GPH-Global Ports Holding receives acceptance for the concessions of 3 Canary Islands cruise ports

   August 10, 2022 ,   Cruise Industry

GPH-Global Ports Holding announced that GPCI-Global Ports Canary Islands, which is an 80:20 joint venture between the Holding and local partner Sepcan, had successfully completed the competitive RFP process for Canary Island cruise ports having received "final acceptance for the concessions for 3 cruise ports in the Canary Islands: Las Palmas (Gran Canaria Island), Arrecife (Lanzarote Island) and Puerto del Rosario (Fuerteventura Island)."

This follows the announcement on July 11 that GPCI had agreed terms for the Las Palmas Cruise Port concession, and the announcement on November 10, 2021, that GPCI had been awarded preferred bidder status in the RFP process for the concessions.

The concession for Las Palmas, the biggest port among the 3, is for 40 years and the concessions for the 2 other ports are 20 years.

Global Ports Holding expects to take over operations of the 3 cruise ports in Q4-2022, ahead of the peak winter season for Canary Island voyages. The addition of the ports takes the total number of ports in GPH’s network to 24 across the Mediterranean, Caribbean, Asia, South Atlantic, and Northern European regions.

GPCI will invest ~EUR 40 million into building a new cruise terminal in Las Palmas as well as modular cruise terminal facilities in Arrecife and Puerto del Rosario. The debt financing for the projects is expected to be secured by local banks. GPH is in discussion regarding the financing. The debt metrics are due to align with the historical precedents of the Group.

Port of Las Palmas de Gran Canaria (Canary Islands)

Global Ports Holding Chairman and CEO, Mehmet Kutman, said that the addition of the ports to their network was "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.”