Global Ports Regulatory News (GPH)

Global Ports Holding Plc

Commences operations at Saint Lucia Cruise Port

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce the commencement of operations at Saint Lucia Cruise Port. On 9 August 2023, GPH finalised a 30-year concession agreement with a 10-year extension option. With the fulfilment of the final conditions, GPH has now commenced operations at the port.

Port investment

Under the terms of the concession agreement, GPH is set to invest up to USD 60 million on taking over existing indebtedness and capital expenditure into a material expansion and enhancement of the cruise port facilities at Saint Lucia Cruise Port. The CAPEX programme is expected to take ca. 24 months, whereas the existing indebtedness, transaction costs and customary reserve accounts in an amount of ca. USD 20 million have occurred as of closing. The financing of the majority of the investment is secured through a long-term (15 year), syndicated loan facility arranged by a leading regional bank with a total funding commitment of up to ca. USD 50 million.

This investment includes expanding and enhancing the existing berth in Point Seraphine, enabling the handling of the largest cruise ships in the global cruise fleet and increasing the port's capacity. Furthermore, GPH will also invest in transforming the retail experience at the cruise port, including the redevelopment of the Vendor's Arcade and the design and development of a new Fishermen's Village at Banannes Bay, offering an enticing area for local vendors. Upland development work at Soufriere Bay will also be carried out, including constructing a new amphitheatre and a designated food and beverage area.

In addition to elevating the overall cruise passenger experience in Saint Lucia, GPH is committed to generating significant economic benefits for the local residents by improving the facilities in and around the port, such as Fisherman's Village, and increasing passenger spending in the destination.

In the 12 months to 31 March 2023, Saint Lucia welcomed c590k passengers (2019 calendar year c790k); the completion of the extended pier and upgrading of the facilities are expected to lead to a rise in passenger volumes to over 1m in the medium-term.

Network expansion

The addition of Saint Lucia Cruise Port to GPH’s network is a further step in our strategic ambitions in the Caribbean. Saint Lucia Cruise Port takes the number of consolidated ports in GPH’s network to 26 cruise ports, with passenger volumes for the 12 months to 31 March 2025 now expected to exceed 16 million. The total number of ports, including equity-accounted ports, is now 31, with annual passenger volumes of nearly 20 million expected for the 12 months to 31 March 2025.