London listed Global Ports Holding on Wednesday signed a 50-year contract to operate cruise services at the Liverpool Cruise Port, betting on the growing Northern European and British and Irish cruise markets.
Why its important
Liverpool is a major cruise destination for both American and European travellers, 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 travellers across income and budget levels.
Context
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.
By the numbers
Under the agreement with Mersey Docks And Harbour Company, Global Ports will invest up to 25 million pounds ($31.4 million) in the development of the port’s infrastructure.
The investment is expected to enable Liverpool Cruise Port to cater to over 200,000 passengers in 2024 compared with 186,000 last year. This number is expected to exceed 300,000 per annum upon completion of infrastructure development, the company added.