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.
CONTACT
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For investor, analyst and
financial media enquiries:
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Investor
Relations
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Martin Brown
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Telephone: +44 (0) 7947 163
687
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Email:
martinb@globalportsholding.com
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