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Global Ports Holding to sell Port Akdeniz, becomes pure cruise port operator

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 21 October 2020 21 October 2020

Global Ports Holding Plc, (GPH), the Istanbul based and London listed company that is the world's largest independent cruise port operator, said it has agreed to sell Ortadoğu Antalya Liman Işletmeleri ("Port Akdeniz") to QTerminals W.L.L. a Qatari commercial port operating company, for an enterprise value of $140 million.

Port Akdeniz is a leading commercial cargo export port in Turkey, currently specialising in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East. If completed, the sale consequently means that GPH will become a pure cruise port operator.

“The net cash proceeds for GPH from this transaction at closing will be determined by deducting net debt of Port Akdeniz at closing as well as paying transaction-related costs and taxes. A small portion of the purchase price will be withheld by the buyer and paid 12 months after closing of the transaction,” the company said in a statement.

This conditional agreement follows the Strategic Review announced by the board on the 5 July 2019 and GPH's announcement on the 11 March 2020 that it had entered into exclusive negotiations over the sale of Port Akdeniz. The sale remains conditional, inter alia, upon obtaining certain regulatory clearances and approvals from various Turkish governmental authorities. The timing of the closing process is uncertain but could be concluded as early as the final quarter of this year, however there can be no certainty as to the final outcome. A further announcement will be made when it is appropriate to do so.

A successful closing of the sale will be an important element of the group' refinancing strategy for the $250 million Eurobond due November 2021. “While the board of Global Ports Holding believes the proposed disposal will also allow the GPH board and senior management to focus time and resources on continued investment into further growth opportunities in the global cruise port market. On completion of the sale, GPH will effectively become a pure-play global cruise port operator,’ the company said.

While a range of restrictions currently remain in place in regard to the return of meaningful cruise activity, GPH said it believes that the continued demand for cruising, as evidenced by strong booking patterns reported by the major cruise lines for 2021, is very supportive to the long term health of cruise tourism.

Vodohod River Cruises and Tam Wing Kun sign partnership agreement

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 21 October 2020 21 October 2020

Vodohod Russian River Cruises said it has signed a strategic partnership agreement with Tam Wing Kun Holdings Limited (TWKH) to provide a direct presence in Asia.

This is the second such contract from the cruise industry in the past three weeks as on 30 September TWKH sign a partnership agreement with Swan Hellenic, the UK based expedition cruise line.

“Tam Holdings offers the highest standards of service and efficiency, with over 40 years’ experience across the travel sector, representing many of the world’s leading airlines and logistics companies in Asia through offices or partners in China (Shanghai, Beijing, Guangzhou, Chongqing, Hong Kong, Taiwan),, Thailand, Malaysia, Singapore, the Philippines, Vietnam and Indonesia,” Vodohod said in a statement.

The partnership is a strategic agreement in line with Vodohod’s long-term approach of establishing a direct presence in every market worldwide to offer the close personal service to which it is committed.

Vodohod River Cruises has a fleet of 26 ships ranging from three to fivestar, including 12 dedicated exclusively to international guests.

MSC Cruises has carried more than 16,000 passengers since restart 16 August

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 21 October 2020 21 October 2020

MSC Cruises said its MSC Grandiosa has now completed nine voyages with more than 16,000 guests since it resumed cruising on 16 August.

It operates seven night cruises in the Western Mediterranean.

The ship has been joined this week by MSC Magnifica with longer and enriched 10-night cruises in the West and East Mediterranean, the company said in a statement.

MSC Magnifica becomes second ship of company to resume cruises

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 20 October 2020 20 October 2020

MSC Magnifica has become the second MSC Cruises ship to set sail following a pause in operations earlier this year. “The ship departed Genoa on a 10-night voyage to the West and East Mediterranean with planned calls at the ports of Livorno for visits to Florence and Pisa, Messina in Sicily, Piraeus for Athens, Katakolon for Olympia, Valletta in Malta, and Civitavecchia for Rome, before returning to Genoa,’ Geneva based MSC Cruises said in a statement.

MSC Magnifica will follow MSC Grandiosa, which is currently on its ninth voyage, as the second ship to implement MSC Cruises’ comprehensive health and safety protocol, which has been endorsed by external medical experts and formally approved by the relevant national and regional authorities.

“The comprehensive safety-first measures designed to protect the wellbeing of guests, crew and communities visited were first implemented in August when MSC Grandiosa became the world’s first major cruise vessel to return to service and the Company’s flagship has now completed nine 7-night voyages and positively demonstrated the protocol’s effectiveness. The measures include protected “social bubble” ashore visits for guests to allow them to also enjoy destinations at each port of call,” MSC Cruises said.

Fred. Olsen Cruise Lines updates booking policy

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 20 October 2020 20 October 2020

Fred. Olsen Cruise Lines, the UK based destination focused cruise operator, said it has unveiled an updated Plain Sailing Guarantee to give guests more flexibility around their bookings for 2021.

“The updated Plain Sailing Guarantee allows guests making a new booking for 2021 to move their deposit to any other cruise already on sale without any additional fees before they pay their final balance. Guests can also have their deposit refunded.

In addition, any guest who is unable to travel due to a positive Covid-19 test can move to any other cruise without any administration fees or penalties, right up to the day of departure, with up to 12 months to choose their new cruise,” the company said in a statement

Clare Ward, Director of Product and Customer Service at Fred. Olsen Cruise Lines, said: “We know that so many of our guests are looking forward to cruising again just as much as we are, and we can’t wait to get back in the water and welcome guests, both old and new, on board our new look fleet from February.”

“But we also know that we are all still adjusting to this ‘new normal’ that we have found ourselves in, and as a result we want to make our booking process as flexible as possible. We want people to look ahead to their cruise holidays and get excited about them, without the worry of their circumstances changing.”

“Our updated Plain Sailing Guarantee allows guests to book a sailing for next year, knowing that they have the flexibility to change to another cruise – or even have their deposit refunded – before they make their final payment. With opportunities for travel limited in 2020, we have been working hard to make 2021 an incredibly exciting year, with a host of new itineraries as well as our two new ships, Bolette and Borealis. Creating flexibility and reassurance for our guests is a big part of that, too.”

Fred. Olsen Cruise Lines launched the original Plain Sailing Guarantee in April in response to the Covid-19 pandemic.

In late August, the company confirmed their ‘Back in the Water’ plans, with Balmoral to set sail in February, followed by Braemar and the two recently acquired ships, Bolette and Borealis, in March and April.