Global Ports Holding plc (GPH), the Istanbul based company that is the largest cruise port operator in the world, experts strong rise in passenger volumes for its current financial year and expects a growing cruise fleet to drive investment in ports facilities around the world.

“In the 2024 Reporting Period, we expect to welcome 11.8 million passengers to our consolidated and managed cruise port portfolio. A more detailed financial outlook will be provided when GPH releases its financial statements for the Reporting Period,” the company said in a trading statement. In the 12 months to 31 March 2023, the group handled 9.2 million passengers. 

“Our inorganic growth aspirations continue and we expect to add San Juan Cruise Port and St Lucia Cruise Port to the network in the 2024 Reporting Period with additional opportunities under review,” the company said

GPH pointed out that the scheduled launch of new cruise ships in the year ahead means the number of available berths across the global cruise fleet will reach all-time highs in 2024. “Industry booking patterns have been rebuilt to market norms over the last 12 months, and all major cruise lines have reported record booking trends for 2023,” it said.  

Investment in port facilities should accelerate 

Looking further into the future, long-established demand and supply trends in the cruise industry have re-established themselves as key drivers of cruise industry growth. “Before Covid,-19, it was a requirement for many cruise ports to invest significantly in their infrastructure to meet the needs of the growing number of cruise ships and the growing size of cruise ships as well as the increased demand from passengers for an improved cruise port experience,” GPH stated. 

“Those requirements have re-emerged even stronger, as the anticipated growth in the industry brings exciting prospects and potential risks for those involved in the cruise port industry. Cruise ports will face some substantial obstacles due to the growing size of cruise ships and the continuous growth and segmentation of the passenger base,” it pointed out.

Revenues in the 12 months to 31 March 2023 rose to $213.4 million from $128.4 million in the same period a year earlier, while adjusted EBITDa rose to $72.7 million from $7.0 million. Shares in the company that is listed in London rose by 10% on the news.

Image: Cruise ships at Lisbon