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Cruise operator Global Ports said it had decided to temporarily suspend its full-year dividend amid an 'unprecedented' level of disruption to global trade and the cruise industry following the outbreak of the coronavirus.
The company said, however, the spread of Covid-19 had had a minimal impact on its operations.
'Overall our commercial port operations have not experienced any meaningful impact from the Covid-19 virus. Year to date at Port Akdeniz, our largest commercial port, general & bulk volumes are up strongly year-on-year,' the company said.
Looking ahead to the remainder of the year, GPH said it had so far experienced an increase in reservations at its Mediterranean ports as a result of the repositioning of some cruise ships to the Mediterranean from Asia during the summer 2020 cruise season.
But this benefit was 'likely to be largely offset by lower cruise ship occupancy rates in the short term and particularly the potential negative impact of call cancellations as a result of countries putting in place temporary travel restrictions,' the company added.
The company also said it had entered exclusive negotiations with a potential buyer of Port Akdeniz.
'Group trading in the fourth quarter of 2019 was in line with management expectations and for the year ending 31st December 2019, Global Ports Holding expects to announce Revenue of $117.9m,' the company said.
At 9:22am: (LON:GPH) Global Ports Holding Plc share price was -11.75p at 168.25p