Who owns Grand Bahama Shipyard Ltd.

Grand Bahama Shipyard Ltd. - Profile

Grand Bahama Shipyard is a ship repair and dry docking yard at Freeport on Grand Bahama, set up in 2000 as a joint venture between Carnival Corporation, Royal Caribbean Group and the Bahamian Port Group so that the cruise lines would have a large repair facility close to their Caribbean itineraries. It carries out scheduled dry dockings, hull and propulsion work, refits and conversions, historically handling between 85 and 100 dry dockings a year. Its capacity collapsed in 2019 when a floating dock failed while lifting Oasis of the Seas, and the owners then committed several hundred million dollars to two replacement floating docks built at CSSC Qingdao Beihai in China: the first, 357 metres long with a lifting capacity of 93,500 tonnes, entered service in January 2026, and a larger dock named Lucayan follows. MSC joined as a shareholder in 2025.

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 (period ended 30 Nov 2025), Note 4, Equity Method Investments: 'At November 30, 2025 and 2024, we had a 33% and 49% noncontrolling interest in Grand Bahama Shipyard Ltd. ("Grand Bahama"), a ship repair and maintenance facility. As of November 30, 2025, our investment in Grand Bahama was $27 million, consisting of $16 million in equity and a loan of $10 million.' The $27 million total therefore includes a loan as well as equity and is not a pure equity carrying value (the two disclosed components round to $26 million, a rounding artifact in Carnival's own figures, not an arithmetic error introduced here). Accounted for under the equity method; Carnival does not use the term VIE for this investment (unlike Royal Caribbean's file for the same entity), only 'noncontrolling interest... significant influence.' The Q2 FY2026 10-Q (period ended 31 May 2026) does not restate or update this note; it only discloses an unattributed 'Advances of $46 million to one of our equity method investments' in the six-month cash flow statement, which cannot be assigned to Grand Bahama specifically versus Floating Docks or White Pass, so the Nov 2025 10-K figure is used as the latest attributable figure. Cross-check: Royal Caribbean's own carnival.json-adjacent file (royal-caribbean.json) independently discloses the SAME reduction, from 49% to approximately 33%, following 'a June 2025 sale of one-third of its ownership interests' by Royal Caribbean; Carnival's 10-K independently confirms 'In June 2025, we sold one-third of our interest in Grand Bahama and Floating Docks,' so both major shareholders sold a third of their respective stakes in the same month, implying a third, smaller co-owner holds the remaining balance (roughly 34% given both majors now hold 33% each). source
• Royal Caribbean Cruises Ltd.. RCL's Q2 2026 10-Q and FY2025 10-K: Grand Bahama Shipyard Ltd., a ship repair and maintenance facility, is a VIE in which RCL holds a 33% noncontrolling interest and is not the primary beneficiary, accounted for under the equity method. RCL's noncontrolling interest was reduced from 49% (at 31 Mar 2025) to approximately 33% (at 30 Jun 2025) after RCL sold one-third of its ownership interests in both Grand Bahama and its affiliate Floating Docks to a third party in June 2025; the 2025 10-K reports a gain on that sale within Other income. No individual carrying value for the Grand Bahama investment is disclosed anywhere found in the 10-Q or 10-K; only Floating Docks (see separate row) carries a disclosed dollar figure. value_usd is left null rather than estimated. sourcesource 2