KWL buys another stevedore

BY CAMILO THAME Business co-ordinator

Wednesday, March 05, 2014

Print this page Email A Friend!

KINGSTON Wharves Limited (KWL) bought a second stevedoring operation in less than a year, making it the largest stevedore on the wharf.

It inked deal to acquire Allied Trucking and Maritime Services’s stevedoring business on Port Bustamante for US$2.95 million (J$319 million), subject to certain terms and conditions, on February 14.

The payment will take place over a three-year period, according to a letter from the cargo handler to the Jamaica Stock Exchange.

"The parties are working together to effect the smooth transition of the business from Allied to KWL," wrote company secretary Roger Hinds.

KWL had previously signalled its intent to take over all the stevedoring activities on berths one to nine (where the company operates), but the latest acquisition just makes them the largest operator, according to the company's CEO Grantley Stephenson.

Allied, which was formed just under 10 years ago, has a fleet of 16 tractor heads, a 10-ton forklift, a heavy-duty lowboy and over a hundred container chassis and flatbeds.

Shipping Services (Stevedoring) Limited, which was acquired last April for an undisclosed sum, might have been a smaller stevedoring operation, given that KWL said that it paid less than one per cent of its total asset base, which was $12.2 billion as at December 31, 2012.

In any case, the new stevedoring operations have helped boost income at the company, along with "increased container volumes, depreciation of the Jamaican dollar as well as cost containment measures".

Terminal operations revenue grew from $3.06 billion in 2012 to $3.6 billion for the year ending December 31, 2013, while operating profit rose to $1.36 billion, up from $1.02 billion.

Kingston Wharves' bottom line grew from $525 milinon in 2012 to $818 million.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon