Global Ports Holding (GPH), the Istanbul based company that is the world’s largest cruise port operator, has signed an agreement in principle to operate the nascent cruise port of Taranto in Italy, while a fully owned subsidiary company has filed a shelf registration programme in Moscow allowing it to issue rouble denominated bonds.
The agreement to operate cruise facilities in Taranto, which is perhaps best known for its naval base, will run for 20 years. “The cruise port infrastructure in Taranto is currently undergoing a state funded, c€28m investment program, including the building of a new cruise terminal. The construction of these new facilities is expected to be completed by the end of 2020,” the company said in a statement.
GPH and the port authority will now work towards agreeing the terms of a concession agreement. “Following the successful execution of the concession agreement, GPH will use its global expertise and operating model to manage the cruise port operations in Taranto. The concession is expected to start in Q1 2021,” the company said. In 2019, the Taranto Cruise Port welcomed about 9,000 cruise passengers
Meanwhile, GPH has announced that Vostochnaya Stevedoring Limited Liability Company (VSC) that is 100% owned by GPH, has registered a Rouble-denominated Bond Programme with the Moscow Exchange. “The Programme, which will be commenced only if market conditions present a suitable opportunity for such a step, provides VSC with the potential to issue bonds, over an unlimited period of time, for a total amount of up to RUB 30 billion with a maturity of up to 10 years,” GPH said.