Business View Caribbean - Feb 2024

cargo, including containers, vehicles, gas vessels, and oversized equipment. Their contributions continue to play a vital role in sustaining Aruba’s thriving economy. “Forty-plus years ago, we were talking about 400 people, and right now, the company operates a much larger facility with approximately 80 persons, including security personnel”, states Angela. This reduction in manpower, not just at ASTEC but globally, is due to technological advancements that have significantly improved operations and safety in the cargo handling industry. DRIVING ARUBA’S ECONOMIC GROWTH Tourism is undoubtedly a major driver of ASTEC’s business, contributing significantly not only to the company’s operations but also to the overall prosperity of the island. However, the impact of the COVID-19 pandemic shed light on the extent of this interdependence. “In the years that COVID affected our island, we saw that around 40% of cargo got knocked out when no flights could have landed in Aruba, and being such a small island in the Caribbean, that is a very substantial amount, says Lake. This reduction represented a substantial loss for a small Caribbean Island like Aruba, highlighting tourism’s critical role in the local economy and the volume of cargo handled annually. Tourism is very much up and growing in Aruba, especially since 2023. Lake states,“Aruba’s economy grew by 10.3% due to tourism receipts, surpassing the highest trend in 2019 back pre-COVID”. This surge in tourism automatically translates into an increased demand for cargo, which plays a vital role in supplying hotels, restaurants, and various businesses catering to the tourism sector. Another significant trend pertains to the regular visits by shipping lines to Aruba, often involving three to four substantial vessels per week. These operations remain unaffected by any direct factors, signifying stability within the shipping industry. This stability, in turn, bolsters ASTEC’s ongoing expansion and operational efficiency. Lifting Small & Medium Container and Multipurpose Terminals to the Highest Level of Economical and Ecological Profitability and Reliability paceco-momentum.com/ paceco-poseidon.com/ 29 BUSINESS VIEW CARIBBEAN VOLUME 11, ISSUE 02 ARUBA STEVEDORING COMPANY – ASTEC N.V.