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"Our strong performance in Cruise in 2019 has unfortunately been overshadowed by recent events. The Covid-19 crisis that has engulfed the world is causing unprecedented disruption to both global economies and the global travel sector. But most importantly, it is affecting the lives of people all over the world on a previously unimaginable scale. Our thoughts are with those people that have been directly impacted by the virus and the health workers around the world that are battling to save so many lives.
In light of the impact of this crisis on the global travel industry, the board and senior management of GPH have taken immediate action to significantly reduce costs and conserve cash to protect the Group's balance sheet and help steer the company through the crisis. We believe that the actions taken to date will mean that even under a severe downside scenario of no cruise ships calling at our ports for the remainder of 2020 and a modest recovery at only our Caribbean ports thereafter, as well as a significant decline in container volumes at Port Akdeniz, the Group will have sufficient cash resources to remain in operation and within covenant requirements at the end of April 2021."
Covid-19 crisis management and actions
At the end of December 2019, GPH had cash and cash equivalents of $63.8m, as at the end of March 2020 this figure was $53.5m, including a debt repayment of $6.5m. Available headroom in our credit lines was $20m at the end of March 2020.
In light of the exceptional circumstances that are currently engulfing the cruise industry and with such uncertainty over when cruise travel might return to normal, the board and management have taken several significant actions to protect the balance sheet and long term future of the business.
The Board believe that the actions been taken to date will mean that even under a severe downside scenario the Group will have sufficient cash resources to remain in operation and within covenant requirements at the end of April 2021. This scenario includes our Caribbean ports handling no cruise ships for the remainder of 2020, with a recovery in Caribbean passenger volumes in the first four months of 2021 to 50% of previous expectations, while it assumes the rest of our cruise port portfolio does not welcome any cruise ships until after the end of April 2021.
In terms of our Commercial operations, the severe downside scenario assumes a fall in marble exports in Port Akdeniz to China of 75% based on the forecasted container cargo of marble for both loading and unloading until September 2020 followed by a moderate improvement but remaining at least 25% below original management expectations. Under this scenario Port Akdeniz container volumes would fall by 35% in 2020 compared to 2019 and by 25% compared to management's previous expectations for the period to end April 2021.
they still have revenue from cargo ships as well .and all the cruse ships have to dock now for deep clean and you dont let them dock free of charge . and i personally think cruse ships be back September
Just to be realistic. GPH makes a lot of revenues from cruise ports in the Caribbean and Mediterranean. With the touristic industry presently at standstill, and the problem we have seen with cruise ships, I don't think we will go back up at pre-covid 19 levels immediately. Hopefully by next year the situation will go back to normal.
yes was over £7 but average about 4 to 5 but always pays good div. got lots of up side form hear
As Global Trade pick's Up,, expect price to follow Up,, And the Juicy Dividends,,
I can see this Close to £5.00 or Over Very Soon,,
think we might
every other going south
hope you did some home work on this as you will see its got great potential as we start getting back to pre covid
should do well lots of upside to be had over next few weeks
I’m in. GLA
lots of upside do you own research
did try to tell you guys
back to pre covid prices will do nicely,thanks
yes i just had a look at a few thing and for a new inverter at this price looking very good
Not a good investment for me I'm afraid! Have been here since the IPO. However I believe the company has been doing very well with acquisitions and expansions. The dividend has been very good too. It's just the share price that is lacking, hopefully we will go back to pre-covid levels.
people must be thinking the same as me
looks good recovery to be had hear .looked at a couple of rns and looks good could be very good investment
Do any of you guys know when the results are for GPH? These shares are either a bargain or the results will disappoint. They seem to have debts... Equity raise/ rights issue perhaps??
now is the time to climb i think,will purchase a few in the morning
Looks like the company is in a good place and doing all the right things.
My guess is the cruise ship crashing in Venice doesn't help the company that controls the cruise port. Protests at the weekend to ban them from the area.
I would also be interested ... SP is under pressure but no public information as best I can tell.
Why the sudden drop today?
Lt holder enjoying dividends not the volatility