Stephen Xuereb may have started his professional career in the audit and advisory sectors, but today his heart belongs firmly to the tourism and shipping industry. Mr Xuereb is CEO of Valletta Cruise Port (VCP); he is also COO of its mother company Global Ports Holding PLC (GPH), overseeing the harmonisation of operational processes and systems across the group.

As head of VCP, Mr Xuereb was the person responsible for leading Malta’s cruise industry out of the COVID pause, turning the sector back on track for continued growth and reducing the effects of the pandemic to a mere blip on the radar. Last year, his efforts resulted in the conferment of a Tourism Sustainability Award from the Mediterranean Tourism Forum. When one looks at the trajectory upon which he’s taken both companies, it is clear that this award was very much deserved.

“Looking at VCP, we are well on the road to recovery in terms of passenger volumes. We increased passengers from 260,000 [in 2001] to over 900,000 in 2019. We used the lull in business that was forced on us by the pandemic to further invest in projects that enhance the appearance of this iconic Maltese destination,” Mr Xuereb states.

He is referring to a €2 million project that saw bespoke canopy structures being installed along the Valletta Waterfront. Inaugurated in 2022, the canopies fully respect the rich history of the port and its promenade, including the 19 warehouses which boast a 270-year-old history.

“Valletta Cruise Port has, in fact, signed the UNWTO Private Sector Commitment to the Global Code of Ethics for Tourism, which offers a frame of reference for responsible and sustainable tourism development as endorsed by the United Nations General Assembly in 2001,” Mr Xuereb explains.

This means that the company is committed to implementing and promoting the Code’s 10 principles in its business strategies and operations, covering the economic, social, cultural and environmental components of its activities. To give one example, Valletta Cruise Port is supporting a €49.9 million initiative spearheaded by the Ministry for Transport, Infrastructure and Capital Projects, Infrastructure Malta and Transport Malta to develop shore-side electricity infrastructure as part of the Grand Harbour Clean Air Project.

“This includes a €37 million investment to provide shore power on the five main cruise ship quays of Valletta’s Grand Harbour by the end of 2023. Works are ongoing in earnest. The project will result in major air quality improvements with drastic reductions in emissions in the Grand Harbour,” he explains, adding that the cruise industry and port activity impact the local communities in various ways, and the company is committed to carrying out activities responsibly.

“We aim to leave a positive impact on the local community. Valletta hosts an average of 2,500 to 3,500 passengers per call. We strongly feel that the destination is managing the numbers well, with the coordination of all stakeholders involved,” Mr Xuereb elaborates.

Meanwhile, Global Ports Holding also continues on its upward trajectory with its operational eye set on a number of expansion opportunities in the Caribbean and in the Mediterranean basin.

Operating 26 cruise ports in 14 countries across four continents from Kuşadası to Zadar; Valletta to Barcelona; Antigua to Nassau, Global Ports Holding is the largest independent cruise port operator worldwide. Wearing his GPH hat, Mr Xuereb formed part of the core team during the IPO process and subsequent expansion. Apart from the operational processes, he is responsible for nurturing a culture of knowledge-sharing for the continued development of the individual ports in terms of operational excellence and revenue maximisation.

“As GPH, our aim is not just to operate a port but to bring more to the cities and communities around the ports,” Mr Xuereb states. “We work with a global mindset and focus on local excellence, investing in local projects and in local communities. And we look forward to adding even more ports to our network in the next few years, bringing new backgrounds and experiences into the network.”

Given his credentials and track record, it would be difficult to find someone as well-placed to lead both companies to success as Mr Xuereb. He joined Valletta Cruise Port as CFO in 2002, becoming an integral part of the team that transformed the company and gave life to the Valletta Waterfront as a destination. He was promoted to CEO in 2014; two years later in August 2016, he was appointed COO of Global Ports Holding after the latter acquired VCP. In 2017, GPH listed on the London Stock Exchange, and its growth path was accelerated.

“GPH acquired the cruise ports of Nassau and Antigua in the Caribbean in 2019, a key inflection point in the Caribbean trajectory and began investing significantly to improve the facilties and both ports. Antigua Cruise Port now features a fifth berth that is able to handle the largest cruise ships, as well as turnaround operations, and Nassau Cruise Port has been transformed into an iconic cruise port. We acquired La Goulette Cruise Port in Tunisia and started working on enhancing policies and reinforcing the team in December 2019. Taranto Cruise Port in Italy has joined our network of ports where we have constructed a new temporary terminal facility for regular cruising seasons,” he says of GPH.

One can say that Mr Xuereb has seen both companies grow to their full potential.

“I am proud to have been part of VCP since its inception, and to have led it over the past nine years. Valletta Cruise Port endeavours to be a prime leisure and entertainment destination. Today, The Valletta Waterfront, as an award-winning urban destination is operated independently of our cruise operations and comprises offices, shops, bars, restaurants and a range of visitor-focused businesses and services available along the 300-metre promenade, with an annual calendar of activities attracting locals, land-based tourists and cruise ship guests,” Mr Xuereb continues.

Surely, holding two such pivotal roles in two major companies brings with it a number of challenges? He acknowledges that it’s no mean feat juggling the two roles, with each requiring a hands-on approach in its own right and with both entities undergoing a powerful momentum.

“However, if you enjoy what you are doing, it is no longer a job. I also strongly believe that you are only as good as your team. Hence building strong port teams is critical to the success of the group. Ultimately it is the imprint you leave on the culture of the company. I am proud to say that we have built a spirit of collaboration, open communication and knowledge-sharing,” he finishes off.