Global Investment Holdings (“GIH”), a diversified conglomerate operating in 19 different countries across 4 continents, announced its full year consolidated results which ended 31 March 2024, and commented on recent developments.

Global Investment Holdings reported Consolidated Net Profit of 239.0mn TL in Q1 2024, compared to a net profit of TL 171.1mn in Q1 2023. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is TL 3,417.5bn; while Consolidated Operating EBITDA is TL 1,113.8bn.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated:

“The year 2024 began with numerous uncertainties, but we have managed to achieve remarkable results. Our success can be attributed to our healthy balance sheet, diversified portfolio structure, dynamic management practices, and strategic business planning. Through strategic planning and effective execution, we navigated the challenges and turned them into opportunities for growth. Our financial stability and diversified investments provided a robust foundation, while our dynamic management practices allowed us to swiftly adapt to changing market conditions. The strategic business planning we implemented ensured sustainable success, enabling us to thrive even in a volatile environment. I am pleased to report that in Q1 2024 our performance across most business lines was well ahead of budget figures and that our expansion continues. Our power generation and mining business segments have experienced a decline in performance in Q1 2024 compared to the previous year due to market conditions beyond our control in the sectors in which they operate.

In the first quarter of 2024, cruise business continued to accelerate and we encountered a stronger-than-expected demand for cruising, which has translated into a robust booking environment and led to higher occupancy rates. 2024 is on its way to become a record year for the cruise industry. Cruise demand is so strong that, according to Cruise Industry News, the industry expects a robust 11% growth in 2024 YoY in passenger capacity worldwide. In a five-year horizon, worldwide fleet is expected to expand to 487 ships in 2028 from 437 ships in 2023. Likewise, worldwide passenger capacity is expected to increase to 39.0 million in 2028 from 30.6 million in 2023.”

The Chairman emphasized that “In Q1 2024, GPH signed a 30-year concession agreement with the Puerto Rico Ports Authority regarding the San Juan Cruise Port, Puerto Rico. Its wholly-owned subsidiary San Juan Cruise Port LLC ("SJCP") has successfully reached financial closing of the PPP Agreement and simultaneously concluded the debt financing for the initial phase of its investment in San Juan Cruise Port has now taken over cruise operations at San Juan Cruise Port for GPH.”

The Chairman continued: “I would like to mention that with the closing of the first quarter, we have added two more ports to our portfolio. First one is that GPH has signed a 50-year agreement with Peel Ports Group's subsidiary, The Mersey Docks And Harbour Company Ltd, to operate cruise services at Liverpool Cruise Port. GPH took over operations of the port in April 2024. The second one is that following a public tender process, a majority-owned consortium (the "Consortium") between GPH (51%), local shareholder, Steya (40%) and Ocean Infrastructures Management (9%) has been awarded preferred bidder status for a 15-year concession agreement with Agence Nationale des Ports ("ANP"), to operate the Casablanca new cruise terminal. The consortium and ANP will now work towards agreeing on the terms of the concession agreement.”

The Chairman continued: “I would like to state that following the year 2023, the first quarter of 2024 has started off very well for our gas business sector and has given us hope for the rest of the year. In addition, Naturelgaz distributed a gross dividend payment of TL 320 mn to shareholders on May 9, 2024.

The Chairman added, “As of Q1 2024, power generation portfolio of the Group has a combined installed capacity of 97.9 MW, 43.8 MW of which is composed of renewable sources (biomass, licensed solar power plants and distributed solar plants). The power division will have increased its total installed capacity to 112 MW when ongoing plant installations are complete.

İstanbul Asset Management has also had a good first quarter in 2024. Assets under management have increased substantially to over 82 bn TL as of April 2024.

Commenting on the results, the Chief Financial Officer of Global Investment Holdings, Ferdağ Ildır, stated: “I am pleased to announce that Q1 2024 has been another period of success. Despite ongoing expansion and substantial investment phases, we, as a Group, have maintained our financial ratios at healthy levels. We will persist in closely observing market dynamics to ensure continued success.”

Global Investment Holdings reported 3,417.5 mn TL revenues (excluding IFRIC-12 Construction Revenue) in Q1 2024, indicating a 9% increase yoy on an inflation adjusted basis. Without inflation accounting, revenues indicate a 83% increase in Q1 2024 yoy. Without inflation accounting, When Power generation and Mining businesses are excluded, revenues indicate a strong 90% increase.

Global Investment Holdings’ consolidated operating EBITDA is 1,113.8mn in Q1 2024 indicating a 30% increase yoy on an inflation adjusted basis. Without inflation accounting, EBITDA indicates a 125% increase in Q1 2024 yoy. Without inflation accounting, When Power and Mining businesses are excluded, EBITDA indicates a robust 139% increase.

GIH reported a consolidated net profit of 239mn TL in Q1 2024 with a strong 40% increase on an inflation adjusted basis. The bottom line incorporated non-cash expenses of depreciation & amortization amounting to TL 493.6mn and net foreign exchange loss amounting to TL 89.7mn. In addition, due to the application of IAS 29, there was a monetary gain amounting to TL 234.6 million in Q1 2024.

On the ports side, average occupancy rates of the cruise ships visiting GPH`s consolidated ports in March 2024 was 110%. Number of calls at GPH`s consolidated ports in Jan-Mar 2024 was 18% higher than Jan-Mar 2023 levels, while number of passengers visiting GPH`s consolidated ports in Jan-Mar 2024 was 30% higher than 2023 levels.

Excluding IFRIc-12 Revenues surged by 46% (pre-IAS 29: 150% increase) in Q1 2024 compared to Q1 2023, reaching TL 1.239bn, while adjusted EBITDA jumped by 31% (pre-IAS 29: 122% increase) compared to Q1 2023 reaching TL 620mn in Q1 2024

Naturelgaz,Sales volume reached 107mn Sm3 in Q1 2024, representing an increase of 43% yoy. The increase in sales volume was mainly driven by Citygas sales. Citygas sales volume increased by 50% yoy, reaching 77mn Sm3 . The number of districts and towns reached 128 by Q1 2024.

Due to inflation accounting and decline in natural gas prices, revenues decreased by 7% yoy (Pre IAS 29: 56% increase) in Q1 2024 yoy, despite volume growth.

Operating profit improved considerably yoy in Q1 2024, thanks to recent investments for cost efficiency as well as volume growth. EBITDA increased by 68% yoy (Pre IAS 29: 177% decrease), standing at TL 324.7mn.

Gross profit increased by 70% in Q1 2024 yoy standing at TL 377mn according to Naturelgaz’s standalone financials.

Naturelgaz distributed a gross dividend payment of TL 320 mn to shareholders on May 9, 2024.

The power division reported 289.5 mn TL revenues in Q1 2024, indicating a 2% decrease yoy (Pre IAS 29: 63% increase)

EBITDA decreased by a 20% to 57.5mn TL in Q1 2024 yoy (Pre IAS 29: 29% increase). The decrease in EBITDA on an annual base was mainly due to the narrowing margin between electricity prices and natural gas prices in the Distributed Power segment as well as high TL inflation which caused operating margins to shrink for business lines with hard currency earnings.

The mining division because of the decline in demand from the local and European markets, achieved a sales volume of 58,470 tons in Q1 2024, representing a 57% decrease yoy. The Company’s main export markets continued to be Spain, Italy and Egypt. Export related sales volume was 47,908 tons while domestic sales volume was realized at 10,562 tons for the period.

The mining division announced revenues of 119.4 mn TL in Q1 2024 with 33% decrease (Pre IAS 29: 12% increase).

The operating EBITDA was 27.6 mn TL in Q1 2024, indicating a 14% decline yoy (Pre IAS 29: 41% increase). The decline in EBITDA was mainly attributable to lower sales volume as well as contracting operating margins as a result of higher inflation rates compared to fx rate hikes. The increasing focus on high value-add product provided a positive impact on EBITDA performance, largely compensating the decline in sales volume.

The real estate division registered 7% increase in revenues (Pre IAS 29: 78% increase) and 19% increase in EBITDA (Pre IAS 29: 81% increase) in Q1 2024 yoy, with revenues and EBITDA standing at 42.5mn TL and 18.1mn TL, respectively. Operational improvement is mainly attributable to the increasing contribution from higher EBITDA generating rental operations

The brokerage & asset management division revenues stood at 340.8mn TL Q1 2024, registering a 10% increase yoy (Pre IAS 29: 84% increase), thanks to the contribution from increasing transaction volumes, while operating EBITDA was 103.2mn TL registering a 2% increase (Pre IAS 29: 127% increase) yoy.

Indebtedness:

Holding consolidated net debt stood at 778.1mn USD (TL 25.1 bn) at Q1 2024. Meanwhile, excluding GIH standalone, consolidated gross debt of our operational divisions stood at 936,7mn USD. (Ports division: 847,2mn USD).

• Consolidated Net Debt/EBITDA multiplier is 4.3x at Q1 2024. However, when Nassau’s long-term debt is excluded, Net Debt / EBITDA multiplier is 3.7x at Q1 2024. When entire ports business is excluded, Net Debt/EBITDA multiplier stands at 1.3x at Q1 2024.

The project financing loan related to the San Juan investment is entirely included in the consolidated debt items as of March 31, 2024 within the Net Debt figure. However, on the EBITDA side, there is only a 1.5-month impact. This has led to an increase in the Net Debt/EBITDA multiple in Q1 2024 compared to the end of 2023.

For further information, please contact:

GIH Investor Relations
Tel: +90 212 244 60 00
E-mail: investor@global.com.tr

Global Ports Holding Plc (GPH), the world’s largest cruise port operator, celebrated the commencement of cruise management services at Port Castries by Saint Lucia Cruise Port (SLCP) with the Government of Saint Lucia. The event was observed at a special ceremony held at the Northern Wharf of the port and was attended by government dignitaries and key port partners. Saint Lucia Cruise Port is a subsidiary of Global Ports Holding.

Mehmet Kutman, Chairman and CEO of Global Ports Holding, expressed his team’s appreciation for its partnership with the government during his remarks at the event. “We are honored to be here on this momentous occasion and to partner with the Government of Saint Lucia to mark the commencement of our cruise port management services. We want to thank Prime Minister Philip Pierre, Deputy Prime Minister Dr. Ernest Hilaire, Minister Stephenson King, and the entire government team for their commitment and cooperation in bringing this moment to fruition.”

Mr. Kutman placed special emphasis on the relationship between the Saint Lucia Cruise Port team and the community. “We would be remiss in not thanking all of the stakeholders who participated in the negotiations process and those who helped us to improve our plans by sharing your direct and prompt feedback. Your contributions and support have made it possible for us to be here today. Through our continued collaboration, this investment in our collective future will surely generate abundant returns for Saint Lucia for many years.”

Prime Minister Pierre thanked the GPH team and emphasized the nature of its historic partnership with the government. “What we have is a new economic arrangement. We will get the best of both worlds - we let you develop the infrastructure in exchange for a “rental” of the cruise port for 30 years, but you will pay us. You will employ people and you will improve the quality of life of the people of Saint Lucia. That is what is most important to me.” He added that, “We had very tough negotiations, but the end result will benefit the people of Saint Lucia and we are very happy. GPH has my full support. We need you to begin to do the work as soon as possible. The people of Soufriere, Bananes, the Vendors Arcade - we are expecting you to deliver. Welcome to Saint Lucia, thank you, and we hope to have a lasting relationship with you.”

Deputy Prime Minister Hilaire summarized one of the main reasons why GPH was selected as the preferred partner to manage the cruise port and related services. “There’s been a lot of criticism over the years about cruise tourism. Hundreds of thousands of visitors coming to our shores. And people ask, what do we get in return? The truth is, there is so much that you can get in return…they will come, they will go to your beaches, but they won’t spend money. GPH knows how to get visitors to spend more money in destinations, so [working with] GPH is a natural fit for us. And in Saint Lucia, we want exactly that. We want more visitors to come in and spend more money. We need to take Saint Lucia to a higher level…and GPH will come in now to assist in creating a higher level of experience [for our visitors].

“We are extremely excited to add Saint Lucia Cruise Port to our global family,” said Mike Maura, Jr. GPH Regional Director of Americas. “The Eastern Caribbean will play a vital strategic role in the future of our regional growth and Saint Lucia is a destination that is unparalleled. We believe in the potential of the future of cruise tourism here and are very pleased to have added a team of Saint Lucians, led by Lancelot Arnold, to our expanding regional team. The opportunities that we will create here, in partnership with local and industry stakeholders, will uplift the entire country to the benefit of all Saint Lucians.”

Lancelot Arnold, Director of GPH Eastern Caribbean and General Manager of Saint Lucia Cruise Port, shared the enthusiasm of the SLCP team. “We are immensely proud to officially assume management of cruise operations at Port Castries. Today’s achievement is the result of an exceptional amount of hard work and commitment by many people. We have spent months preparing extensively for this moment and are ready to move full speed ahead. We are fully aligned with all key partners to ensure that we can begin operations with a seamless transfer of service.”

“Following today’s announcement,” he continued, “our project designs will undergo refinement in collaboration with our stakeholders prior to submission to government for approval. Construction will commence upon receipt of the requisite regulatory permits. Meanwhile, we will establish our offices and continue operation of the cruise port in preparation for the start of the new cruise season in October.”

He emphasized, "Enhancements to the berth at Pointe Seraphine in Castries will assist in reaching our passenger traffic targets by accommodating the world’s largest cruise ships. These days, cruise lines are constructing vessels that are wider and longer than ever before. It's imperative that we modernize our port infrastructure to welcome these new ships and maintain our competitiveness as a premier cruising destination."

Planning for the influx of larger ships and increased visitors also requires careful consideration of traffic management, a critical aspect of the redevelopment effort that the SLCP team will diligently address in collaboration with government and other stakeholders. By introducing innovative strategies to enhance the flow of passenger and area traffic, including the establishment of new tender jetties and ferry services for transporting larger groups of people by sea, Arnold and his team foresee that the project will create more opportunities for Saint Lucian entrepreneurs. “At GPH,” Arnold added,” our aim is to advance solutions that address the needs of the community while contributing to societal improvement and economic growth. By working with key stakeholders to create these kinds of initiatives, we will certainly achieve this goal in Saint Lucia.”

"Extensive work is currently in progress behind the scenes," he affirmed. "We are committed to providing regular updates on our plans and progress to keep our community well-informed."

Global Investment Holdings (“GIH”), a diversified conglomerate operating in 17 different countries across 4 continents, announced its full year consolidated results which ended 31 December 2023, and commented on recent developments.

Global Investment Holdings reported Consolidated Net Profit of 2,007.8mn TL in FY 2023, compared to a net profit of TL 1,141.6mn in FY 2022. Consolidated Net Revenues (excluding IFRIC 12 Construction Revenue) is TL 12.176bn; while Consolidated Operating EBITDA is TL 4.690bn.

Global Investment Holdings’ Chairman & CEO, Mehmet Kutman, stated:

“I'm thrilled to announce that, despite numerous challenges, we've had an outstanding financial year. Global Investment Holdings has consistently demonstrated its ability to navigate through volatility with success. Our robust financial health and strong foundation are testament to our diversified portfolio, cautious management, and effective business strategies. I am pleased to report that in 2023 our performance across most business lines was well ahead of inflation as well as budget figures and that our expansion continues. Our Gas and Mining business segments have experienced a decline in performance in 2023 compared to the previous year due to market conditions beyond our control in the sectors in which they operate. To compensate, it was the best ever year for our ports business, which is set to grow strongly again in 2024.

The Chairman continued: “Our cruise port operations is now back to normal and has exceeded its budget figures by a great margin. We have delivered on our promises and reached 30 cruise ports in 17 different countries. 2023 marked a period of robust performance for Global Ports Holding, outpacing both our plans and the achievements of the previous year. Passenger movements at our ports surpassed our budget by 11% in 2023; while we expect to welcome at least 20 million passengers at our ports next year (including the new ports) which would translate into an EBITDA of over U$150m.

2024 is on its way to become a record year for the cruise industry. The publicly traded cruise companies had all reported a strong 2023 and with record forward bookings, that is, higher occupancies, at higher prices, for 2024. Cruise demand is so strong that, according to Cruise Industry News, the industry expects a robust 11% growth in 2024 YoY in passenger capacity worldwide. In a five-year horizon, worldwide fleet is expected to expand to 487 ships in 2028 from 437 ships in 2023. Likewise, worldwide passenger capacity is expected to increase to 39.0 million in 2028 from 30.6 million in 2023.”

The Chairman emphasized that “In 2023, GPH has significantly expanded its global footprint, signing concession agreements for Alicante Cruise Port in Spain (15 years) and Bremerhaven Cruise Port in Germany (10 years), and extending its presence in the Americas with a 30-year concession for St Lucia Cruise Port, which includes a 10-year extension option. Additionally, GPH secured a 19-year extension for Ege Port in Turkey until 2052 and increased its ownership in a number of ports (Barcelona, Malaga, Singapore and Lisbon) when it purchased the remaining 38% holding in Barcelona Port Investments S.L. (BPI) from the minority shareholder. Financially, GPH has strengthened its position by refinancing the Nassau Cruise Port bond, which increased in the nominal outstanding amount and reduced its interest cost, saving $2 million annually. In September, GPH raised $330 million through secured private placement notes at a 7.87% fixed coupon, earmarked for repaying debt and supporting Caribbean expansion. These notes, set to fully amortize over 17 years, have been recognized with an investment grade credit rating, highlighting GPH's strong financial management and strategic growth.

The Chairman continued: “2023 was earmarked as a pivotal investment year for Naturelgaz, with a clear focus on augmenting capacity and reducing operational costs. The company's investment strategy was multifaceted, involving the commissioning of new industrial CNG facilities and the aforementioned forays into solar energy. Additionally, all investment expenditures for the year fully funded through the company's equity, thanks to its strong balance sheet. By year's end, the company's service reach has extended to 128 districts and towns, spanning all seven regions of the country, particularly marking substantial achievements in the city gas segment.

The Chairman added, “Consus , our energy business line performed much in line with its budget figures but the natural gas price did not increase as expected and increasing operation costs had a negative impact on our trigen/cogen business arm. As of the end of 2023, the total installed capacity of Consus Enerji’s operational power plants is 98 MW, of which 43.8 MW comes from renewables. The remaining 54.2 MW comes from distributed power plants (cogeneration and trigeneration). Consus Enerji will have increased its total installed capacity to over 110 MW when ongoing investment processes for projects will be completed.

In mining division, the global economic slowdown, particularly in our main export market, Europe, led to reduced sales volumes in 2023. Despite overall volume contraction, we anticipate sustained demand for quality/processed products, which, although smaller in volume compared to unprocessed/bulk feldspar, offer higher margins.”

İstanbul Asset Management has also had an excellent year, given the gyrations in economic policy. Assets under management have increased substantially to nearly over 68 bn TL.

Commenting on the results, the Chief Financial Officer of Global Investment Holdings, Ferdağ Ildır, stated:

“I am happy to state that 2023 was another year of success. Despite continuous expansion and heavy investment periods, as a Group, we managed to keep our financial ratios at comfortable levels. With the refinancing projects we have carried out, we have achieved an approximate annual interest savings of 10 million dollars across the group, shaping according to changing market conditions. We will continue to closely monitor market conditions.”

Global Investment Holdings reported 12.176 bn TL revenues (excluding IFRIC-12 Construction Revenue) in FY 2023, indicating a 11% decrease yoy on an inflation adjusted basis. Without inflation accounting, revenues indicate a 34% increase in FY 2023 yoy. When Gas and Mining businesses are excluded, revenues indicate a strong 98% increase.

Global Investment Holdings’ consolidated operating EBITDA is 4,690.3mn in FY 2023, remaining flat yoy on an inflation adjusted basis. Without inflation accounting, EBITDA indicates a 52% increase in FY 2023 yoy. When Gas and Mining businesses are excluded, EBITDA indicates a robust 106% increase.

GIH reported a consolidated net profit of 2,007.8mn TL in FY 2023 with a strong 76% increase on an inflation adjusted basis; while without inflation accounting, net profit marks a 41% increase. The bottom line incorporated TL 1.7bn of income and expense, of which TL 1,681.2mn were depreciation and amortization, TL 303.0mn net foreign exchange loss and 288 million TL monetary gain due to the application of IAS 29.

On a divisional basis:

On the ports side, average occupancy rates of the cruise ships visiting GPH`s consolidated ports in December 2023 was 105%. Number of calls at GPH`s ports in FY 2023 was 23% higher than FY 2022 level, while passenger movements at GPH ports in FY 2023 was 67% higher than FY 2022 level. The passenger movements in 2023 exceeded the budget by 11%

Revenues surged by 42% (pre-IAS 29: 119% increase) in 2023 compared to 2022, reaching TL 4.8bn, while adjusted EBITDA jumped by 55% (pre-IAS 29: 135% increase) compared to 2022 reaching TL 3.1bn in 2023.

Revenues decreased by 42% in FY 2023 yoy (Pre IAS 29: 16% decrease), standing at TL 4,019bn. Gross profit decreased by 57% in 2023 yoy, standing at TL 783mn according to Naturelgaz’s standalone financials. (Pre IAS 29: 28% decrease), EBITDA narrowed down by 57% in FY 2023 yoy (Pre IAS 29: 34% decrease), standing at TL 712.2mn.

• The most significant factor suppressing revenues, gross profitability, and EBITDA was the positive effect of the public index in 2022, arising from sales to the public.
• Another factor limiting profitability was the rise in depreciation expenses resulting from increased investments in 2023 which target to increase capacity and cut costs.

Naturelgaz’s net cash surplus stood at 212.1mn TL at 31 December 2023 as opposed to 335mn TL at 31 December, 2022. In addition, Naturelgaz is planning to distribute a gross dividend payment of TL 320 mn to shareholders on May 9, 2024.

The power division reported 1,170.1mn TL revenues in 2023, indicating a 6% increase yoy (Pre IAS 29: 68% increase). EBITDA decreased by a 16% to 290.9mn TL in 2023 yoy (Pre IAS 29: 17% increase). The decrease in EBITDA was mainly due to high TL inflation which caused operating margins to shrink for business lines with hard currency earnings and the narrowing margin between electricity prices and natural gas prices in the Distributed Power segment, as well.

The mining division because of the decline in demand from the local and European markets, achieved a sales volume of 318,531 tons in 2023, representing a 36% decrease yoy. The Company’s main export markets continued to be Spain, Italy and Egypt. Export related sales volume was 233,203 tons while domestic sales volume was realized at 85,329 tons for the period.

The mining division announced revenues of 465.1 mn TL in 2023 with 29% decrease (Pre IAS 29: 10% increase). The operating EBITDA was 117.8 mn TL in 2023, indicating a 43% decline yoy (Pre IAS 29: 8% decrease). The decline in EBITDA was mainly attributable to lower sales volume as well as contracting operating margins as a result of higher inflation rates compared to FX rate hikes.

The real estate division registered 20% increase in revenues (Pre IAS 29: 82% increase) and 21% increase in EBITDA (Pre IAS 29: 78% increase) in 2023 yoy, with revenues and EBITDA standing at 163.9mn TL and 80.4mn TL, respectively. Operational improvement is mainly attributable to the increasing contribution from higher EBITDA generating rental operations

The brokerage & asset management division revenues stood at 1,442.8mn TL 2023, registering a 9% increase yoy (Pre IAS 29: 64% increase), thanks to the contribution from increasing transaction volumes, while operating EBITDA was 498.1mn TL registering a 5% decrease (Pre IAS 29: 57% increase) yoy.

Indebtedness:

Gross Debt/EBITDA fell below 5.0x and stood at 4.9x.

Holding consolidated net debt stood at 662.4mn USD (TL 19.5 bn) at 2023 year-end. Meanwhile, excluding GIH standalone, consolidated gross debt of our operational divisions stood at 835,5mn USD. (Ports division: 687,4mn USD).

• Consolidated Net Debt/EBITDA multiplier is 3.9x at 2023 as opposed to 3.6x at 2022 year-end. However, when Nassau’s long-term debt is excluded, Net Debt / EBITDA multiplier is 3.0x at FY2023 versus 2.6x 2022 year-end. When entire ports business is excluded, Net Debt/EBITDA multiplier stands at 1.2x at FY2023 as opposed to 0.8x 2022 year-end. The main reasons for the increase in the Net Debt / EBITDA multiplier have been dividend payments of subsidiaries, payment to Privatization Authority regarding Ege Port concession extension, Capex and Additional borrowing by the GPH (Issuance of Bonds; Global Ports Group Finance LTD).

For further information, please contact:

GIH Investor Relations
Tel: +90 212 244 60 00
E-mail: investor@global.com.tr

Global Ports Holding Plc ("GPH"), the world's largest independent cruise port operator, is pleased to announce that following a public tender process, a majority-owned consortium (the “Consortium”) between GPH (51%), local shareholder, Steya (40%) and Ocean Infrastructures Management (9%) has been awarded preferred bidder status for a 15-year concession agreement with Agence Nationale des Ports (“ANP”), to operate the Casablanca new cruise terminal. The consortium and ANP will now work towards agreeing on the terms of the concession agreement.

Casablanca, Morocco’s largest city, offers cruise passengers a wonderful blend of traditional Moroccan culture and contemporary experiences. It is also the cruise gateway to Rabat and the enchanting Red City of Marrakech, which will soon be within 1.2hrs reach with the new bullet train project, set to be completed before the 2030 FIFA World Cup to be hosted jointly by Morocco, Spain and Portugal. From historic mosques and cathedrals, historical neighbourhoods to relaxing beaches and vibrant promenades, the city offers visitors a wide range of experiences. Located on the Northwest coast of Africa, Casablanca is a key stopover port for Canary Island and West Mediterranean cruises, as well as crossing sailings between Europe and the Caribbean.

Port investment
The cruise port facilities recently underwent a EUR 60 million investment in the cruise port infrastructure. This investment, which was led by ANP, included the construction of a new cruise pier, cruise terminal and maritime station to international standards, significantly increasing the port's capacity. The port is now capable of handling ships up to 350m long and has the cruise port infrastructure to welcome 400k per annum. Casablanca Cruise Port is expected to welcome c150k transit passengers in 2024, rising to c180k passengers in 2025.

Global Ports Holding Plc ("GPH”), the world's largest independent cruise port operator, is pleased to announce that it has signed a 50-year agreement with Peel Ports Group’s subsidiary, The Mersey Docks and Harbour Company Ltd, to operate cruise services at Liverpool Cruise Port.

In the picturesque setting of Liverpool, a symbolic moment was held at the Cruise terminal, bringing together leaders from Global Ports Holding, Peel Ports Group, and Liverpool City Council, marking a significant milestone in the port's journey.

Investing in Excellence

Recognizing the port's immense potential, GPH plans to invest up to £25 million into infrastructure enhancements, subject to the granting of the appropriate permits and licenses. This investment will include the addition of a new floating dock that will increase capacity and allow for the simultaneous berthing of two 300-metre ships and over 7,000 passengers a day. This investment will also see the construction of a new terminal building that will enhance the passenger experience at the port, featuring waterfront retail and hospitality offerings that will cater not just to cruise passengers, but also to land-based visitors and local residents.

In 2023 alone, Liverpool Cruise Port welcomed 102 cruise ships and over 186,000 passengers, with this number expected to increase to over 200,000 passengers in 2024. Upon completion of infrastructure upgrades, annual passenger numbers are anticipated to surpass 300,000, signalling a promising trajectory for the port's future.

Liverpool: A Vibrant Cruise Destination

Liverpool, known for its rich cultural heritage and vibrant maritime legacy, is set to become an even more enticing destination for cruise enthusiasts worldwide. It offers significant opportunities for tourists to engage in the arts, music, architecture, and its historic football teams.

Liverpool Cruise Port is well-positioned to participate in the growing Northern European and British and Irish cruise markets. It has good airport connectivity, with two international airports within an hour's drive, providing significant potential for the port to act as a gateway to the Northern European and Round Britain Cruise Markets for American and European passengers, as well as being well-positioned to act as a home port for the domestic passenger market. This strategic collaboration opens a new chapter of possibilities, promising enhanced experiences for travellers and bolstering the city's position as a premier cruise hub.

Mehmet Kutman, Chairman and Chief Executive Officer of Global Ports Holding;

"The addition of Liverpool Cruise Port, our first cruise port in the British Isles, to our network marks another important milestone in GPH's ongoing development and growth. I would like to thank Liverpool City Council and Peel Ports for their support throughout the process. Liverpool boasts a rich maritime heritage, and the GPH team looks forward to working with all stakeholders to further enhance the success of this remarkable destination.”

David Huck, Chief Operating Officer at Peel Ports Group;

“We are proud to be embarking on a new strategic partnership with Global Ports Holding (GPH) as it takes over operations at the Liverpool Cruise Terminal.

Liverpool City Council’s stewardship of the Terminal over the last two decades has truly transformed the City into a thriving cruise tourism destination. We see this new chapter as an opportunity for us to honour that legacy.

We look forward to making that vision a reality alongside GPH through a strategic partnership and our combined maritime and cruise expertise, as well as to exploring other potential opportunities as part of the wider Peel Ports Group portfolio.”

Andrew Lewis, Chief Executive of Liverpool City Council;

“Liverpool City Council is delighted to have helped enable this historic agreement between Peel Ports and Global Ports Holdings plc.

Responsibility for Liverpool’s cruise operations now passes to a world-leading operator, with ambitious plans to grow Liverpool’s position as an excellent cruise and tourism destination. We look forward to working closely with GPH to support their ambitions, and to extending a welcome to many more visitors to Liverpool.”

Global Ports Holding Plc ("GPH"), the world's largest independent cruise port operator, is pleased to announce that its wholly-owned subsidiary San Juan Cruise Port LLC (“SJCP”) has successfully reached financial closing of the PPP Agreement and simultaneously concluded the debt financing for the initial phase of its investment in San Juan Cruise Port. This achievement marks the beginning of a transformative journey to enhance the infrastructure of the port and elevate San Juan’s position in the Caribbean cruise market.

The financing, totaling USD 187 million, has been secured through the issuance of long-term BBB- investment grade rated bonds, to the US municipal bond market as well as North American institutional investors. Together with equity capital invested by GPH, this project mobilized significant private capital into Puerto Rico’s cruise industry.

SJCP has now taken over operations and will commence its multi-million-dollar plan to repair, rebuild and upgrade the infrastructure of San Juan Cruise Port in accordance with its PPP Agreement with the Puerto Rico Ports Authority (“PRPA”).

Port investment

San Juan Cruise Port is a popular transit port and homeport. However, the significant investment in the port infrastructure is needed to ensure continued operations over GPH’s 30-year concession term and to meet the needs of the modern and fast-growing cruise industry.

Under the terms of the concession agreement, SJCP will pay PRPA an upfront concession fee of USD 77 million. During the initial investment phase, SJCP will invest approximately USD 100 million, primarily focused on critical infrastructure repairs at Pier 4 and Pan American Piers together with upgrades to the terminal buildings and the walkway in front of Old San Juan piers. In addition, the investment includes transaction expenses, reserve accounts customary for a project-financing of this nature and other incidental uses of proceeds.

As part of this initial investment, SCJP will also invest in modernizing the port experience for cruise passengers, cruise lines and local vendors and will use GPH’s global expertise and operating model to improve the management of port operations. This modernization effort will include investments in systems, equipment, and technology to enhance the cruise port's operational performance and ensure environmental protection, safety, and security.

GPH and SJCP will ensure that the port is integrated into Old San Juan and Puerto Rico's thriving tourism sector, creating significant opportunities for local businesses to benefit directly from the improved facilities and the anticipated growth in cruise passenger volumes.

The second investment phase will commence subject to certain pre-agreed criteria, including cruise passenger volumes recovering to pre-pandemic levels. In this phase, SJCP will invest an estimated USD 250m (2023 prices) in expanding the capacity of San Juan Cruise Port by building a new cruise pier and state-of-the-art homeport terminal capable of handling the world's largest cruise ships at Piers 11 and 12. The financing for this second phase is expected to come from the US municipal bond market and North American based financial institutions as well.

Network expansion

The addition of San Juan Cruise Port is a significant development in GPH's strategic ambitions in the Caribbean. San Juan Cruise Port, which welcomed 1.8m unique passengers in 2019 (including c. 0.4m homeport passengers, representing 2.2m passenger movements), is the third-largest cruise port in GPH's global network.

San Juan Cruise Port is a strategically important port in the Caribbean cruise market, perfectly positioned to be included in both Eastern Caribbean and Southern Caribbean itineraries. In addition to its airport and hotel infrastructure, Puerto Rico is a US territory, making it an attractive homeport destination for Eastern and Southern Caribbean itineraries.

Global Ports Holding, Chairman & CEO, Mehmet Kutman, said:

"We are delighted to welcome San Juan Cruise Port into the world's largest cruise port network. As well as being a fantastic destination, San Juan is a strategically important port that is perfectly positioned to play a pivotal role in Eastern and Southern Caribbean itineraries for decades to come.

The successful closing of this transaction represents a milestone for our company and for Puerto Rico. Everyone at GPH is looking forward to us delivering on our plans to bring the iconic San Juan Cruise Port to its rightful, pre-eminent position in the Caribbean cruise industry for the benefit of all Puerto Ricans.”

Global Ports Holding, Americas Regional Director, Mike Maura, said:

“Our investment into this port will see hundreds of millions of dollars invested into San Juan Cruise Port, transforming the port infrastructure, and significantly improving the cruise port experience for passengers, while creating significant opportunities for local businesses to benefit from the expected growth in cruise passenger volumes.

I would like to thank the Government of Puerto Rico and the Puerto Rico Ports Authority for their support throughout the negotiation process. We look forward to delivering a world-class cruise port that will benefit Puerto Ricans for many years to come.”

San Juan Cruise Port, General Manager, Federico González-Denton said:

"We're prepared to move forward. We have already established our command center in Old San Juan and hired personnel, 90% of whom are Puerto Rican. Additionally, we've onboarded top talent from the PRPA’s Maritime Bureau, ensuring a smooth transition as we assume management of the port."