The board that oversees the West Indian Company Limited’s cruise port reported stronger ship demand and improving financial performance Friday, while noting that long‑term diversification and infrastructure planning will be essential to keep pace with a growing cruise industry.
On the operations side, WICO President and Chief Executive Officer Joseph B. Boschulte said ship calls remain strong and that multiple major brands have already booked itineraries several years out. “All in all, we are very strong in terms of our ship calls to fiscal year 2026,” Boschulte told the board.
The board was told that operating revenues are about $3.3 million, roughly 1% below earlier projections, but tighter cost controls are beginning to pay off. Hugo Hodge Jr., chair of the board and finance committee, reported that expenses are down about 6.9%, roughly $114,000. This improved the port’s day-to-day operational earnings, known as EBITDA, by about 5%, resulting in a modest increase in overall operating profit.
Hodge added, “We see an opportunity to continue trending in the right direction and improve the finances. But it is definitely prudent for us to pursue diversification measures to help ensure that success comes to fruition.”
Boschulte said major brands, including Carnival-affiliated lines, Norwegian, Disney, and others, are calling at the port, and that the two largest partners, Carnival Corporation and Norwegian, have booked ship calls through 2028, reflecting continued demand for St. Thomas as a Caribbean destination.
Virgin Voyages has become an increasingly important part of that mix, according to Boschulte, who said the company has submitted a growing number of berth requests. The line is particularly attractive because it tends to call on Saturdays and Sundays, historically softer days at the port. “We are seeing a significant increase in requests from them,” he told the board.
Boschulte also highlighted a broader industry trend putting additional pressure on the port: cruise lines are now selling itineraries more than two years in advance and will not market routes unless they know their ships have secured space in port. “One of the trends that’s happening in the business right now is bookings are being sold 24 months plus out,” Boschulte said. “A line will not be able to market an itinerary unless they have secured berthing.”
Board members said diversification efforts could include rethinking how rental space is used and supporting on-site businesses with more events and activities at the port, even as WICO evaluates what investments will be needed to ensure long-term stability.
