12th Mar 2021 10:25
(Alliance News) - Global Ports Holding PLC on Friday said its loss widened in 2020 but said it expects to see an increase in cruise activity going forward.
The UK-based cruise port operator said number of passengers in 2020 declined to 1.3 million from 5.3 million the year before.
General and bulk cargo was down to 43,700 tons from 743,100 tonnes year-on-year, while container throughput fell to 53,600 units from 199,200.
As a result, the company said revenue for 2020 totalled USD73.1 million, down from USD117.9 million the year prior. Its pretax loss widened to USD75.4 million from USD13.4 million.
During the year, Global Ports said it invested USD72.9 million into its new Caribbean ports. The new pier in Antigua was completed on budget and is capable of handling the largest ships in the world, it said.
"In the near term, the outlook for the Cruise industry remains highly uncertain. While we expect to see an increase in cruise activity in the second and third quarters of 2021, it is, as yet, unclear how the ramp up of cruise operations globally and on a regional level will shape up," said Chief Executive Emre Sayin.
"Looking beyond 2021, demand for cruising remains strong and the major cruise lines continue to report encouraging trends in terms of the strength of underlying passenger demand. I believe this continued strong demand highlights the continued attraction of cruising amongst a growing number of consumers and bodes well for the strength and speed of the recovery of the industry over the next few years," added Sayin.
Global Ports shares were trading 3.7% higher in London on Friday at 95.80 pence each.
By Evelina Grecenko; [email protected]
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