(Alliance News) - Global Ports Holding PLC on Thursday said it has started work at the Prince George wharf cruise port in Nassau, Bahamas.
The cruise port operator said it and partner Bahamian Investment Fund will invest up to USD250 million in expanding the capacity of the port as well as taking a number of steps to transform the cruise port and experience for both passengers and the local population.
The construction phase is expected to start in the fourth quarter of 2019, Global Ports said, and is anticipated to be completed within 24 months. Once construction has been completed, Global Ports expects total revenue from the port to be in the range of USD35 million to USD40 million per year.
"I am very happy Global Ports has commenced cruise port operations in Nassau. This is a truly transformational moment for Global Ports, with Nassau now the largest cruise port in our portfolio," said Chair & Co-Founder Mehmet Kutman.
"The Global Ports team very much look forward to working with our partners, the cruise lines and the people of the Bahamas to transform both the cruise port and downtown Nassau for the benefit of all stakeholders," added Kutman.
Global Ports shares were trading 0.8% higher in London on Thursday at 300.00 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Global Ports (GPH)