DP World have agreed to acquire a 51% stake in TIS Container Terminal in the Port of Yuzhny, Ukraine, subject to regulatory approval.
In a statement, DP World said and strengthened its position as the market-leading terminal in the country.
As well as that, it said the acquisition compliments the existing operations of DP World’s P&O Maritime Services business through a joint venture with TIS Group, providing tugging, pilotage and other marine services in several Ukrainian ports.
The acquisition is in line with DP World’s strategy to develop date-driven integrated logistics solutions for moving cargo from the point of manufacture to final destination.
This will also utilize new technologies to remove inefficiencies in the supply chain while focusing on fast-growing markets and key trade routes.
The Ukrainian container market grew over 20% in 2019 and TIS Container Terminal has one of the most efficient railway connections in the region to major cities, supporting trade flows to the hinterland.
Sultan Ahmed bin Sulayem, DP World’s Chairman and CEO, said: “We are delighted to extend our Ukraine footprint with this venture and are excited about the significant growth potential of the terminal.
“Our goal is to build the industry’s leading data-driven supply chain solutions through our global portfolio, creating opportunities for our customers to realise game-changing value and accelerate their cargo deployments.
“We believe the strategic partnership with TIS Group will enable the terminal to continue growing, further cementing TIS Container Terminal’s position as the leading gateway to Ukraine.”
The acquisition comes after DP World announced plans on 10 February 2020 to build a new port in Dakar, Senegal, a story Port Technology International (PTI) reported on.