Global Ports Holding Plc (“GPH”) has signed a 20-year concession agreement to manage the cruise passenger terminal of the Port of Taranto, Italy. This was reported by GPH itself in a press release.

The agreement follows the announcement made by GPH in November that the Port Network Authority of the Ionian Sea had issued an award decision to grant a concession to GPH subject to entering a final concession agreement.

“This signing is a start of a new season of development and renewed expansion for the port of Taranto in the cruise sector, thus marking a memorable milestone for the Ionian community. The Port Authority will continue its promotional activity by widening the strategy oriented towards the growth of cruise traffic, in full cooperation with the activities that the Global Ports Holding will carry out in the area, aiming to make Taranto a privileged and desired destination for an increasing number of passengers,” said Sergio Prete, the president of the Port Network Authority.

“Moreover, thanks to the solid synergy established with the local Municipality, we will jointly continue to work to enhance the city’s brand as a tourist and cruise destination, by encouraging the dynamic and sustainable development of the local economy as well as the proactive function played by the port towards the territory,” he added.

According to the press release, the cruise port infrastructure in Taranto is currently undergoing a state-funded, 28-million-euro investment program, including the building of a new cruise terminal.

The construction of these new facilities is expected to be completed by March 2022.

Following the successful execution of the concession agreement, GPH said that it will use its global expertise and operating model to manage the cruise port operations in Taranto. In 2019, Taranto Cruise Port welcomed 9,000 cruise passengers, with a pre-COVID-19 forecast of over 14,000 passengers in 2020.

“Taranto, also known as the seaside city, with its extraordinary riches of history, culture, landscape and nature, has a great potential to develop its cruise traffic. Through strong collaboration with the Port Network Authority of the Ionian Sea, the Municipality, and other local stakeholders, as Global Ports Holding, we will achieve the growth objectives of the increase in cruise traffic all the while having a positive effect on the local socio-economic fabric,” the General Manager of GPH Italian Cruise Ports, Antonio Di Monte, said.