WILLEMSTAD – Curaçao is exploring financial support from the European Union for a major modernization of its ship repair facilities, a project estimated to cost €105 million and considered essential to strengthening the island's position in the regional maritime industry.
Representatives of the European Commission visited the Curaçao shipyard on Wednesday, October 14, to examine the investment plans and discuss possible financing arrangements with government officials and representatives of the maritime sector.
The visit was organized at the invitation of CDM Holding, which is coordinating efforts to secure financing for the modernization program.
European Commission representatives David Mogollon and Daniele de Bernardi held discussions with the Curaçao government, Damen Shiprepair Curaçao, the Curaçao Maritime Association, and other stakeholders involved in the project.
The modernization initiative, known as CAPEX 2.0, is intended to address aging infrastructure at the shipyard, including dry docks, quays, cranes, and associated technical installations.
Engineering firm HaskoningDHV has estimated that approximately €105 million will be required to complete the proposed improvements.
The project is expected to be implemented in phases between 2027 and 2031, although its execution will depend on securing the necessary financing.
CDM Holding is examining whether European financing instruments can be combined with contributions from Curaçao, the Netherlands, and private investors.
No financial commitment has yet been announced by the European Commission, and the overall financing package remains incomplete.
The shipyard is considered an important component of Curaçao's maritime economy, providing services to commercial vessels and supporting activities associated with shipping, offshore operations, and industrial maintenance.
However, maintaining competitiveness in the international ship repair market requires substantial investment in infrastructure, equipment, and operational capacity.
The proposed modernization is intended to strengthen the shipyard's ability to attract additional business and respond to changing demands in the maritime sector.
One potential source of future demand is the expanding oil and gas industry in Guyana and Suriname.
Both countries have attracted significant international investment in offshore energy development, creating opportunities for maritime services, vessel maintenance, logistics, and industrial support throughout the Caribbean region.
Curaçao hopes to position its shipyard to benefit from these developments by improving its infrastructure and strengthening its competitiveness.
A possible recovery of economic activity in Venezuela could also create additional opportunities for maritime services, although such developments remain uncertain.
CDM Holding Director Agustin Diaz Jr. emphasized that financing projects of this scale requires more than a single investment decision.
According to Diaz, technical preparation, commercial development, and financing arrangements must advance simultaneously to make the modernization financially viable.
The involvement of European Commission representatives marks another step in efforts to identify possible funding sources, but it does not guarantee that European financing will ultimately be approved.
The modernization plans are being coordinated under the responsibility of Curaçao's Ministry of Economic Development.
For the island, the proposed investment represents an opportunity to strengthen an established industrial sector while creating conditions for future maritime business activity.
The challenge now is to translate the technical plans and international discussions into a viable financing structure that will allow the modernization work to begin in 2027.