GPH, which hopes to grow its global portfolio to nearly 30 ports this year, said on Monday (13 March) the outlook for the cruise industry was "very positive".

"The major cruise lines have reported a record-breaking 2023 wave season," said GPH. "The global cruise fleet is now fully deployed and occupancy rates, which returned to pre-Covid levels in some markets during 2022, are expected to be at pre-Covid levels across the global cruise fleet by summer 2023."

In a trading update covering the nine months to 31 December 2022, GPH said the longer-term outlook for the sector through 2027 was also positive, with passenger capacity forecast to grow by 45% from 2019 levels and with 75 new ships on order and due for delivery by 2027.

GPH’s ports welcomed 6.8 million passengers during the nine months to 31 December 2022, including more 2.4 million in the three months to the end of the year, a new quarterly record.

Adjusted earnings for the nine-month trading period came in at US $59.1 million, up from just US $4.4 million a year earlier, with GPH now hopeful adjusted earnings for the full year will run to in excess of US $65 million.

It said its strategic ambition was to continue growing its port network, something it managed to achieve "despite the unprecedented nature of the Covid-19 crisis" and its "significant impact" on port operations.

"We look forward to welcoming more ports into our network in the year ahead," said GPH, adding it was targeting a network of 29 ports by the end of the year.