Global Ports Holding Plc is the world’s largest cruise port operator, with an established presence in the Caribbean, the Mediterranean and the Asia-Pacific regions. As its Chief Operating Officer and Chief Executive Officer of Valletta Cruise Port, Stephen Xuereb is among the most influential business leaders across the global cruise industry.

There is one clear element he values about his role above else: no two days are ever the same. In fact, it is this dynamism that Stephen says gives him the drive to succeed in this exciting but challenging sector.

His present position has been a long time in the making, having joined VCP nearly two decades ago as Chief Financial Officer, and spending many years on the ground before growing into the role of CEO. Then, four years ago, he was also appointed COO of GPH, of which VCP is a subsidiary.

Wearing his GPH hat, Stephen is responsible for the overall performance of both the cruise and the commercial port operations within the Group’s 20 ports, across its portfolio in 12 countries in four continents. He considers it an honour and a privilege to have been entrusted with this role in the company with its core values of accountability, excellence, respect and valuing teamwork in all its endeavours.

Stephen, who leads a team of about 1,000 talented people in the different ports, notes that there have been so many milestones, like forming part of the management team that saw GPH being listed on the London Stock Exchange in May 2017, with a $250 million IPO. Another milestone was working on one of the Group’s most recent additions: Nassau, one of the most popular cruise destinations anywhere in the world, which can attract as many as 3.7 million passengers a year.

“I believe these acquisitions create new synergies to GPH, and provide us with the opportunity for knowledge transfer, partnerships and exchanges. GPH is an important player in the international cruise arena, and we’re looking forward to providing useful contributions to the whole industry and the wider sector, setting operational standards and best practices,” he asserts.

VCP, of course, is an important part of that, and a local pioneer. Since being awarded the licence to operate the cruise and ferry terminal in 2001, the company invested over €40 million in developing one of the few dedicated cruise and ferry terminals in the Mediterranean. It also restored the historic buildings in the area now known as the Valletta Waterfront.

“VCP has certainly made a name for itself in the cruise industry,” Stephen continues, “not least because of the very positive close links we have nurtured with all of the cruise line companies that call here. These relationships were all built on our solid reputation for service delivery, and have been centred around our modus operandi of flexibility, reliability and commitment. We are pleased that this has been appreciated by both our passengers and the cruise trade at large.”

Homeporting - cruises that start and end in Malta - has become a crucial part of the business, and Stephen estimates that 31 per cent of VCP’s operations fell into that category last year, up from 22 per cent in 2018. Passenger movements totalled 778,596 in 2017, falling to 711,018 in 2018, and rising to a high of 900,000 last year.

“Both 2017 and 2019 were record years in the local cruise industry,” he says. VCP was named Best Terminal Operator by Cruise Insight for two consecutive years, and also listed as the Top-Rated Mediterranean Cruise Destination in Cruise Critic Cruisers’ Choice.

Independent studies show that cruise passengers generated €400 million in direct expenditure between 2000 and 2018, while direct cruise line expenditure reached almost €1 billion.

VCP has been granted permission to widen its Pinto 4/5 quays by 15 metres, allowing larger ships to berth. Cruise ships are getting bigger, in fact, the majority of the 110 liners on the order book before the coronavirus struck were of the large variety.

The face of cruising has been changing, shifting from providing passengers with affordable vacations, relaxation and fun to ‘creating guest experiences’.

The industry was also laying stress on sustainability, and, before being faced by the present crisis, world cruise lines were planning to invest $1 billion in environmental technology. Areas that were being addressed included air emissions reduction, advanced waste water treatment systems, solar panels, heating, ventilations and air conditioning systems (HVAC) as well as technologies for use of LNG as an alternative fuel.

Of course, Stephen and the company had plans for 2020, the next decade and even beyond but what happens will very likely depend to a great extent on the post-pandemic recovery.

This is a serialisation of the publication Malta CEOs 2020. All interviews took place prior to the COVID-19 outbreak.