MSC Group makes a play for Global Ports Holding

GPH is the world's largest cruise port operator, with 26 ports in 14 countries.

'Preliminary stage'

Talks are ongoing, GPH said in a filing with the London Stock Exchange, adding that 'deliberations are at a preliminary stage.'

GPH has interests in a bevy of key ports across the Mediterranean, including Kusadasi, Barcelona, Lisbon, Valletta, Málaga, Venice, Cagliari and others. Its Caribbean ports include Nassau and Antigua. Asia operations include Singapore.

Potentially 'huge implications' for cruising

If MSC — the parent of MSC Cruises — acquires GPH, it could have 'huge, huge implications' for cruising, an industry source said.

As cruise lines emerge from the pandemic with heavy debt loads, many have pulled back from port development investments even as massive capacity growth is in the pipeline with a parade of newbuilds coming.

'MSC is really the only one now that has the ammunition to do anything' in port development, the source said.

GPH was approached by SAS Shipping Agencies Services, a wholly-owned subsidiary of MSC Mediterranean Shipping Company Holdings.

Cash rich from its pandemic container operations, MSC Group has been on a buying spree, acquiring Bolloré Africa Logistics and a stake in ferry operator Moby and bidding jointly with Lufthansa for ITA Airways (formerly Alitalia).

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