Thursday, December 29, 2016

Port and Logistics Infrastructure Group Signs Up for Bigger Stake in Container Freight Terminal

DP World Continues its Global Expansion Programme
Shipping News Feature
SOUTH KOREA – DUBAI – Port and logistics infrastructure group DP World has continued its expansion programme with the news it has increased its stake in the Pusan Newport Company Limited (PNC) in South Korea to 66.03%. This follows developments in recent months including investments and signed agreements in Peru, Russia and Canada. PNC is the largest container freight terminal in the Port of Pusan (Busan).

The new port, which only began operations in 2006, operates 23 container berths connecting to 500 ports in 100 countries and PNC has a capacity of 5.25 million TEU annually and handles 34%v of Pusan port volumes. Overall, the Port of Pusan is the 6th largest port worldwide with volumes of 19.5 million TEU in 2015 and accounts for approximately 75% of total container volumes in South Korea.

The new deal was struck when DP World agreed to purchase an additional 23.94% stake in PNC from the current stakeholders, Samsung Corporation & Subsidiaries. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, commented on the new agreement, saying:

“We are delighted to announce the increase of our stake in Pusan Newport Company Limited, which is the largest terminal in the port of Pusan and a major gateway hub of Northeast Asia. We expect the port of Pusan to remain an important part of our global network and this investment further underlines our commitment to South Korea.”