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Rising passenger numbers in Turkey and Malta assist Global Ports Holding 1H results

Mein Sxhiff 4 in Bodrum
Mein Sxhiff 4 in Bodrum
Global Ports Holding (GPH) reported strong cruise results for the first six months of 2019 with revenue growing 6.6% to $23.9m. Both Turkey’s Ege Port and Malta’s Valletta recorded significant growth.

Overall passenger volumes grew 26.8% with 2.1m passengers handled in the period including a 31% increase at Ege – managing Bodrum and Antalya.

Reservations for Bodrum and Antalya cruise port in 2020 are also showing improvement.

Outlook & trends

For 2020, current booking trends are in line with expectations, noted GPH.

In the first six months of the year, GPH signed a concession agreement for Antigua and Barbuda, and in a jv was named preferred bidder for Nassau. In another jv it successfully bid for the port operation of La Goulette, Tunisia. All deals remain conditional.

The company reports the pipeline of additional port investment and management opportunities ‘remains strong’.

Work to transform the retail experience at ports continues and the recently re-designed retail space in Barcelona Cruise Port Terminals A & B is experiencing increased passenger spend.

Record performance

Emre Sayin, chief executive officer said: ‘We have seen another record performance from our Cruise business in the first half of the year, with strong growth in passenger volumes translating into strong growth in EBITDA. We are pleased with the significant progress made in our new port investment strategy and expect to achieve further significant progress in the second half of the year.’

GPH’s portfolio consists of investments in or management of 15 cruise ports and two commercial ports in nine countries and continues to grow steadily. 8.5m cruise passengers globally were handled across the cruise port portfolio in 2018.