Global Ports signs 15-year management contract for Vietnam cruise port

(Sharecast News) - Independent cruise port operator Global Ports Holding has signed a 15-year management service agreement with Ha Long Sun for the Ha Long International Cruise Port in Ha Long Bay, Vietnam.

The London-listed firm said the port, having recently benefited from a $44m investment, is the first purpose-built cruise port in Vietnam, capable of handling the world's largest cruise ships.

In 2019, it is expected to welcome more than 75,000 passengers, and was forecast to grow to more than 100,000 passengers in 2020.

Situated within the Sun World Halong Complex, a 226 hectare entertainment and recreation complex, the company said the port's "modern infrastructure" and position close to China, Hong Kong, Indonesia, Malaysia and Singapore meant it was well-placed to become a "leading transit port" in Asia.

Additionally, it said the port was less than 200 kilometres away from three international airports - Noi Bai International Airport, Van Don International Airport and Cat Bi International Airport - and with Ha Long Bay benefitting from modern hotel infrastructure, the board said the port had the potential to become a home port for the region.

The Ha Long International Cruise Port is the second port in Global Port's portfolio in Asia, which it said was a region that had seen high growth in cruise passengers in recent years and had started to attract local and regional investment into cruise port-related assets.

"I am delighted that GPH has signed a management service agreement for the Ha Long International Cruise Port," said chief executive officer Emre Sayin.

"This agreement marks a truly historic moment for Global Ports Holding and marks an important inflection point in our growth aspirations in Asia.

"The GPH team very much look forward to working with our partner, the cruise lines and the people of the Quang Ninh Province to turn this iconic location into a leading cruise port in the region."

At 0944 GMT, shares in Global Ports Holding were up 0.86% at 235p.