GPH agrees concession terms for Las Palmas de Gran Canaria Cruise Port, the Canary Islands (1394481)
11 July 2022 - 4:00PM
UK Regulatory
Global Ports Holding PLC (GPH) GPH agrees concession terms for
Las Palmas de Gran Canaria Cruise Port, the Canary Islands
11-Jul-2022 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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Global Ports Holding Plc
GPH agrees concession terms for Las Palmas de Gran Canaria
Cruise Port, the Canary Islands
Global Ports Holding Plc ("GPH" or "Group"), the world's largest
independent cruise port operator, is pleased to announce that
Global Ports Canary Islands S.L. ("GPCI"), an 80:20 joint venture
between GPH and our local partner Sepcan S.L., has agreed on the
terms for a 40-year concession agreement to operate Las Palmas de
Gran Canaria Cruise Port, Canary Islands, Spain.
The addition of Las Palmas de Gran Canaria Cruise Port takes the
total number of cruise ports to 22 across the Caribbean,
Mediterranean, South Atlantic, Asia and Northern European cruise
regions.
This concession agreement follows GPH's announcement on 10
November 2021 that GPCI had been awarded preferred bidder status to
operate cruise port concessions for Las Palmas Cruise Ports. This
preferred bidder status covered concessions for the port of Las
Palmas de Gran Canaria, port of Arrecife (Lanzarote) and Puerto del
Rosario (Fuerteventura).
The Group, GPCI and the Port Authority of Las Palmas continue to
work towards finalising the 20-year concessions for the port of
Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura). The
concessions for these ports are expected to be agreed upon before
GPH's half-year end on 30 September 2022
GPH expects to take over cruise port operations at Las Palmas de
Gran Canaria, Arrecife and Puerto del Rosario in calendar Q4-2022.
Although there can be no certainty as to the timing or that the
final conditions will be satisfied. A further announcement will be
made when it is appropriate to do so.
GPCI will invest approximately EUR40 million into constructing a
new cruise terminal in Las Palmas and modular terminal facilities
in Marmoles pier in Arrecife and Puerto del Rosario in
Fuerteventura. The debt financing for this project is expected to
be secured by local banks, and GPH is in advanced discussion
regarding the financing. The debt metrics are expected to align
with the Group's historical precedents.
Update on additional port operations
GPH would like to take this opportunity to provide an update on
recent steps taken to expand the smaller cruise port network in
Europe.
In Italy, GPH recently signed a concession agreement with the
Port Authority System of the South Tyrrhenian and Ionian seas for a
4-year renewable concession to manage the services for cruise
passengers in the Port of Crotone, Italy.
As part of the concession, GPH will improve the systems and
technology to improve the operational performance of the cruise
port. Crotone Cruise Port is expected to welcome c24k passengers in
2022.
In Spain, GPH, through a 50/50 joint venture with local
partners, recently started non-exclusive cruise port operations at
Vigo Cruise Port under a concession agreement that currently runs
until the end of 2024.
Vigo Cruise Port is capable of handling four small cruise ships
or two large ships simultaneously and with GPH protocols and
operational standards in place, it is now in a position to host
cruise ships for both transit and turnaround operations. GPH's
cruise port operations at Vigo are expected to host 11 cruise calls
in 2022.
CONTACT
For investor, analyst and financial media enquiries: For media enquiries:
Investor Relations Global Ports Holding
Martin Brown Ceylan Erzi
Telephone: +44 (0) 7947 163 687 Telephone: +90 212 244 44 40
Email: martinb@globalportsholding.com Email: ceylane@globalportsholding.com
Global Ports Canary Islands S.L. ("GPCI"): GPH owns 80% of GPCI
and Sepcan S.L. owns 20%. Sepcan is a Canary island family-owned
company that has been providing services to the port of Las Palmas
since 1936 and since 1998 has been focused on mooring/unmooring,
luggage handling, ship's provisioning and passenger services. They
also specialise in environmental services and maritime pollution
prevention.
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ISIN: GB00BD2ZT390
Category Code: AGR
TIDM: GPH
LEI Code: 213800BMNG6351VR5X06
Sequence No.: 173711
EQS News ID: 1394481
End of Announcement EQS News Service
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