Global Ports Holding has moved closer to becoming a pure-cruise port operator with the $115 million sale of a cargo shipping facility in Turkey.
The sale of Port Akdeniz to Qatar-based QTerminals follows regulatory clearance from Turkish government authorities.
The company is also “considering its options” regarding the port of Adria, a commercial port concession in Bar, Montenegro, including a potential disposal.
GPH will become a more geographically diversified business, with Turkey representing a “significantly reduced” proportion of group revenue going forward.
“The disposal also means that GPH will now effectively be a pure-play global cruise port operator,” the company said.
“The GPH board and senior management will now focus time and resources on the re-start of cruise port operations during 2021 and continued expansion in the global cruise port market.”
Chairman and co-founder Mehmet Kutman said: “Port Akdeniz has played a pivotal role in the successful development of the group over the years.
“However, it is now time for Port Akdeniz’s stewardship to pass to an organisation that I believe will prove to be an ideal home for the port and the employees in the years ahead.
“The sale of Port Akdeniz effectively completes a key strategic ambition of the group, creating a pure play cruise port operator.
“While this occurs during a period of unprecedented uncertainty for the global tourism industry, I firmly believe that the long-term fundamentals that make the cruise port industry such an exciting structural growth industry remain firmly in place.”