The world’s largest port operator Global Ports Holding suffered a 61% fall in half year profits as global cruises ground to a halt due to Covid-19 travel restrictions.
The company, which runs ports in destinations such as Barcelona, Lisbon and Valletta, saw earnings [ebitda] drop to $13.5 million from almost $25 million in the same six months last year.
GPH said: “The global cruise industry effectively shut down in the second quarter of the year for the first time in its history and as a result our cruise ports have experienced a sharp fall in revenues.
Chief executive Emre Sayin said: “With the Covid-19 crisis continuing to cause unprecedented disruption to both global economies and the global travel sector, cash preservation remains the key focus of the group.
“Our flexible business model and our decisive actions to reduce costs early in the crisis means that the group is well positioned to navigate through it.”
He added: “While cruise volumes remain very low versus historical standards, we currently expect a steady increase in cruise ship calls and passenger volumes over the remainder of the year.
“And it is encouraging to note that our cruise line partners continue to report strong bookings for 2021.
“In the meantime, we continue to work closely with all relevant partners and health authorities on the safe return to cruising across our portfolio.
“When the cruise industry begins to exit this crisis in a meaningful way, we expect significant new cruise port opportunities will present themselves.”