Global Ports Holding Continues Expansion with Canary Islands Deal

Las Palmas

Global Ports Holding has officially announced the Global Ports Canary Islands S.L. (“GPCI”), which is an 80:20 joint venture between GPH and our local partner Sepcan S.L., has successfully completed the competitive RFP process for certain Canary Island cruise ports having received final acceptance for the concessions for three cruise ports in the Canary Islands: Las Palmas de Gran Canaria, Arrecife (Lanzarote) and Puerto del Rosario (Fuerteventura), according to a press release.

This follows GPH’s announcement in July that GPCI had agreed terms for the Las Palmas Cruise Port concession, and GPH’s announcement last November that GPCI had been awarded preferred bidder status in the RFP process for these concessions. The concession for Las Palmas, the largest port among the three, is for 40 years and the concessions for the two other ports are 20 years.

GPH expects to take over operations of the three cruise ports in calendar Q4-2022, ahead of the peak winter season for Canary Island cruises. The addition of these ports takes the total number of cruise ports in GPH’s network to 24 across the Caribbean, Mediterranean, South Atlantic, Asia and Northern European cruise regions.

GPCI will invest approximately €40 million into constructing a new cruise terminal in Las Palmas and modular terminal facilities in Marmoles pier in Arrecife and Puerto del Rosario in Fuerteventura. The debt financing for these projects is expected to be secured by local banks, and GPH is in advanced discussion regarding the financing. The debt metrics are expected to align with the Group’s historical precedents.

Global Ports Holding Chairman and CEO, Mehmet Kutman, said:

“The addition of these ports to our network is a testament to the strength of GPH’s proposition as the world’s largest independent cruise port operator. We help create well-run, well-invested world-leading cruise port facilities for the benefit of all stakeholders.

"Las Palmas, located in South Atlantic at the Canaries, is very popular for winter cruising thanks to the archipelago’s mild climate. A major cruise port, Las Palmas is also a year-round destination thanks to its international air connections. With its sandy beaches and beautiful turquoise waters, Las Palmas brings together culture scenery.

"The GPH team warmly welcomes these ports into our network. We look forward to working in partnership with all stakeholders to increase the economic benefit of cruise tourism in their localities.”

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