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15 May 2021 The on-line newspaper devoted to the world of transports 23:27 GMT+2

March 12, 2021

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Original news
The pandemic is having a strong negative impact on the business port of Global Ports Holding

Last year, cruise traffic in the terminals of the group fell by -76%

In 2020, the port division of the Turkish group Global Ports Holding (GPH), which focuses mainly on the cruises, was particularly impressed by the effects of the covid-19 pandemic. Last year the revenues of the recorded a decrease of -41% compared to 2019, having 395.9 million Turkish liras (EUR 44 million), amount that is net of the impact of the accounting principle IFRIC 12 on concession service agreements which in specific has been applied to the activities terminal cruise terminals in Nassau. In 2020, the gph has totalled a consolidated adjusted EBITDA of 127.1 million Turkish liras, down -71% on the previous annual year.

Last year, the group's cruise terminals moved traffic of only 1.3 million passengers, with a contraction of -76% compared to 2019, the volume of traffic that was achieved essentially in the first quarter when the governments had not initiated measures to limit mobility necessary to contain the pandemic.

In the fourth quarter of 2020 alone, the port division revenues of 375.9 million Turkish liras, with a decrease of -33% on the corresponding period of the previous year, and consolidated adjusted EBITDA of 14.1 million (-85%).

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