GPH Adds San Juan Cruise Port to Its Portfolio

GPH Adds San Juan Cruise Port to Its Portfolio
GPH Adds San Juan Cruise Port to Its Portfolio

Global Ports Holding Plc (GPH) added the San Juan Cruise Port to its portfolio. In the statement made by Global Investment Holdings A.Ş to the Public Disclosure Platform (KAP), the following information was given:

”GPH, our company's indirect subsidiary, was awarded the Puerto Rico Port Authority following a competitive tender process conducted by the Puerto Rico Public Private Partnership Department for the San Juan Cruise Port located in the US autonomous region Puerto Rico in the Caribbean. has informed our company that it has signed a 30-year concession agreement with This agreement is an important step towards GPH's strategic objectives in the Caribbean. Welcoming 2019 million passengers in 1,8, San Juan Cruise Port (total 0,4 million passenger movements when including 2,2 million home port passengers) will be the third largest port in GPH's global port network. San Juan Cruise Port is a strategically important port in the Caribbean cruise market; It is ideally located for inclusion on both eastern and southern Caribbean itineraries. In addition to its airport and hotel infrastructure, being an autonomous region of the USA makes Puerto Rico an attractive airport destination in the Southern Caribbean. San Juan Cruise Port, a popular transit and port, needs significant improvement investments in order to provide uninterrupted service during the concession period and to meet the needs of the rapidly growing cruise industry. Under the terms of the agreement, GPH will initially pay a fee of US$75 million to the Port Authority of Puerto Rico. The first phase of the investment is $1 million, which includes major infrastructure improvements, terminal buildings and upgrading of walkways at the 4st and 100th berths and the Pan American berths. In the second phase of its investment, worth 250 million USD, depending on the fulfillment of certain prerequisites, including the fact that the number of passengers reaches pre-pandemic levels; GPH is planning a capacity increase by constructing a new quay and a new airport terminal building that can serve the world's largest cruise ships with the latest technology.

Regarding financing, GPH plans to provide non-recourse long-term project financing from the US capital markets. Financial close and commencement of operations are expected to occur in the second half of GPH's fiscal year (September 2022-March 2023), subject to fulfillment of closing conditions, including financing conditions. With the addition of San Juan Cruise Port to the portfolio, GPH's annual cruise passenger numbers are expected to increase to more than 16 million passengers annually worldwide. In addition to investing in the port's infrastructure, GPH also plans to modernize and invest in the port for cruise passengers, cruise ships and local businesses. GPH will use its global expertise and operating model to increase the efficiency of port operations.”

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