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Global Ports Holding (GPH.L) has clinched a significant deal, signing a 50-year contract to oversee cruise services at Liverpool Cruise Port. This move reflects a strategic bet on the burgeoning Northern European, British, and Irish cruise markets.

Liverpool stands as a prominent cruise destination, attracting travelers from both America and Europe. Acting as a gateway to the Northern European and Round Britain cruise circuits, the port holds immense potential, according to Global Ports.

Amidst a surge in cruise travel, with projections for 2024 surpassing pre-pandemic levels, Liverpool Cruise Port faces challenges in meeting escalating demand due to infrastructure limitations. Global Ports aims to address this issue by assuming operational control this month.

As part of the agreement with Mersey Docks And Harbour Company, Global Ports plans to invest up to 25 million pounds ($31.4 million) in enhancing the port's infrastructure.

This investment is anticipated to enable Liverpool Cruise Port to accommodate over 200,000 passengers in 2024, with numbers expected to soar beyond 300,000 annually upon infrastructure completion.