UK. The world’s largest independent cruise port operator – Global Ports Holding – has reorganised its cruise operations under a new regional structure: West Mediterranean, East Mediterranean, Central Mediterranean, and the Americas. At the same time GPH is undertaking a strategic review “in light of emerging opportunities in its cruise business”.
GPH – 59.30% owned by Global Ports Holding BV (a wholly-owned subsidiary of Global Investment Holdings listed on Borsa Istanbul) and 40.7% free floated on the London Stock Exchange – has made the move to a regional management as a result of significant growth in the number of cruise ports it operates and what the company claims is “a strong pipeline of new port opportunities”.
In recent months, the company has expanded in the Americas region (in the Bahamas and Antigua) and told The Moodie Davitt Report last month that it intends to quickly grow its in-port travel retail business.
Under GPH’s new structure Javier Rodriguez, the current General Manager of Barcelona Cruise Port will become Regional Director – West Med (which currently includes Barcelona, Malaga, Lisbon and Singapore ports); Aziz Gungor, the General Manager of Ege Port-Kusadasi (Turkey) will become Regional Director – East Med (Ege Port, Bodrum, Antalya, Zadar and Bar cruise ports); Stephen Xuereb, the company’s Chief Operating Officer will be acting Regional Director – Central Med (which includes Valletta, Cagliari, Catania and Ravenna ports) until a new director is recruited; and Michael Maura Jr, who recently joined the group, will become Regional Director – Americas. All regional directors will report to Xuereb.
Global Ports Holding CEO Emre Sayin said: “The new organisational structure reflects our growing operations and will help provide a strong platform for our next stage of development, while maintaining operational discipline across the current portfolio.”
Strategic review “at an early stage”
Meanwhile the group strategic review which is being undertaken“in light of the emerging opportunities in its cruise business” says GPH, is being carried out by Goldman Sachs International.
The purpose is to explore ways to maximise value for stakeholders and may include the sale of certain assets as well as possible strategic investments and partnerships. GPH has confirmed that it has received “a number of preliminary offers for certain assets” which it did not disclose, and it said it is currently evaluating them.
In FY2018, GPH saw group revenue grow by 7.2% to US$124.8 million while ancillary services – which include in-terminal travel retail – grew 11.3% (excluding Ege Port).
