In a recent report by the Cayman newspaper, Cayman Compass, it was reported that Barbados has entered into an agreement with Cayman Airways, ensuring a minimum amount of revenue for the airline’s Grand Cayman-Bridgetown route. The guarantee extends throughout the first year of operation, effectively preventing any financial losses on the flights.
According to the article, Cayman Airways successfully inaugurated its twice-weekly route to and from Barbados last month, marking a significant milestone for the airline. Details of the agreement, which is slated to remain in effect until October 2024, were disclosed in response to a Freedom of Information request from the Cayman Compass. However, specific financial figures pertaining to the guarantee were redacted in the released documentation.
The report further stated that the agreement outlines that Barbados Tourism Marketing Inc., the entity representing the Barbados government in tourism matters, has committed to ensuring Cayman Airways receives “minimum revenues” for operating the scheduled service throughout the one-year period covered by the agreement. This strategic partnership underscores a commitment to the success and sustainability of the airline’s operations on the specified route.