Royal Caribbean Exits Kusadasi as Global Ports Holding Buys Stake

Global Ports Holding has completed the purchase of Royal Caribbean Group’s remaining minority interest in Kusadasi Cruise Port and signed a separate agreement to acquire an additional 10% of Lisbon Cruise Port from the cruise line, according to mandatory filings by parent Global Yatirim Holding. The Kusadasi deal raises GPH subsidiary Global Liman Isletmeleri’s stake in Ege Liman Isletmeleri from 90.47% to 99.99%, while the Lisbon transfer would lift GPH’s indirect holding in the Portuguese terminal from 50% to 60% after approvals.

Lisbon would move into GPH’s consolidated financial statements as a fully consolidated subsidiary after completion, changing from its current treatment as an equity pick-up entity.

Royal Caribbean exits Kusadasi

The completed Turkish transaction removes Royal Caribbean from the shareholder base at Ege Liman Isletmeleri, the operator of Kusadasi Cruise Port. GPH first took on Ege Port Kusadasi in 2004 and has operated and developed the port for 22 years.

Kusadasi serves as a cruise gateway to ancient Ephesus and is one of the highest-volume cruise ports in Turkey. The port handled 617 cruise calls and 995,303 cruise passengers in 2025; passenger volume in 2024 was 821,141. Its operations include eight dedicated berths.

Lisbon deal would give GPH majority control

In Lisbon, GPH signed a share purchase agreement to acquire half of Royal Caribbean’s 20% stake in Lisbon Cruise Port. The agreement would give GPH majority control of the terminal.

GPH and Royal Caribbean have been partners in Lisbon since 2014, when they were part of the consortium awarded a 35-year concession to build and operate the cruise terminal through a €22 million investment. GPH was the lead investor in the original consortium with 40%, while Royal Caribbean held 20%.

The Jardim do Tabaco terminal opened in late 2017 near Santa Apolonia. It has an annual capacity of about 800,000 passengers and can process 4,500 passengers at the same time from multiple ships; the original concession targeted an increase in Lisbon cruise traffic from 550,000 passengers toward 1.8 million.

Transactions sit within a 31-port network

The two terminals are part of a GPH network of 31 cruise ports in 18 countries. The company said cruise calls across its ports increased 9% year over year in June 2026, while passenger movements rose 10% from June 2025.

The Lisbon agreement remains subject to conditions precedent, primarily approval from official authorities. GPH did not announce a completion date for the share transfer.