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Global Ports Holding PLC (GPH)
Commences operations at Saint Lucia Cruise Port
01-May-2024 / 07:00 GMT/BST
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Global Ports Holding Plc
Commences operations at Saint Lucia Cruise Port
Global Ports Holding Plc ("GPH" or "Group"), the world's largest
independent cruise port operator, is pleased to announce the commencement
of operations at Saint Lucia Cruise Port. On 9 August 2023, GPH finalised
a 30-year concession agreement with a 10-year extension option. With the
fulfilment of the final conditions, GPH has now commenced operations at
the port.
Port investment
Under the terms of the concession agreement, GPH is set to invest up to
USD 60 million on taking over existing indebtedness and capital
expenditure into a material expansion and enhancement of the cruise port
facilities at Saint Lucia Cruise Port. The CAPEX programme is expected to
take ca. 24 months, whereas the existing indebtedness, transaction costs
and customary reserve accounts in an amount of ca. USD 20 million have
occurred as of closing. The financing of the majority of the investment is
secured through a long-term (15 year), syndicated loan facility arranged
by a leading regional bank with a total funding commitment of up to ca.
USD 50 million.
This investment includes expanding and enhancing the existing berth in
Point Seraphine, enabling the handling of the largest cruise ships in the
global cruise fleet and increasing the port's capacity. Furthermore, GPH
will also invest in transforming the retail experience at the cruise port,
including the redevelopment of the Vendor's Arcade and the design and
development of a new Fishermen's Village at Banannes Bay, offering an
enticing area for local vendors. Upland development work at Soufriere Bay
will also be carried out, including constructing a new amphitheatre and a
designated food and beverage area.
In addition to elevating the overall cruise passenger experience in Saint
Lucia, GPH is committed to generating significant economic benefits for
the local residents by improving the facilities in and around the port,
such as Fisherman's Village, and increasing passenger spending in the
destination.
In the 12 months to 31 March 2023, Saint Lucia welcomed c590k passengers
(2019 calendar year c790k); the completion of the extended pier and
upgrading of the facilities are expected to lead to a rise in passenger
volumes to over 1m in the medium-term.
Network expansion
The addition of Saint Lucia Cruise Port to GPH’s network is a further step
in our strategic ambitions in the Caribbean. Saint Lucia Cruise Port takes
the number of consolidated ports in GPH’s network to 26 cruise ports, with
passenger volumes for the 12 months to 31 March 2025 now expected to
exceed 16 million. The total number of ports, including equity-accounted
ports, is now 31, with annual passenger volumes of nearly 20 million
expected for the 12 months to 31 March 2025.
CONTACT
For investor, analyst and financial media enquiries:
Investor Relations
Martin Brown
Telephone: +44 (0) 7947 163 687
Email: 1 martinb@globalportsholding.com
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ISIN: GB00BD2ZT390
Category Code: MSCH
TIDM: GPH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 318931
EQS News ID: 1893541
End of Announcement EQS News Service
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References
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1. mailto:martinb@globalportsholding.com
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