Global Ports Regulatory News (GPH)

Global Ports Holding Plc

Valencia Cruise Port agreement

Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that, its partner Baleària Group ("Baleària") has been awarded a 35-year concession agreement for the ferry and cruise port of Valencia, with a 15-year extension option. As part of this agreement, GPH will operate and manage Valencia Cruise Port throughout the period of the concession. All parties will now work together to conclude the agreement that is expected to be signed in Q1 2021. A further announcement, as appropriate, will be made in due course.

Under the terms of the agreement, Baleària will invest up to $37m into the port infrastructure, including two new state of the art smart terminals, as well as investment into ferry piers, car parking and retail and F&B areas. The concession is expected to start in Q1 2021, with the expected two-year investment phase starting at the same time.

The new terminals will set a new benchmark for sustainability in the passenger transport industry, producing 100% of their electricity needs from their own renewable energy sources (photovoltaic, wind, renewable hydrogen and biofuel), with all waste generated being recycled.

In 2019, the port of Valencia received 203 cruise ship calls and welcomed c435,000 cruise passengers, with a pre Covid-19 forecast of over 500,000 passengers in 2020.

Emre Sayin, Chief Executive Officer, said:

"We are very grateful to Valencia Port Authority for placing their trust in GPH as the operator of Valencia Cruise Port. The project presented by our partners, Baleària Group, in collaboration with GPH, will set a new benchmark for excellence and sustainability in the passenger transport industry.

Valencia Cruise Port is an important addition to our cruise port network, further strengthening our presence and capabilities in Iberia and the West Med. We very much look forward to growing cruise passenger volumes in Valencia in a sustainable and responsible way."

About Baleària Group

Baleària Group is the leading shipping line for passenger and freight transport on Balearic Islands crossings to the Spanish mainland. It also operates a number of other passenger ferry services in the Mediterranean and Caribbean.

In 2019, Baleària handled c4.5m passengers and 6.1 metres of cargo, generating turnover of €452m.