The St. Croix Economic Development Initiative (SEDI) announced the launch of the pre-construction phase and feasibility study process for St. Croix Shipyards LLC, a partnership between PetroMar International and Global Engagement Support Services (GESS).
This project has the potential to be the largest shipyard in the Caribbean and South America, creating a significant new maritime industry for St. Croix. It would be the first major economic diversification on the island since the closure of the oil refinery over 50 years ago, according to project organizers.
In a press release this week, SEDI commended Gov. Albert Bryan Jr. and Wayne Biggs, CEO of the USVI Economic Development Authority, for their leadership in facilitating a public-private partnership approach to establish the shipyard’s economic feasibility. The recently completed feasibility study further strengthens the project’s potential, according to SEDI’s head, Anthony Weeks.
The project is currently in the negotiation and funding stage, with discussions ongoing with potential investors. The shipyard is expected to create hundreds of jobs during both construction and operation phases due to its labor-intensive nature.
In an interview with the Source, Weeks said the project aligns with the growing Blue Economy, which focuses on the economic value of the ocean. This sector is estimated to be worth $24 trillion globally, highlighting its vast potential. St. Croix’s central location and existing legislation exempting it from the Jones Act position it well to capitalize on this opportunity, he said.
Project partners include:
- PetroMar International Inc.: Marine consultants with over 25 years of experience, providing services to major companies like Shell and Chevron.
- Global Engagement Support Services (GESS): A subsidiary of Schuster’s Services, a 3rd generation company with 87 years of experience in transportation logistics and industrial services.
- SEDI, Inc.: A non-profit research and development organization focused on macroeconomics and public policy. SEDI launched the Caribbean Americas Single Economy (CASE) and The ARCIPELO initiatives to strengthen St. Croix’s economic integration with the US mainland and the Caribbean & Latin American economies.
For more information, residents can visit St. Croix Shipyards, PetroMar International or email Kenneth Schuster at kschuster@gess.solutions.
