Who owns Floating Docks S. de RL.

Floating Docks S. de RL. - Profile

Floating Docks S. de R.L. is the special purpose vehicle set up by the shareholders of Grand Bahama Shipyard, the cruise and cargo ship repair yard at Freeport in the Bahamas, to procure two very large floating drydocks for that yard. Its owners are the same cruise operators that own the shipyard, each of which guarantees a share of the instalment payments due under the construction contracts, and the completed docks are novated across to Grand Bahama Shipyard rather than kept by the vehicle. Both docks were ordered in May 2022 from Beihai Shipbuilding in Qingdao, China, as part of a 600 million dollar upgrade of the yard. The first, named East End, measures about 357 metres by 76 metres and lifts 93,500 tonnes; it was delivered in 2025, reached Freeport in November 2025 and went into service in January 2026. The second and larger dock, Lucayan, lifts 125,000 tonnes and follows in 2026. Between them they let the yard drydock the largest cruise ships in service or on order as well as much of the commercial fleet.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Carnival Corporation, as of 30 Nov 2025. FY2025 10-K, Note 4: 'At November 30, 2025 and 2024, we had a 33% and 50% noncontrolling interest in Floating Docks S. de RL. ("Floating Docks"), our joint venture with the other shareholders of Grand Bahama, which will construct two floating drydocks. The first was delivered in June 2025 and the second is expected to be delivered in early 2026. As of November 30, 2025 and 2024 our investment in Floating Docks was $130 million and $81 million.' No equity/loan split is disclosed for the FY2025 figure (only the combined $130 million), so it is recorded as-is; Carnival has also provided payment guarantees on Floating Docks' behalf, described as immaterial in amount outstanding. Same June 2025 one-third sale event as Grand Bahama reduced the interest from 50% to 33%. The Q2 FY2026 10-Q does not update this figure (see Grand Bahama method_note on the unattributed $46 million advance). Cross-check: Royal Caribbean's own file records $128 million for its (also approximately 33%) Floating Docks stake as of 31 Dec 2025, close to but not identical to Carnival's $130 million as of 30 Nov 2025 (different fiscal year-end dates, one month apart, explain the modest difference; each company's carrying value is its own cost basis, not necessarily equal even for the same joint venture). source
• Royal Caribbean Cruises Ltd., as of 31 Dec 2025. FY2025 10-K: 'Floating Docks S. DE RL. ("Floating Docks"), our approximately 33%-owned joint venture with the other shareholders of Grand Bahama has constructed two floating drydocks... Our investment in Floating Docks, including loans, is $128 million as of December 31, 2025.' Accounted for as a VIE / equity-method investment; RCL is not the primary beneficiary. Like Grand Bahama, RCL's interest was reduced from 50% (at 31 Mar 2025) to approximately 33% (at 30 Jun 2025) via the June 2025 sale of one-third of its stake to a third party. The $128 million figure explicitly includes loans to the venture as well as equity, so it is not a pure equity carrying value; no more recent (30 Jun 2026) figure was found in the Q2 2026 10-Q. source