Global Ports Holding PLC / GB00BD2ZT390

03.04.2024 - 08:00:08

50-year agreement signed for Liverpool Cruise Port

Global Ports Holding PLC (GPH)

03-Apr-2024 / 07:00 GMT/BST

Global Ports Holding Plc Global Ports Holding Plc ("GPH" or "Group"), the world's largest independent cruise port operator, is pleased to announce that it has signed a 50-year agreement with Peel Ports Group’s subsidiary, The Mersey Docks And Harbour Company Ltd, to operate cruise services at Liverpool Cruise Port. GPH expects to take over operations of the port in April 2024. The City of Liverpool is one of the UK’s most visited cities, offering tourists significant opportunities to engage in the arts, especially music, architecture and, of course, its historic football teams. Liverpool Cruise Port is well-positioned to participate in the growing Northern European and British and Irish cruise markets. It has good airport connectivity, with two international airports within an hour's drive, providing significant potential to act as a gateway to the Northern European and Round Britain Cruise Markets for American and European passengers, as well as being well-positioned to act as a home port for the domestic passenger market. Port investment As part of this agreement, GPH will pay certain upfront charges, and (in certain circumstances) annual charges, in each case, the terms of which are confidential. Liverpool Cruise Port has the potential for significant growth in passenger volumes. However, the port is currently unable to satisfy demand on some days due to berthing and infrastructure restrictions. Subject to the granting of the appropriate permits and licenses, GPH plans to invest up to £25 million in the ports infrastructure, which all stakeholders believe should act as a catalyst to unlock the future potential. This investment will include the addition of a new floating dock that will increase capacity and allow for the simultaneous berthing of two 300-metre ships and over 7,000 passengers a day. This investment will also see the construction of a new terminal building that will enhance the passenger experience and provide waterfront retail and hospitality offerings that will cater not just to cruise travellers, but also to local tourists and residents. In 2023, Liverpool Cruise Port welcomed 102 cruise ships and over 186k passengers. This is expected to increase to over 200k passengers in 2024 and exceed 300k per annum once the infrastructure works are completed.

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