Global Ports Holding has sold a port operator in Turkey, bringing it closer to its goal of being a pure-cruise port operator.
Port Akdeniz, which owns and operates Port Akdeniz-Antalya, has been sold to Qatar-based QTerminals for US$140m, confirmed Global Ports Holding. The board of Global Ports Holding is now considering its options for the Port of Adria, the Group's commercial port concession in Bar, Montenegro, including a potential disposal.
Mehmet Kutman, chairman and co-founder of Global Ports Holding, 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.”
Global diversification
As a result of the 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.
Port Akdeniz operates Port Akdeniz-Antalya under a concession agreement which runs until August 2028. Port Akdeniz-Antalya specialises in handling cargo containers and general and bulk cargo destined for global markets including those in Asia and the Middle East. In the year ended 31 December 2019, Port Akdeniz reported Container Throughput volumes of 150.9k TEU and General and Bulk cargo volumes of 589k tons.
QTerminals is a terminal operating company jointly established by Mwani Qatar (51% shareholding) and Milaha (49% shareholding) to provide container, general cargo, RORO, livestock and offshore supply services in Phase 1 of Hamad Port, Qatar.
