London-listed Global Ports Holding (GPH) inked on Wednesday a 50-year contract to operate cruise services at the Liverpool Cruise Port, betting on the expanding Northern European, British and Irish cruise markets.
"Global Ports Holding, the world's largest independent cruise port operator, is pleased to announce that it has signed a 50-year agreement with Peel Ports Group's subsidiary, The Mersey Docks and Harbour Company Ltd, to operate cruise services at Liverpool Cruise Port," GPH said in a statement.
"In the picturesque setting of Liverpool, a symbolic moment was held at the Cruise terminal, bringing together leaders from Global Ports Holding, Peel Ports Group and Liverpool City Council, marking a significant milestone in the port's journey," it added.
Liverpool is a major cruise destination for both American and European travelers, acting as a gateway to the Northern European and Round Britain cruise markets, Global Ports said.
There has been a boom in cruise travel over the past year, with travel agents and U.S. cruise operators expecting 2024 travel volumes to be higher than pre-pandemic levels as they are still cheaper than land-based alternatives for travelers across income and budget levels.
Recognizing the port's immense potential, GPH, under the agreement with Mersey Docks And Harbour Company, plans to invest up to 25 million pounds ($31.45 million) into infrastructure and enhancements, subject to the granting of the appropriate permits and licenses, the cruise operator said Wednesday.
This investment will include the addition of a new floating dock that will increase capacity and allow for the simultaneous berthing of two 300-meter ships and over 7,000 passengers a day, it said.
The GPH said this investment will also see the construction of a new terminal building that will enhance the passenger experience at the port, featuring waterfront retail and hospitality offerings that will cater not just to cruise passengers but also to land-based visitors and local residents.
Liverpool Cruise Port is currently unable to meet the increasing demand due to infrastructure restrictions, said Global Ports, which expects to take over operations this month.
The investment of Global Ports is expected to enable Liverpool Cruise Port to cater to over 200,000 passengers in 2024, compared with 186,000 last year. Upon completion of infrastructure development, this number is expected to exceed 300,000 per annum, the company added, signaling a promising trajectory for the port's future.
"The addition of Liverpool Cruise Port, our first cruise port in the British Isles, to our network marks another important milestone in GPH's ongoing development and growth," said Mehmet Kutman, chairperson and CEO of Global Ports Holding.
"I would like to thank Liverpool City Council and Peel Ports for their support throughout the process. Liverpool boasts a rich maritime heritage, and the GPH team looks forward to working with all stakeholders to further enhance the success of this remarkable destination."
