By Bethany Wales
One of the world’s largest cruise port operator, Global Ports Holding, has seen a record number of cruise ship passengers pass through its hubs, with visitors to Malta and Italy outstripping their pre-pandemic levels
More than 13.4 million people passed through ports operated by the London-listed firm in the 12 months ending March 31, 2024, up from just over nine million in the year before.
Its central Mediterranean and Northern Europe hubs, which include Malta, Italy and Norway did particularly well, with passenger numbers hitting 1.7 million – and increase of 69 per cent on the previous period.
Visitors to Global Ports Holding’s American ports also reached new heights as passenger volumes rose 34 per cent to reach 5.8 million, a substantial increase from the 4.4 million recorded in 2023.
The company continued its expansion in the region by adding two new Caribbean ports in San Juan and Saint Lucia. Although these were added after the reporting period the operator said their performance since has been strong, with Saint Lucia expected to bring in more than 1,000,000 people over the next 12 months.
Despite increased passenger numbers, Global Ports Holding’s total revenue decreased slightly from £2.1m to just under £194m, although adjusted revenue was up 47 per cent to almost £178m.
CEO Mehmet Kutman said:”The 2024 reporting period was one of significant achievement for Global Ports Holding.
“We successfully expanded our cruise port network, completed our largest-ever investment project, and increased our shareholding at a number of key ports.
“In addition, we strengthened our balance sheet through a successful investment-grade-rated issuance of secured private placement notes and extended the concession length at a number of ports.
“We have started the 2024 cruise season strongly and we are well positioned to be a key enabler and beneficiary of the cruise industry’s continued growth and success in the years ahead.”
