Place cinnamon, cloves, peppercorns and ginger in centre of four layers of 6-inch (15 cm) squares of cheesecloth. Pull up the corners and tie the bundle tight with string.
In a large saucepan, combine spice sachet, wine, cranberry cocktail, port, honey and oranges. Gently simmer over medium-low heat for 20 min. Do not let mulled wine boil. Remove spice sachet and keep warm in a slow cooker (on keep-warm setting) or on very low heat on the stove.