Historic Low Water Levels Cut Freight Transport to Germany by 40%

A major shift in Curaçao's long-running refinery debate came this month when 2BAYS director Patrick Newton publicly stated that a traditional oil refinery will never return to the Schottegat. His remarks, which many had privately accepted but rarely voiced aloud, were confirmed days later by the island's Financial authorities, effectively closing the door on decades of back-and-forth over the future of the former Shell refinery site. The Schottegat refinery was once the economic backbone of Curaçao, and its decline has left a significant void in the island's economy and identity. Newton's declaration signals that stakeholders are now pivoting from debate to action, focusing on what should actually be built or developed on the strategically located industrial site. The shift represents both a challenge and an opportunity — Curaçao must now define a new economic vision for one of its most prominent and historically significant pieces of land.

Curaçao-based company 2BAYS is expanding its operations into ship repair and maritime services as the island's refinery strategy undergoes significant changes. The move represents a strategic pivot for the company, likely in response to uncertainties surrounding the Isla Refinery and the broader energy landscape on the island. By entering the maritime services sector, 2BAYS aims to capitalize on Curaçao's established position as a key hub in Caribbean shipping and logistics. The expansion signals growing private sector interest in diversifying the island's industrial economy beyond oil refining. Curaçao's deep-water port and central location in the Caribbean make it a natural fit for ship repair operations. This development could bring new employment opportunities and economic activity to the island at a time when the future of the refinery remains uncertain. The move reflects a broader trend of businesses on Curaçao adapting to a shifting energy and industrial environment.

The Committee for Financial Supervision (Cft) is urging the government of Curaçao to increase the dividends it collects from state-owned companies, which collectively earn more than XCG 100 million. The advisory body believes the island is leaving significant revenue on the table by not demanding a larger share of profits from these government-owned enterprises. Cft's recommendation comes as Curaçao continues to navigate fiscal challenges and seeks to strengthen its public finances. Higher dividend payouts from state-owned companies could provide the government with additional funds without raising taxes or cutting services. The Cft regularly monitors the financial health of Curaçao and the other countries within the Kingdom of the Netherlands, and its recommendations carry considerable weight in budget planning. This call for greater dividend collection reflects a broader push by the Cft to ensure Curaçao maximizes all available revenue streams. The government has yet to publicly respond to the recommendation.