ONE of the world's biggest port operators, DP World, is to acquire the remaining 49 per cent stake in its UK-based terminal DP World Southampton from Associated British Ports for an undisclosed sum.
At the same time, DP World also announced in a statement that "it has agreed with Associated British Ports (ABP) to extend the licence agreement for DP World Southampton for a further 25 years until 2047".
"Through full ownership of DP World Southampton, we will now be able to combine with DP World London Gateway, the newest deep-sea container terminal and logistics park at the heart of the UK's biggest consumer markets, to offer our customers the best possible service and long term growth in the UK," said the chairman Sultan bin Sulayem in the statement.
Senior vice-president and managing director of DP World, Ganesh Raj, commented: "This news underlines our commitment to the UK and our ongoing presence in developed markets as an important part of our global network."
ABP CEO James Cooper said: "This isn't just good news for the port of Southampton but this is good news for the entire city. The deal provides a solid foundation for the continued growth and development of the UK's most productive container port."
DP World Southampton has a capacity of 2.1 million TEU.
DP World, which operates more than 65 terminals worldwide, plans to boost its total capacity to 85 million TEU by the end of this year, from 76 million TEU. It's also targeting 100 million TEU of capacity by 2020, depending on market conditions.
PORTS
03 November 2015 - 22:06
DP World takes full control in UK's DP World Southampton
ONE of the world's biggest port operators, DP World, is to acquire the remaining 49 per cent stake in its UK-based terminal DP World Southampton from Associated British Ports for an undisclosed sum.
PORTS
03 November 2015 - 22:06
DP World takes full control in UK's DP World Southampton
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