Global Ports cargo and container volumes weak in H1

Independent cruise port operator Global Ports reported weak volumes in both its cargo and container operations throughout the first half on Monday.

Global Ports said its commercial ports had been affected by the macroeconomic environment during the six-month period and also cautioned that while the third quarter was "historically an important quarter" for its commercial ports, trading so far had "remained weak".

On the other hand, the London-listed outfit said its cruise business had performed "strongly" in the first half and so far in the third quarter.

Global Ports now expects full-year 2019 organic growth in its adjusted underlying earnings to be in the low single digits.

Chief executive Emre Sayin warned that GP's commercial ports were "not immune to macroeconomic factors" and said that recent trading had been "challenging".

"However, our previous experiences suggest that the trading performance will improve over time," said Sayin.

"Trading at our cruise ports has once again been very positive and we continue to work hard to deliver on new cruise port investments and management agreements."

As of 0840 BST, Global Ports shares had slipped 1.35% to 365p.