Wednesday, September 15, 2021

Port Group Makes Further Investment to Fund Fourth Deep Water Berth

River Thames Capacity Increased as Envisaged
Shipping News Feature

UK – As we have predicted previously the country's newest deep water container port continues to grow with the announcement today that DP World is to begin work next month on a new fourth berth at its London Gateway logistics hub.

The development will set the UAE group back around £300 million, building on the £2 billion investment DP World has made in Britain over the last decade. In the first six months of 2021 London Gateway saw record throughput of 888,000 TEU, a more than 23% increase on the previous best performance for the first half of a year.

The new fourth berth will raise capacity by a third and completion will coincide with the delivery of a new wave of 24,000 TEU vessels in 2023/2024, which will all be operated between Asia and Europe. Completion of this phase will mean the port has grown from the first quay cranes arriving at Berth One in 2013 to two thirds of its planned six berth capacity in just nine years.

The announcement coincides with the commercial launch of Thames Freeport at the Savoy Hotel in London, of which DP World is of course a partner. Announcing the latest news Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said:

“I am delighted to announce that we will go ahead with our latest major investment in the UK, which will give London Gateway more capacity to handle the world’s largest vessels than any other port in the country.”

“As a central pillar of Thames Freeport, London Gateway’s new fourth berth will allow even more customers to benefit from world class ports and logistics, with unrivalled global connectivity, on the doorstep of Europe’s largest consumer market. DP World plans to be at the heart of Britain’s trading future and this investment shows that we have the ambition and the resources to boost growth, support businesses, create jobs and improve living standards.”

Along with the Port of Tilbury, Port of London Authority (PLA) and Ford’s Dagenham plant, DP World London Gateway will form Thames Freeport after being awarded Freeport status by the Government earlier this year, with the partners currently progressing the business case with a view to receiving formal accreditation. Today’s launch will see Rt Hon Rishi Sunak MP, Chancellor of the Exchequer, as guest of honour and he commented:

“Our new Freeports will create national hubs of trade, innovation and commerce, and attract more investment to regenerate communities and level up the UK. Bringing ports and business together to invest in their regions is crucial to the Freeports success story, that’s why I’m thrilled that DP World is investing £300 million to support Thames Freeport, creating new opportunities, boosting growth and supporting local jobs.”