Complex sentence: Labeled as "The Iceberg Capital of the World", the town, one of the oldest ports on the island, was historically a fishing community though due to the decline of the fishing industry, it now relies more on the tourism industry.
Split into simpler sentences: Labeled as "The Iceberg Capital of the World", the town is one of the oldest ports on the island. It was a historic fishing community, but because of the decline of the fishing industry, it now relies more on the tourism industry.