The OESC contracted Ports and Logistics Consultants Ltd. to develop a gap funding and reverse auctioning programme for ferry services in the East Caribbean. Following a detailed review of tourism and passenger ferry markets and services in the Caribbean and an assessment of their cost-pricing-revenue models, several gap funding tools were explored; discarding conventional models such as government-pays PPPs, co-financing, price/ volume/ revenue guarantees, and other abstract operating subsidies such as AGRS. Instead a novel gap funding programme was designed in ways that shifts enough risks to the ferry operators while also incentivising them to provide efficient and reliable services. To implement the proposed gap funding scheme, a manual of reverse auctioning was developed and implemented for a provide-and-operate tender and competitive bidding auction.
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