Portfolio

Global Ports takes on operation of Bahamas cruise terminal

By Josh White

Date: Thursday 10 Oct 2019

Global Ports takes on operation of Bahamas cruise terminal

(Sharecast News) - Cruise port operator Global Ports Holding confirmed on Thursday that, on 9 October, it started operating Prince George Wharf Cruise Port in the Bahamas capital Nassau.
The London-listed firm said it would now use its expertise and operating model to manage the cruise port operations in Nassau.

In addition, Global Ports and its partner Bahamian Investment Fund would invest up to $250m in expanding the capacity of the port, as well as taking a number of "innovative steps" to transform the cruise port and downtown experience for both passengers and the local population.

The construction phase was expected to start in the fourth quarter of 2019, and was anticipated to be completed within 24 months.

Once construction was complete, total revenues were expected to be in the range of $35m to $40m per annum.

"I am very happy that Global Ports Holding has commenced cruise port operations in Nassau," said the company's chairman and co-founder Mehmet Kutman.

"This is a truly transformational moment for Global Ports Holding, with Nassau now the largest cruise port in our portfolio.

"The GPH 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."

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