WILLEMSTAD – CDM Holding is preparing an ambitious modernization of Curaçao's shipyard, with investments estimated at nearly €105 million. The government-owned company intends to begin technical preparations in 2027, followed by major construction and renovation work between 2028 and 2030. However, it remains unclear whether the financing needed to carry out the project has been secured.
The investment program, known as CAPEX 2.0, was presented by CDM Holding director Agustin Diaz during the Venezuela International Oil & Gas Summit, held in Caracas in late September.
According to Guyanese energy publication OilNOW, the presentation outlined plans to transform Curaçao's shipyard into a more competitive regional center for specialized maritime maintenance and repair services.
The modernization will focus on improving existing infrastructure, replacing outdated equipment and expanding the shipyard's technical capabilities.
Under the proposed schedule, 2027 will be dedicated to technical design, engineering and procurement procedures. The actual modernization work is expected to begin in 2028 and continue in phases through 2030.
A major component of the investment program involves renovating the shipyard's two dry docks, which are essential for carrying out maintenance and repairs on large vessels.
The budget allocates approximately €14 million to the A-dock and another €3.7 million to the B-dock.
An additional €28 million is earmarked for land-based structures and infrastructure, including improvements to quay walls and the access bridge.
The replacement of remaining outdated dock cranes is expected to require more than €12 million.
Together, these four investment categories account for approximately €58 million of the proposed modernization program.
However, the published breakdown does not explain how the remaining €47 million of the nearly €105 million investment budget will be allocated.
The new program follows an earlier modernization phase involving approximately €20 million in investments.
That phase included the replacement of dock pumps, upgrades to electrical installations and the acquisition of a new tower crane.
The shipyard is operated by Damen Shiprepair Curaçao, while CDM Holding is responsible for the government-owned shipyard assets.
The planned investments are intended to strengthen the facility's ability to handle more technically demanding repair and maintenance assignments, particularly those associated with the expanding offshore oil and gas industry in the Caribbean and northern South America.
Despite the ambitious schedule, financing remains a major unanswered question.
Curaçao.nu previously reported on September 2 that CDM Holding was seeking funding for the next modernization phase, including the acquisition of four new cranes.
Although the presentation in Caracas provided additional information about the investment categories and implementation timetable, it did not establish whether the necessary financial resources had been secured.
There was also no confirmation that all investment decisions had received final approval.
Curaçao.nu has requested clarification from Diaz about the financing arrangements, the assumptions underlying the proposed schedule and whether the company has already reached commercial agreements with potential customers.
The answers could determine whether CAPEX 2.0 is ready to move toward implementation or remains primarily a long-term investment proposal.
For Curaçao, the project represents a potentially significant industrial investment, but its realization will depend on financing, technical preparations and the ability to attract sufficient maritime business to justify the expenditure.