dissolved and struck off the Register of Companies with effect from the 20th day of October, 2023. Galnom Ltd. Liquidator

COP28 climate change conference, for dominating the agenda. “Unfortunately, as you know, things have happened so I’ve not been able to pay any particular attention to it, but after this event tomorrow and early next week we’ll be back at the table to see where they are and what they’re thinking.” Ryan Pinder KC, addressing the Senate during the 2023-2024 Budget debate on the alleged reimbursements, said: “It should be made clear that any claim by the Government is pursuant to section 1(5) of the Hawksbill Creek Agreement. “This section has never been amended and therefore remains in force and binding. Section 1(5) of the Hawksbill Creek Agreement provides that costs borne by the Government

for certain activities and services provided would be reimbursed by GBPA for amounts in excess of Customs duties and emergency taxes collected.” Mr Pinder argued that attempts to collect the alleged arrears owed by the GBPA under the former Christie administration were “resisted”, leading to the two sides agreeing a Memorandum of Understanding (MoU) that provided “governance concessions”being put in place a year later. He said: “Furthermore, their assertion that no government has ever pursued these amounts is patently incorrect. The GBPA would recall that, in 2015, under Prime Minister Christie, a Hawksbill Review Committee was comprised to

review matters related to the obligations under the Hawksbill Creek Agreement, including the applicability of section 1 (5) reimbursements. “The Hawksbill Creek Agreement Review Committee under the former PLP government went so far as to commission their own independent financial review of amounts that would be owed. At that time the GBPA likewise resisted the pursuit and calculation. “This resistance resulted in a Memorandum of Understanding being entered into in 2016 with the Government that provided certain governance concessions and pledged to work through all questions raised by the Government regarding Section 1(5).”

It is unclear how the Government plans to finance any GBPA acquisition, given that it remains cashstrapped with cash flow difficulties, but there is a belief that it must have a private investor or consortium “waiting in the wings” to acquire the profit-making assets that come under Port Group Ltd. The Government would take control of the GBPA, and its quasigovernmental powers. The key assets are Port Group Ltd’s 50 percent ownership stakes in Freeport Harbour Company and Grand Bahama Development Company (DevCO), in which it is a partner with Hutchison Whampoa which has Board and management control. There are also a variety of other landholding companies, such as Freeport Commercial & Industrial and Carrick Ltd.

NOTICE International Business Companies Act (No. 45 of 2000)

O.A.R. RECORDS LTD.

AFN MUSIC SERVICES LTD.

Registration No. IBC 206810 B

Registration No. IBC 206926 B

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that O.A.R. RECORDS LTD. has been dissolved and struck off the Register of Companies with effect from the 20th day of October, 2023.

Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that AFN MUSIC SERVICES LTD. has been dissolved and struck off the Register of Companies with effect from the 20th day of October, 2023.

Galnom Ltd. Liquidator

NOTICE International Business Companies Act (No. 45 of 2000)

AFN COMPANY LTD. Registration No. IBC 206923 B Pursuant to the provisions of Section 138 (8) of the International Business Companies Act, 2000 notice is hereby given that AFN COMPANY LTD. has been dissolved and struck off the Register of Companies with effect from the 20th day of October, 2023. Galnom Ltd. Liquidator

NOTICE

SDM LTD. Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas registered in the Register of Companies under the Registration Number 209412 B. (In Voluntary Liquidation) Notice is hereby given that the liquidation and the winding up of the Company is complete and the Company has been struck off the Register of Companies maintained by the Registrar General on the 1st day of November, 2023 Dated this 22nd day of November A.D. 2023. CYNTHIA TIRABOSCHI BURIN MANTOVANI Liquidator

NOTICE

RGS LTD.

Avante RE Investment III Ltd. In Voluntary Liquidation Notice is hereby given that in accordance with Section 138(4) of the International Business Companies Act. 2000, Avante RE Investment III Ltd. is in dissolution as of November 16, 2023 International Liquidator Services Ltd. situated at 3rd loor hitfield o er oney rive eli e ity eli e is the i uidator.

LI Q U I DAT O R ______________________

Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 206807 B (In Voluntary Liquidation)

NOTICE

G2D INTERNATIONAL LIMITED Incorporated under the International Business Companies Act, 2000 of the Commonwealth of The Bahamas. Registration Number 203249 B (In Voluntary Liquidation)

Notice is hereby given that the above-named Company is in dissolution, commencing on the 20th day of November, A.D. 2023.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Rafael Gomes Silverio, whose address is Rua Sao Jose, 399 Apto 705 – Centro – Cidade: Tubarao, CEP: 88701-260, UF: Santa Catarina, Brazil. Persons having a Claim against the above-named Company are required on or before the 20th day of December, A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be excluded from the benefit of any distribution made before such claim is proved.

Articles of Dissolution have been duly registered by the Registrar. The Liquidator is Mr. Gustavo de Abreu Semeraro, whose address is R Panorama 325 Melo Affonso / Vassouras, RJ CEP 27700000, Brazil. Persons having a Claim against the above-named Company are required on or before the 20th day of December, A.D. 2023 to send their names, addresses and particulars of their debts or claims to the Liquidator of the Company, or in default thereof they may be e cluded from the benefit of any distribution made before such claim is proved.

Dated this 22nd day of November A.D. 2023.

Rafael Gomes Silverio Liquidator

Gustavo de Abreu Semeraro Liquidator

PAGE 6, Wednesday, November 22, 2023

THE TRIBUNE

Aliv ‘set for success’ with $55m refinance FROM PAGE B1 Detailing what it described as “key details”, it added: “The shareholders have committed to contribute up to $55.129m in additional capital pari passu (equal) to their current shareholdings”. This was to be accompanied by altered “terms and conditions” relating to Cable Bahamas’ shareholder loan, including “changes in interest rates, interest calculations and repayment schedules”. Finally, the master services agreement (MSA) governing the relationship between Cable Bahamas and Aliv has also undergone changes. “Aliv purchases services from the company in the normal course of business including, but not limited to, the use of the company’s towers, transmission networks, services and data centres pursuant to the MSA.” This “outlines all terms and conditions, including

cost and pricing requirements. Amendments to certain MSA fees have been agreed and will result in a reduction in ongoing operating expenses for Aliv. Certain fee schedules will be retroactively affected by the rate changes”. Cable Bahamas also disclosed that, just two days after agreement with the Government on Aliv’s refinancing was reached, principal and dividend payments were made on the group’s 8 percent Series I preference shares. These payments, made on November 2, 2023, were worth $14m and $2.823m, respectively, for a total $16.283m. Mr Butler yesterday said the refinancing will boost investor confidence that Aliv is on “a good footing”, and enjoys the financial backing of its two main shareholders, as well as affirming the partnership between the Government and Cable Bahamas.

“As a part of the standard governance plan, there is a condition that the master services agreement (MSA) and its terms are renegotiated annually,” he explained. “We’ve renegotiated certain terms in the MSA as part of this. In addition to that, we agreed as partners to put in equity, or convert some of the debt to equity, to strengthen the structure and balance sheet of Aliv. “We previously put $70m in as a shareholder loan to Aliv, and so we looked at those terms as well as part of the MSA terms. We looked at the interest rate on that loan again, and added additional equity to the business as well. It strengthens the balance sheet by converting debt to equity.” Mr Butler did not have the dollar amount of debt that will be converted to equity at hand, but described this as “a pretty hefty number”. He added:

“Fundamentally it strengthens the balance sheet of Aliv. It also gives the preference shareholders and bond holders confidence this company is on a good footing, reduces operational expenses and strengthens the business. “Refinancing of the shareholder loan at a cheaper interest rate makes a big difference. All these things help set up Aliv for future success. Hopefully, as a condition of these terms, Cable Bahamas will be paid interest on this [shareholder] loan.” Interest has been accruing on that $70m loan, and Mr Butler voiced optimism that the refinancing deal will also enable Aliv to start paying down this sum owed to Cable Bahamas as its controlling owner. “It improves Cable’s cash flow as well,” he added of the refinancing. “The Government made commitments to allow the amounts accrued

with taxation to be converted to equity. “Some of that will happen on a go forward basis. Aliv’s balance sheet remains solid, the business is doing well from a revenue and EBITDA (earnings before interest, taxation depreciation and amortisation) perspective, and the balance sheet structure strengthening means third party bondholders and preference shareholders will have confidence their interests are secure as well. “Cable is in a good position assuming we can get this refinancing of Aliv off the ground. I think that will make a big difference to Cable’s balance sheet and future cash flow as well.” Mr Butler told Tribune Business back in October that Cable Bahamas was poised for “monumental improvement” in profits if it could reach agreement with the Government on refinancing Aliv’s debt at lower interest costs.

He added that this was “key” to the group’s 2024 financial year performance after Cable Bahamas incurred a $16.008m fourth quarter loss that wiped out profits generated during the first nine months of the year to end-June 2023. However, the company’s ordinary shareholders enjoyed a near-$5m profit for the fullyear despite the overall $8.716m net loss. That occurred because accounting rules require that Cable Bahamas consolidate the Government’s Aliv losses of $13.649m into the group’s overall results, which produced the net comprehensive loss of $8.716m - itself a 22.6 percent decline on the prior year’s $11.256m worth of ‘red ink’. Accounting writedowns, namely depreciation and amortisation, relating to the value of Aliv’s mobile network also impacted Cable Bahamas’ 2023 results.

NOTICE NOTICE is hereby given that TERANCE FILS-AIME of Eneas Jumper Corner, off East Street, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 15th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that SAJIN JOSE PONNORE, of P.O Box N-10806 #11 Shefeild Street, Nassau, The Bahamas applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 22nd day of November 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ANDRE PHILIPPE of Farrington Road, P.O. Box SB-52453, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE NOTICE is hereby given that PETER PHILIP BAZILE of Kool Acres Subdivision, P.O. Box SB-52453, New Providence, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 15th day of November, 2023 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PAGE 8, Wednesday, November 22, 2023

THE TRIBUNE

Commonwealth cuts loan delinquency by up to 5% FROM PAGE B1 percent and 5 percent since December 2022. “Based on the Central Bank’s report of non-performing loans to net loans industry percentage of 8.1 percent, the bank is trending favourably.” The Central Bank, in its monthly economic report for September 2023, said: “Commercial banks’ credit quality indicators improved during September, largely attributed to a decline in non-performing loans (NPLs).

“In particular, total private sector arrears decreased by $4.4m (0.8 percent) to $560.8m, reducing the associated ratio by 11 basis points to 10.33 percent of total private sector loans. An analysis by average age of delinquency showed that NPLs fell by $8.8m (2.3 percent) to $371m, with the accompanying ratio narrowing by 18 basis points to 6.83 percent.” There were “declines in the NPL rates for commercial loans by 38 basis points

to 5.08 percent; consumer loans by 16 basis points to 5 percent, and mortgages by 11 basis points to 8.96 percent. In contrast, shortterm arrears (31-90 days) rose by $4.4m (2.4 percent) to $189.8m, while the corresponding ratio moved up seven basis points to 3.5 percent.” Breaking this down by loan category, the Central Bank said: “Disaggregated by loan category, commercial arrears fell by $6.7m (10.1 percent) to $59.6m as

both the short and long-term segments reduced by $3.5m (26.9 percent) and by $3.2m (6.1 percent), respectively. “Conversely, consumer loan arrears rose by $2m (1.3 percent) to $156.3m on account of the $5m (9.3 percent) growth in short-term arrears, which overshadowed the $3m (2.9 percent) decrease in non-accrual loans. “Likewise, past-due mortgage payments edged up by $0.3m (0.1 percent) to $344.9m on account of a rise

MELIA SITE SET FOR $500M OUTLAY ON 600-ROOM HOTEL FROM PAGE B1 residences,” he said earlier this month. The seven-acre, 694room Melia property was around 45 years old, having been built in the late 1970s so that it could host the Commonwealth Heads of Government meeting that took place in Nassau in the early 1980s. CTFE was behind on the initial renovation schedule it set out for the Melia when it announced the property’s closure in mid-February 2021. It said then that the resort will close for two years to undergo a $100m renovation via a project that

was to create some 150 construction jobs. It added that the sevenacre, 694-room resort, which also featured 32 suites, was to undergo “a complete transformation” with rooms, common areas, restaurants and bars, and outdoor spaces including three freshwater pools included in the renovations. The property was to re-open in 2023, which will now clearly not happen. Graeme Davis, Baha Mar’s president, said in late July that CTFE was waiting on “direction” from the Government so that it can determine its future plans for the seven-acre site that

will soon be completely raised. “I will say we are moving forward with our demolition,” he told a Bahamas Hotel and Tourism Association (BHTA) meeting. “That is starting to come down. We’re expecting to have that completed by fall. We’re hopeful that we can work with the Government here on having future plans to announce. “It really is right now with the Government, and hopefully we’ll have some direction soon that we can announce on future plans. We’re certainly hopeful that we can make a positive impact for the

tourism product here in Nassau and certainly for the community.” Robert Sands, the BHTA’s president, recently said the biggest obstacle to increasing stopover visitors is a reduction in available rooms by 25 percent. The reopening of the British Colonial hotel next month will increase New Providence’s room inventory by 350 rooms alone. Inventory has also been impacted by the closure of the Melia Nassau Beach Resort, and its subsequent demolition, and the Atlantis Beach Towers closure for Somewhere Else. He said: “We have over 35 to 40 percent market

in the short-term component by $2.9m (2.4 percent), which eclipsed the $2.6m (1.2 percent) retrenchment in non-accruals,” it added. “In September, banks reduced their loan losses provisions by $5.9m (1.7 percent) to $335.5m. As a result, the ratio for total provisions to arrears narrowed by 58 basis points to 59.8 percent. However, the ratio of total provisions to NPLs grew by 53 basis points to 90.4 percent. During the review month, banks wrote-off an

estimated $9.8m in overdue loans and recovered approximately $3.9m. “During the nine-month period, total private sector arrears contracted by $49.4m (8.1 percent) with the associate ratio decreasing by one percentage point. By length of delinquency, the nonaccrual segment reduced by $43.9m (10.6 percent), resulting in the relevant ratio moving lower by 89 basis points. Similarly, the short-term component fell by $5.4m (2.8 percent) as the relevant ratio declined by 14 basis points.”

share of all cruise visitors to the Caribbean. Our biggest opportunity lies in increasing our stopover visitors, and that has been hampered most directly by a reduction in available hotel rooms. Some 25 percent of our inventory is down as a result of a number of reasons. “We are aware of Melia, we are aware of hotels in Grand Bahama, Paradise Island. Fortunately, we have British Colonial coming online in December of this year, which will bring an additional 350 rooms to inventory.” Mr Davis, meanwhile, yesterday defended this week’s Heads of Agreement signing for the $100m Ocean Cay expansion by Mediterranean Shipping Cruises (MSC). He argued that the deal did

“not pop up in the last two weeks” in a bid to influence the by-election’s outcome, as the Government had been negotiating terms with the global shipping giant for the past nine months. The Prime Minister’s Office, in a statement, said the Ocean Cay expansion is designed to build on MSC Cruises’ initial $400m investment and take place over two phases, with completion set for 2024. The project includes a new Marine Conservation Centre specialising in coral research, upgraded facilities, amenities, a deepening of the marina, the creation of a solar farm, and a sustainable, biophilic landscaping plan.

THE WEATHER REPORT

5-DAY FORECAST

ORLANDO

High: 80° F/27° C Low: 58° F/14° C

TAMPA

TONIGHT

THURSDAY

FRIDAY

SATURDAY

SUNDAY

Beautiful with clouds and sun

Partly cloudy

Mostly sunny

A couple of morning showers

Mostly sunny and beautiful

Sunny and delightful

High: 82°

Low: 69°

High: 83° Low: 70°

High: 84° Low: 73°

High: 83° Low: 71°

High: 84° Low: 70°

AccuWeather RealFeel

86° F

71° F

90°-75° F

91°-73° F

90°-71° F

High: 79° F/26° C Low: 58° F/14° C

ABACO

High: 79° F/26° C Low: 75° F/24° C

8-16 knots

WEST PALM BEACH High: 85° F/29° C Low: 68° F/20° C

8-16 knots

FT. LAUDERDALE

FREEPORT

High: 84° F/29° C Low: 69° F/21° C

W S

High: 82° F/28° C Low: 72° F/22° C

MIAMI

High: 85° F/29° C Low: 71° F/22° C

6-12 knots

NASSAU

High

Ht.(ft.)

Low

Ht.(ft.)

2.8 2.8

9:16 a.m. 9:43 p.m.

0.4 0.0

ALMANAC

Thursday

4:01 a.m. 4:17 p.m.

3.0 2.8

10:20 a.m. 0.3 10:35 p.m. -0.1

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 81° F/27° C Low .................................................... 75° F/24° C Normal high ....................................... 81° F/27° C Normal low ........................................ 69° F/21° C Last year’s high .................................. 84° F/29° C Last year’s low ................................... 71° F/22° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................ 50.77” Normal year to date ................................... 37.68”

Friday

4:56 a.m. 5:11 p.m.

3.2 2.7

11:19 a.m. 0.1 11:24 p.m. -0.3

Saturday

5:47 a.m. 6:03 p.m.

3.4 2.7

12:13 p.m. 0.0 ---------

Sunday

6:35 a.m. 6:51 p.m.

3.4 2.6

12:11 a.m. -0.4 1:04 p.m. -0.1

Monday

7:21 a.m. 7:38 p.m.

3.4 2.5

12:56 a.m. -0.4 1:52 p.m. -0.1

Tuesday

8:06 a.m. 8:24 p.m.

3.3 2.4

1:41 a.m. -0.3 2:38 p.m. -0.1

High: 80° F/27° C Low: 73° F/23° C

KEY WEST

High: 84° F/29° C Low: 75° F/24° C

High: 84° F/29° C Low: 73° F/23° C

6-12 knots

7-14 knots Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

6:31 a.m. 5:20 p.m.

Moonrise Moonset

2:14 p.m. 1:36 a.m.

Full

Last

New

First

Nov. 27

Dec. 5

Dec. 12

Dec. 19

ANDROS

SAN SALVADOR

GREAT EXUMA

High: 83° F/28° C Low: 71° F/22° C

High: 82° F/28° C Low: 76° F/24° C

High: 83° F/28° C Low: 70° F/21° C

W S

LONG ISLAND

TRACKING MAP

High: 82° F/28° C Low: 75° F/24° C

SUN AND MOON Sunrise Sunset

CAT ISLAND

TIDES FOR NASSAU 3:01 a.m. 3:19 p.m.

ELEUTHERA

High: 82° F/28° C Low: 69° F/21° C

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

Today

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

UV INDEX TODAY

TODAY

7-14 knots

MAYAGUANA High: 83° F/28° C Low: 74° F/23° C

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

CROOKED ISLAND / ACKLINS RAGGED ISLAND High: 83° F/28° C Low: 78° F/26° C

High: 82° F/28° C Low: 77° F/25° C

GREAT INAGUA High: 84° F/29° C Low: 78° F/26° C

10-20 knots

MARINE FORECAST ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday: Today: Thursday:

WINDS SE at 8-16 Knots NW at 7-14 Knots SE at 6-12 Knots E at 3-6 Knots ESE at 8-16 Knots SE at 4-8 Knots E at 10-20 Knots E at 6-12 Knots ESE at 8-16 Knots SSW at 4-8 Knots S at 8-16 Knots NNE at 6-12 Knots SE at 7-14 Knots SE at 3-6 Knots E at 10-20 Knots ENE at 7-14 Knots E at 8-16 Knots E at 4-8 Knots E at 8-16 Knots ENE at 4-8 Knots SE at 6-12 Knots W at 3-6 Knots E at 10-20 Knots E at 7-14 Knots SE at 7-14 Knots SSE at 4-8 Knots

WAVES 4-7 Feet 3-5 Feet 0-1 Feet 0-1 Feet 4-8 Feet 3-6 Feet 3-6 Feet 3-5 Feet 4-8 Feet 3-6 Feet 1-3 Feet 1-3 Feet 1-2 Feet 0-1 Feet 3-5 Feet 1-3 Feet 3-5 Feet 2-4 Feet 5-9 Feet 4-7 Feet 1-2 Feet 0-1 Feet 3-5 Feet 1-3 Feet 1-3 Feet 1-2 Feet

VISIBILITY 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 78° F 78° F 79° F 79° F 80° F 79° F 81° F 81° F 79° F 79° F 78° F 78° F 80° F 79° F 82° F 82° F 81° F 80° F 81° F 81° F 79° F 79° F 81° F 81° F 79° F 79° F