Cruise port operator Global Ports Holding said on Monday (10 July) appetite for leisure travel has in fact increased, with passenger capacity expected to go up 45% to 40 million by 2027.
“We expect this growth will be a key driver of positive organic growth at GPH over the medium to long-term as passenger volumes rise across our port network,” said chairman and chief executive Mehmet Kutman.
“Most significantly, we believe that this growth increases the need for cruise ports to invest in their facilities to accommodate the growth in passenger volumes.”
This follows a year of recovery, when industry booking patterns have been rebuilt over the past 12 months and all major lines have reported a surge in reservations, exceeding 2019 levels.
Over the past year, Global Ports Holding has in fact welcomed 9.2 million passengers at its ports, a 281% increase on 2022 levels, while 2.5 million people have passed through its terminals in the three months to 31 March.
“The outlook for the global cruise industry has perhaps never been stronger,” he added. “The global cruise fleet is now fully re-deployed, occupancy rates are generally back above 100%, and many cruise lines have broken booking records for the 2023 season.”
Kutman’s comments come as Global Ports Holding reported a 937% surge in its adjusted earnings before interest, taxes, depreciation and amortisation. The group’s profit went up to $72.7 million (£56.7 million) while revenue increased to $213.6 million.
According to the chief executive, the group expects to welcome 11.8 million passengers in 2024, while current trading remains in line with market forecasts.
