Global Ports Holding PLC Agreement for operation of Havana cruise port (8037O)
22 May 2018 - 8:43PM
UK Regulatory
TIDMGPH
RNS Number : 8037O
Global Ports Holding PLC
22 May 2018
The information contained within this announcement is deemed by
the Company to constitute inside information for the purposes of
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Global Ports Holding Plc
Awarded agreement for operation of Havana cruise port, Cuba
Global Ports Holding Plc ("GPH Plc" or "Group"), the world's
largest independent cruise port operator, is pleased to announce
that it has signed a 15-year management agreement ("the Agreement")
with the Cuban company Aries S.A., for the operation of the cruise
port in Havana, Cuba.
Under the terms of the Agreement, the Group will from 21st June
2018, use its global expertise and operating model to manage all of
the cruise port operations over the life of the Agreement. As
consideration, the Group will be paid a management fee that is
based on a number of factors including passenger numbers, with
growth based incentives. In addition to operating the cruise port
operations, the Group will continue to work with our Cuban partners
on the design and technical specification of the cruise port
investment program, including proposed new terminals. Once these
have been completed GPH will take responsibility for the marketing
and commercialisation of these new facilities.
The Agreement is part of significant investment by Cuba into the
port area and the tourism infrastructure in Havana. The port
currently has capacity of two berths and in 2017 welcomed c328,000
cruise passengers, a growth rate of 156% compared to 2016, with
over 500,000 cruise passengers forecast for 2018. As part of Cuba's
significant investment program into the port and surrounding area
the number of berths will increase to six by 2024, significantly
increasing the passenger capacity of the Havana port.
Cuba, located in the northern Caribbean, is the largest island
in the Caribbean. Havana, the capital city of Cuba, is its major
port and commercial centre and offers visitors a truly unique
experience. The port itself is situated at the heart of Havana and
only a 30-minute drive from Jose Marti International Airport,
making it an ideal home porting destination.
Global Ports Holding, Chairman and Co-Founder Mehmet Kutman
said:
"I am very happy that we have signed an agreement for Havana
Cruise Port, the first step in the Group's growth strategy for the
Americas. This spectacular city and country is becoming an
increasingly popular tourist destination, with visitors attracted
by world famous architecture, a vibrant music scene and the famous
local hospitality. We very much look forward to working with our
Cuban partners to deliver a fantastic cruise port experience."
Global Ports Holding, CEO Emre Sayin said:
"We are delighted to have been awarded the management contract
for the Havana cruise port and look forward to playing our role in
developing the cruise port and the wider visitor experience in
Havana, as well as Cuba more broadly.
This represents our first Agreement in the Caribbean, in line
with our strategy of expansion into the Americas cruise port market
and therefore marks an important step in the development of Global
Ports Holding. The GPH team looks forward to working with our local
partners and local staff to drive continued growth in cruise
passenger volumes at Havana Port and deliver both world class
cruise port facilities and a great cruise experience for all
passengers visiting Havana."
Caribbean cruise market
The Caribbean is the largest cruise market in the world, with
c9.6m passengers enjoying a cruise in the Caribbean in 2017,
representing a global market share of c35%. While the Caribbean
market is by far the largest cruise market in the world, it has
continued to grow strongly in recent years, with passenger volumes
rising at CAGR of 4.5% since 2012.
Industry forecasts indicate that growth is expected to continue
over the medium term. The Cruise Lines International Association
(CLIA), is currently forecasting capacity in the Caribbean to grow
at a CAGR of over 6% out to 2020, which is above the long term CAGR
of 5.4% that has been experienced globally since 2001.
Investor Conference Call
A conference call for investors and analysts will be held at
9:00am today. Please call +44 (0) 7947 163 687 in advance of the
call to receive joining details.
CONTACT
For investor and analyst enquiries: For media enquiries:
Global Ports Holding, Investor Relations Brunswick Group LLP
Martin Brown, Investor Relations Director Nina Coad, Will
Rowberry and Imran Jina
Telephone: +44 (0) 7947 163 687 Telephone: +44 (0) 20 7404
5959
Email: martinb@globalportsholding.com Email:
GPH@brunswickgroup.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
CNTSEUSIEFASEEI
(END) Dow Jones Newswires
May 22, 2018 02:02 ET (06:02 GMT)
Global Ports (LSE:GPH)
Historical Stock Chart
From Apr 2024 to May 2024
Global Ports (LSE:GPH)
Historical Stock Chart
From May 2023 to May 2024