Global Ports Holding Plc (GPH) has signed a 30-year concession agreement with the Puerto Rico Ports Authority for the upgradation of San Cruise Port in Puerto Rico.

According to the provisions of the concession agreement, GPH will pay an upfront concession fee of US$75 million to the Puerto Rico Ports Authority. A US$100 million initial investment phase will be made by GPH, with the majority of the funds going toward Pan American Piers Piers 1 and 4, crucial infrastructure repairs, and improvements to the terminal buildings and promenade.

The second Phase will have an estimated investment of US$250 million and intends to expand the capacity of the cruise port by building a completely new cruise pier and homeport terminal capable of handling the largest cruise ships at Piers 11 and 12.

The financial conclusion of the concession and the start of operations are anticipated by Q1 2023.