Global Ports inks Cuba deal to break into Caribbean market

Global Ports inks Cuba deal to break into Caribbean marketHAVANA, may 22th Global Ports Holding has secured its first major acquisition since its London IPO. It has secured a 15-year management agreement to run the cruise port in Havana.

Emre Sayin, chief executive of Global Ports, tells TradeWinds the deal is a milestone for the company as its first foothold in the Caribbean. He explains Cuba has seen cruise passenger numbers rise from 200,000 in 2016 to 328,000 in 2017.

Further progress this year is expected with an estimated 500,000 cruise passengers forecast. An existing investment programme will see Havana’s cruise berths rise to six by 2024.

Global Ports will receive a management fee which includes growth based incentives. The company has been vocal about plans to grow its global footprint since listing. Sayin says the company retains the ambition to expand further in the Caribbean and Americas.