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Cruise port operator Global Ports reported narrower first-half losses as revenue was boosted by an ongoing recovery in cruise passenger volumes.
For the period from 1 April to 30 September 2021, adjusted earnings before interest taxes, depreciation and amortisation, or EBITDA, narrowed to $0.5. million from $5.8 million year-on-year as revenue improved 32% to $61.1 million.
Cruise passenger volumes were significantly up year-on-year at 563,000, reflecting the 'steady but slow return to activity across the cruise industry following the disruption caused by the Covid-19 pandemic,' the company said.
'While cruise calls and passenger volumes for the period remained significantly below the levels achieved pre-Covid 19, there has been a material increase in activity levels in recent months.'
Looking ahead, the company said that most cruise lines were expected to be close to 100% deployment in the summer of 2022, the decisive factor in the performance of GPH would be cruise ship occupancy levels.
'As a result of on-board Covid-19 measures, occupancy levels remain significantly below long-established historical norms of over 100%.'
'However, occupancy levels are expected to steadily increase over the next 12 months, trending back towards a run rate of c100% by the end of calendar year 2022.'