Nigel Prescott, the owner of the tour boat company Tam-Marina, is hopeful he will sell his fleet of “LadyBoats” amid the mounting pressures on the island's tourism sector.

His uncertainty over finding buyers, he said, is because of the numerous factors working against the sector.

Between 1990 and 2022, Bermuda's hotel bed count plummeted 43 per cent to only 1,800, and Mr Prescott’s corporate cruise business has been dramatically impacted.

His boats, capable of carrying up to 325 passengers, have traditionally been a cornerstone of corporate event hosting, particularly around the Fairmont Southampton Hotel, which is scheduled to reopen in spring next year.

“We are basically a convention or corporate cruise boat,” Mr Prescott said of Lady Tamara, his flagship vessel. “Large numbers are not a problem, and we subcontract all the catering.”

However, the landscape has changed dramatically. Mr Prescott notes that corporate events have noticeably decreased, with fewer conventions and business travellers visiting the island.

He is particularly critical of the tourism ecosystem at present, especially cruise ship operations. “The cruise ships are ‘pirate’ ships,” he stated bluntly. Mr Prescott argues that when boat operators work with cruise ships, they receive only 40 per cent of the tour revenue. The ship’s insurance and other ship charges consume the rest.

His boats, three fully serviced and licensed bar-stocked vessels, have been for sale since 2023, with potential local buyers hesitant owing to the present tourism downturn. Mr Prescott hopes that a local purchaser will emerge, particularly with the anticipated reopening of the Fairmont Southampton in about 18 months. If not, he will continue to search overseas.

Infrastructure challenges compound the industry’s difficulties. Mr Prescott highlights that the channel to the Southampton Princess (Jews Bay) has not been dredged in at least a decade, potentially creating navigation challenges for larger vessels.

“The Government has not dredged the channel in at least ten years, and we had several hurricanes. There’s all sorts of debris in the channel,” he said.

He also expressed frustration with the regulatory environment, particularly around licensing and entertainment.

He said boat operators must obtain individual liquor licences for each vessel, unlike hotels, which can use a single licence across their property. “One liquor licence should cover all our boats, right?”

As Bermuda approaches the high tourist season, Mr Prescott remains pessimistic.

“I don't see any difference for Bermuda this year than last year,” he concluded.