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Global Ports Holding seals cargo facility exit, to refinance bond

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Ports & Destinations Ports & Destinations; Published: 26 January 2021 26 January 2021

Global Ports Holding (GPH), the Istanbul based company that is the world’s largest cruise port operator, said its sale of the Port Akdeniz cargo facility has been approved by Turkish authorities.

It was the final cargo facility of GPH and the sale, which was unveiled in October, forms part of its plans to refinance a bond of €250 million.

“As previously announced, the agreed enterprise value for the sale was $140 million, and the equity value for GPH after deducting net debt and debt-like items of Port Akdeniz as at closing is $115 million,” the company said in a statement

GPH will become a more geographically diversified business, with Turkey representing a significantly reduced proportion of its revenuein the future.

“Revenue from Turkish assets represented 47.0% of Group revenue in the year ended 31 December 2019; following the disposal of Port Akdeniz, revenue from remaining Turkish assets represent c10% of 2019 pro-forma revenues,” GPH said.

The disposal also means that GPH will now effectively be a pure-play global cruise port operator. The GPH Board and senior management will now focus time and resources on the restart of cruise port operations during 2021 and continued expansion in the global cruise port market.

On 7 January, GPH announced that its wholly owned subsidiary Global Liman İsletmeleri A.S. had published a refinancing proposal to the holders of its $250 million, 8.125% Senior Unsecured Notes due 2021. This proposal aims to address the upcoming maturity and provide the business with a more stable, deleveraged capital structure.

The successful closing of the sale of Port Akdeniz is an essential element of the group's refinancing strategy for the Eurobond, with the net cash proceeds being used to fund a cash option to noteholders pursuant to the proposal, it said.

Photo: St John's in Antigua is one the ports GPH operates in the Caribbean

Galveston Wharves cruise business generated $1.6 billion economic impact statewide in 2019

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Ports & Destinations Ports & Destinations; Published: 08 December 2020 08 December 2020

Galveston Wharves cruise activity in 2019 had a $1.6 billion economic impact in Texas and showed growth in all areas, including jobs and spending, compared to 2018.

Rodger Rees, Galveston Wharves port director and CEO, “These newly released economic impact numbers remind us that the eventual resumption of cruising will be essential to boosting our regional and state economic recovery.”

As it does each year, the Cruise Lines International Association (CLIA) released its annual report on the cruise industry’s impact on the U.S. economy in November. Cruise activity was suspended in March 2020 as part of a global response to the pandemic. Pre-pandemic, the cruise industry generated $55.5 billion in economic activity in the United States, a 5.3 percent increase from 2018.

Strong economic growth in 2019

As the fourth most popular cruise port in North America and only cruise port in Texas, Galveston’s cruise activity contributes significantly to state and regional economies.

Rees said that Galveston’s cruise business showed growth in all areas when comparing 2019 to 2018:

– $1.6 billion in cruise industry direct expenditures – up 6.5 percent
– 1.1 million passenger embarkations – 14 percent higher
– 1.3 million passenger and crew onshore visits – up 11 percent
– $125 million in passenger and crew onshore spending – 9 percent higher
– 26,900 employment impact statewide – a 2.5 percent increase
– $1.8 million in wages statewide – up almost 3 percent

According to the report, Texas ranks third behind Florida and California in total direct expenditures, employment and wage impacts.

Return to cruising

While cruise operations remain suspended in the United States, the Galveston Wharves is working with cruise industry leaders and local business and community partners for the safe, sustainable resumption of cruising in 2021.

Rees said, “With thousands of jobs at stake, cruising with appropriate measures in place and with the support of health authorities will be critical to putting people back to work and fueling the broader economic recovery.”

Rees added that Galveston’s cruise business generates about 65 percent of the port’s annual revenue, allowing the port to reinvest in business growth and infrastructure improvements to generate more jobs, expand its cargo business and other economic benefits for the Galveston region.

Intercruises to cooperate with Intrepid Urban Adventures over 50 cities and ports

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Ports & Destinations Ports & Destinations; Published: 03 December 2020 03 December 2020

Intercruises Shoreside & Port Services, an experienced global business offering ground handling and port operations services to the ocean and river cruise industry, is further diversifying its shore excursion portfolio through an agreement with Intrepid Urban Adventures, an award-winning provider of tours that drive positive impact for destination communities. The initiative grows Intercruises’ product inventory in line with its commitment to implement sustainable development throughout the business.

“We have been using the recent downtime to further look at cruise guests’ needs and the latest travel trends, with a focus on developing products that have a positive impact in the destination. As part of this, we are delighted that we will be working with Intrepid Urban Adventures in over 50 locations around the world. We already have excellent local teams and products, but we can now offer even more authentic and unique shore excursions.” said Carmen Morosan, Intercruises Global Shore Excursions Manager. “Furthermore, the majority of these excursions are small group walking tours that visit alternative, lesser known venues, all of which fits well with new safety requirements as cruises return.”

Intercruises has the option to work with Intrepid Urban Adventures in more than 50 cities and ports around the world. The agreement will give Intercruises access to the extensive Intrepid Urban Adventures product portfolio of more than 1,000 experiences, with local Intercruises and Intrepid Urban Adventures teams also collaborating to develop new products specifically for the cruise industry. Furthermore, Intercruises can provide cruise industry training and work with over 1,700 Intrepid Urban Adventures guides around the world for any shore excursion operated by Intercruises.

“There is potential for the cruise industry to drive greater positive local impact for port communities. By working with our friends at Intercruises, we can help bring more customers on a journey of local stories, local people and local impact,” says Klaudija Janzelj, Managing Director of Intrepid Urban Adventures. “We’re excited to work with Intercruises to offer our unique itineraries to travelers, connecting them with local people and cultures. As the travel industry re-emerges, we believe there will be an ever-growing demand by customers for brands to focus on responsible and authentic experiences.”

Intercruises and Intrepid Urban Adventures are committed to sustainable and responsible tourism development, and enforce child protection and animal welfare policies, whilst also partnering with renown foundations that protect the natural environment.

Port of Tarragona’s campaign shows the cruise industry how much it is missed

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Ports & Destinations Ports & Destinations; Published: 02 December 2020 02 December 2020

The Port of Tarragona has worked and continues to work to consolidate Tarragona as a regular cruise tourism destination. This is one of the strategic lines established by the Port.

A video clip of just over 25 seconds entitled 'Nothing Moves without You', promoted by the Tarragona Cruise Port Costa Daurada, shows the cruise industry how much it is missed. The absence of the cruise sector has made the Port of Tarragona’s heart grow fonder, and the video aims to convey the current feeling of emptiness when looking at the sea from Tarragona without the vitality and activity of the cruise ships and passengers that the city regularly welcomes. The video illustrates and reinforces the region’s tremendous appeal and offers the tourism sector a chance to learn more about Tarragona, a city that has positioned itself on the international cruise map and in the itineraries of major cruise lines.

Under the Tarragona Cruise Port Costa Daurada brand, created to publicise the region’s enormous potential, work is under way for future seasons filled with exciting opportunities, striving, as always, to ensure the complete safety of every visitor.

Work continues on the construction of the new Balears pier, a new space measuring 4,000 m2. The new pier will allow up to four cruise ships to dock in the Port at the same time, and is scheduled to be operational around May 2021. The pier represents an investment of 27 million euros, a place to work under optimum conditions, and a path towards future growth for the Port.

Taking advantage of the suspension of cruise activities due to COVID, the Port and other project stakeholders have also undertaken various initiatives to redirect promotional actions to highlight the region’s attractions and to ensure that Tarragona has the best possible positioning when operations in the sector start again. Despite the flurry of activity at the Port, nothing will really move until the star attraction returns: the cruise ships and their passengers.

Meetings, conferences and virtual encounters at trade fairs are a focal point for the cruise community that offer abundant opportunities for networking, procurement and innovation: an ideal forum to present Tarragona as a leading cruise destination. Tarragona’s uniqueness and distinctive attractions make it an excellent destination for Mediterranean cruise itineraries, as it is a region recognised by UNESCO for several of its distinguishing features, including the City of Tarragona and the Poblet Monastery as World Heritage Sites, human castles as Intangible Cultural Heritage of Humanity and the Ebro Delta as a Biosphere Reserve.

MedCruise launches a powerful online marketing campaign showcasing cruising in the Mediterranean

Details: Written by Teijo Niemelä Teijo Niemelä; Category: Ports & Destinations Ports & Destinations; Published: 02 December 2020 02 December 2020

MedCruise, the largest cruise port association worldwide, which mission is to promote the cruise industry in the Mediterranean, Black Sea, Adriatic Sea, Red Sea and Near Atlantic, launched today (during the International Cruise Summit 2020) a powerful online marketing campaign to run during 2021 to support, more than ever, its members and destination for the resumption of cruising.

There is nowhere else where one can cruise to so many different countries within a short period of time and to enjoy, meet, feel, taste, smell as many flavours, nature, cultures and retrace the footsteps of history as one can in the Mediterranean and its adjoining seas.

This marketing campaign is divided into five different extraordinary experiences, presented in short video clips, which one can live when cruising the Med!

Culture & history

Nowhere else can such a variety of culture and history be found in such a relatively small area, home to a thousand-year-old heritage recognized by the UNESCO. The ports of the Mediterranean are the gateway to territories that treasure the achievements of the civilizations that have preceded us. #FullyAstonishing, #FullyInspiring

Active tourism & nature

There is no better way to experience a destiny than to immerse yourself in it with all five senses. The Mediterranean and its adjacent seas offer an endless range of outdoor activities to enjoy and make the most of the voyage. While the weather from Spring to Autumn is almost invariably ideal, even in the winter months the weather is generally very mild. #FullyAlive, #FullyNatural

Gastronomy

The Mediterranean cuisine, one of the most admired in the culinary world, was proclaimed Intangible Cultural Heritage of Humanity in 2013 by the UNESCO, highlighted as being one of the most beneficial diets for our health and lifestyle. #FullyTasty

The purpose of the campaign is to remind cruise passengers and potential new consumers of the wonders of the Marenostrum, that MedCruise ports and destinations, are offering a five senses experience, that starts from the minute that passenger disembarks and steps immediately into an unforgettable lifetime experience.

MedCruise has historically focused its marketing strategies primarily within the industry. For the first time, the Association is willing to make a major investment in the end-consumer for the benefit of its members, and the industry as a whole.

MedCruise Director of Marketing, Mrs. Maria Cano, stated: “The current pandemic is strongly hitting the cruise industry. MedCruise believes that now, more than ever, it is time to support the cruise industry, it is time to innovate, and it is time to think outside the box. In hard times, new and positive ideas are needed. This new online marketing strategy responds to this new era. MedCruise creates, adapts, and innovates to continue giving the best to its members and to the industry”.