TCI – Towards a More Vibrant Fishing Industry!

An Op-Ed by Paladin

Invest Turks and Caicos has launched a new Fisheries Pilot Programme to help local fisherfolk transition from survival-based practices to sustainable, profit-generating businesses.

Eighteen participants across the islands are receiving up to $50,000 each in funding, along with technical training and business coaching to improve record keeping, financial management, and operations. The pilot is backed by $1 million in Cabinet-approved funding and aims to strengthen food security while growing the sector responsibly.

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The programme kicked off in South Caicos and continues across the islands through early 2026. Grand Turk Fishermen were entreated to join in and revamp the industry there.

A former Premier of the Turks and Caicos Islands had commissioned a study for Deep Drop Fishing of RED SNAPPER off of South Caicos. The Report came back with some interesting findings. That with a proper Industry established and Managed, TCI could be DEBT FREE in 18 months to 2 Years. How, by creating a Seasonal Fishing Strategy using boats similar to the ones in New England or smaller?

For years now I have been told that South Caicos is the Fishing Capital of these Islands, yet when I go there all of the SMALL BOATS (SKIFS) are usually tied up at the dock or anchored close by?

Readers as YOU well know nothing, I propose is an absolute recommendation. However, some of the information can be used to “start the conversation” of creating a PROPER FISHING INDUSTRY in South Caicos. One which would break the shackles of reliance on Providenciales an allow this island to be developed by the people that LIVE there.

With that being said I present a Five-Year Plan that could begin this journey for South Caicos to Financial Independence, allowing everyone there to be employed on island and in fact become rather wealthy, because after FIVE YEARS they own the boats and have the Training and Certificates to run the entire operation.

Five-Year Plan for a Seasonal Red Snapper Fishery, South Caicos

The proposed fleet would consist of five 40 ft New England Trawlers with a total purchase price of $700,000, structured with 50% down and the remaining 50% paid over five years. The market strategy would allocate 70% of the catch for export at $12 per pound and 30% for the local market at $7.50 per pound.

The capital structure for vessel purchase includes a total cost of $700,000, with a cash down payment of $350,000 and a financed balance of $350,000 to be repaid over five years. Repayment would come from a percentage of net revenue from all five boats. This structure is intentionally conservative and ensures the fleet can operate comfortably even in low catch seasons.

The vessels would be 40 ft New England trawlers equipped with twin Cummins diesel engines, deep drop electronics, hydraulic haulers, insulated fish boxes, and standard safety gear. Deep drop gear would include electric reels, bandit rigs, circle hooks, 2–3 lb weights, bait supply, and ice storage. The cost per vessel for equipment is estimated at $15,000 to $25,000, totaling between $75,000 and $125,000 for five vessels.

Each vessel would carry one Captain and one to two Deckhands, creating a total workforce of 15 to 20 Turks Islanders. A structured training pipeline would ensure 100% local captains and crews by Year 5. Training would focus on deep drop technique, navigation and seamanship, engine maintenance, HACCP fish handling, safety at sea, business operations, and cooperative governance. This is a capacity building fishery designed to transfer ownership and skills.

Fishing would take place on deep drop grounds less than one mile off South Caicos at depths of 200 to 300 ft, targeting Red Snapper (Lutjanus spp.). Typical deep drop yields for a 40 ft vessel are estimated at 150 to 300 lbs per trip, with three to five trips per week during a 12 week seasonal window. A conservative output per vessel would be calculated at 200 lbs multiplied by four trips per week multiplied by 12 weeks, equaling 9,600 lbs per season. For the five vessel fleet, this equals 48,000 lbs per season.

Under the dual market revenue model, 70% would be exported at $12 per pound and 30% sold locally at $7.50 per pound. Seasonal revenue at 48,000 lbs multiplied by 10.65 equals $511,200 per season. Under a higher yield scenario, if vessels average 300 lbs per trip, total production would reach 72,000 lbs and revenue would equal 72,000 times 10.65, or $766,800.

Seasonal operating costs per vessel would include fuel estimated at $6,000 to $12,000, crew wages at $20,000 to $40,000, ice at $3,000 to $6,000, bait at $2,000 to $5,000, maintenance at $5,000 to $10,000, and insurance at $3,000 to $6,000. Total operating cost per vessel would range from $40,000 to $75,000, bringing the total for five vessels to between $200,000 and $375,000.

Under a conservative scenario, revenue of $511,200 minus operating costs of $300,000 at mid range would produce a net of $211,200. An annual loan repayment example at 25% of net would be $52,800, totaling $264,000 over five years. Even in the slowest scenario, repayment is comfortable.

Under an expected scenario, revenue of $580,000 minus operating costs of $275,000 would produce a net of $305,000. Annual repayment at 25% would equal $76,250, totaling $381,250 over five years.

Under an aggressive scenario, revenue of $766,800 minus operating costs of $250,000 would produce a net of $516,800. Annual repayment at 25% would equal $129,200, totaling $646,000 over five years. The five year payoff is easily achieved under expected conditions and dramatically exceeded under strong catch seasons.

Under the ownership transfer model, during Year 0 to 1 mixed crews would operate while local deckhands begin structured training, with 20 to 25% of net revenue allocated to loan repayment. During Years 2 to 3 Turks Islanders would be promoted to co captains, revenue share would increase for local crew, and the loan balance would be reduced significantly. By Year 4, the majority of captains and engineers would be Turks Islanders and cooperative governance training would intensify. By Year 5, boats would be fully paid off and ownership transferred to a Turks Islander cooperative or individual captains, with investors retaining an optional minority stake in processing and export operations. This creates a locally owned, locally operated, sustainable fishery.

Shore side infrastructure needed would include an ice plant capable of producing 5 to 10 tons per day, cold storage in the form of a 20 to 40 ft reefer container, a dockside unloading area, basic processing for gutting and scaling, fuel supply, a maintenance workshop, and export logistics through air freight or reefer consolidation.

You know what is coming readers, the suggestion that ALL of the monies spent by the TCIG does not have to come from the Government. There are THREE MODELS that I suggest, that can be used; one I prefer that will help empower any Turks Islander that is willing to take a chance.

That Model is fairly straight forward. TCIG can Partner with some Group that knows fishing and also “offer” SHARES locally, in this New Fishing Industry Venture. Ownership in the development of Industry in the country being very important and preferred to just being employed once the Industry has already been created and Managed by non Islanders.

Empowerment and not Employment + Nation Building