Arias, Fábrega & Fábrega acted as Panamanian counsel to MSC Cruises S.A. in its acquisition of a 33.3 % equity interest in the Grand Bahama Shipyard, joining Carnival Corporation and Royal Caribbean Group. The transaction brings together the three largest cruise operators worldwide and underpins a US $600 million modernization program that will add two of the largest floating dry docks in the Western Hemisphere, positioning Grand Bahama to become the leading global hub for cruise-ship and commercial-vessel repairs. By securing parity ownership, the deal not only diversifies the shipyard’s customer base but also aligns the strategic interests of almost 60 % of the world’s cruise capacity, an industry milestone that is expected to accelerate investment, job creation and skills training across the wider Caribbean maritime corridor.

ARIFA’s M&A team—led by partner Fernando Arias F., and associate Jesús De Luca—handled all Panamanian legal aspects of the investment, including corporate structuring, regulatory analysis and the coordination of cross-border matters. Our lawyers worked closely with MSC’s in-house and international counsel to negotiate shareholder-level governance and craft bespoke provisions to harmonize operational standards among the three cruise majors. The engagement drew on ARIFA’s deep experience in advising transportation and logistics clients on sophisticated multijurisdictional transactions, demonstrating the firm’s ability to bridge common- and civil-law frameworks while anticipating sector-specific regulatory requirements.

The deal is noteworthy for its anticipated regional impact: once the expanded docks—East End and Lucayan—are operational in 2026, Grand Bahama Shipyard will be able to service the world’s largest cruise vessels locally, reducing trans-Atlantic dry-dock voyages and lowering both costs and carbon emissions for the industry. As highlighted by The Hon. Ginger Moxey, Minister for Grand Bahama, the project is expected to catalyze “large-scale investment, job creation, entrepreneurial opportunities and sustained economic development” on the island. ARIFA is proud to have contributed to a transaction that not only reshapes competitive dynamics in the cruise sector but also supports broader economic diversification in the Caribbean.