Steamships eyes growth

By PETER ESILA
PAPUA New Guinea is on the cusp of investments in the resource and non-resource sector, according to Steamships Trading Company.
Steamships managing director Rupert Bray said resource projects would bring a new energy into the country “where we begin to see movement and as a result the economy will continue to grow.
“Job creation and the support in project impact areas will be a large positive impact from project streams coming online, along with the overflow effects which will be felt by the broader business and local community.”
Bray said this had led to optimism for the fourth quarter.
“Like all businesses in PNG, we are anticipating the upcycle of the economy relating to the Papua LNG project which is expected to be announced in the first quarter of 2024,” he said.
“Our property division is in a place of growth as we have secured full ownership of the portside business park, with works due to start soon.
“The team will continue securing tenants and we are still in discussion with the National Government to make the park a special economic zone.
“Taking the cue from the Government on valued-adding opportunities across agriculture, forestry and fisheries, Steamships is keen to support the Government’s economic development aspiration to see how best we fit into the ecosystem.
“Further, we are due to open Harbourside South, the latest development as part of our Harbourside Precinct, which will be housing Papua New Guinea’s first Marriott Hotel,” Bray said.
“The Marriot brand is a strong global brand in the hospitality industry, and Steamships is excited in this new venture.
“Finally, Wonye Dobel in Mt Hagen, a joint venture with Tininga is progressing well.
“In our hotel division, we are pleased to be rolling out our renovation plans, with Grand Papua Hotel undergoing a refresh, and we have plans for the Melanesian Hotel in Lae to begin refurbishment in early 2024.
“We have invested in new tugs and barges, and are looking to close contracts to support Papua LNG and P’nyang.”