The Board of Directors of The West Indian Company Limited met Friday morning at WICO headquarters on the West Indian Company Dock and reported strong second-quarter performance, continued growth in ship calls, and a positive outlook for the remainder of Fiscal Year 2026.
WICO President and CEO Joseph Boschulte announced the retirement of Mark Sabino, who will retire on April 30 after nearly 29 years of service as Director of Marine and Cruise Services. Sabino was recognized for his dedication to the company, the U.S. Virgin Islands, and the cruise industry.
In his President’s Report, Boschulte said ship calls were up 33% for the first half of 2026 compared to the same period last year, with vessels arriving at more than 90% capacity. He said the increase is a positive sign for WICO, St. Thomas, and the Territory as a whole.
The WICO Board, along with Governor Albert Bryan Jr., Delegate to Congress Stacey E. Plaskett, members of the Legislature, and representatives from the U.S. Virgin Islands Department of Tourism attended Seatrade Cruise Global 2026 in Miami from April 13–16. The annual event is the cruise industry’s leading business-to-business gathering, bringing together cruise line executives and suppliers. WICO delegates met with cruise line representatives serving the Caribbean.
Boschulte noted that the global cruise industry remains strong, with about 37 million passengers cruising last year, and that demand for Caribbean itineraries accounts for 35% of all global cruise activity. He cautioned that geopolitical tensions, over-tourism restrictions in Europe, rising fuel prices, and potential energy surcharges could influence future pricing and routing decisions.
He also reported that as cruise lines continue to build larger ships, the U.S. Virgin Islands must be prepared for increased berthing demand. St. Thomas currently has limited capacity for Oasis-class ships, and additional berth infrastructure is needed to remain competitive in the region.
Chief Financial Officer Charlene Turnbull presented WICO’s second-quarter financial overview, reporting that revenues increased 34% due to higher passenger counts and a 200% increase in water sales tied to ships home-porting in Puerto Rico. While operating expenses increased due to the higher volume of ship activity, costs have been managed carefully.
Boschulte congratulated Turnbull on WICO’s clean audit for Fiscal Year 2024, calling it a strong independent confirmation of the company’s financial health.
In other business the board approved an RFQ / RFP for lease of 7 acres of Liverpool, the Tank Yard and the western portion of the WICO property, discussed anticipated harbor dredging of the turning basin, routine dock maintenance including the fender system, and tenant vacancies.
In executive session, the board discussed pending and potential litigation matters, trade secrets and proprietary information, personnel issues, and other attorney-client privileged matters.
