DP World has officially renewed its concession agreement with Constanta port, Romania, for another 30 years following a signing ceremony that included the Romanian Prime Minister and the terminal operator’s CEO Sultan Ahmed Bin Sulayem, according to the Emirates News Agency.
The renewal deal was originally agreed in February 2019 and will see the partnership between DP World and the Black Sea port extend to 2049.
DP World first began operating in the port in 2004 after winning the concession bid for the Constanta South Terminal in 2003. It will now seek to further develop the terminal, which serves both the Romanian domestic market and wider central European hinterland.
This will include more than quadrupling the terminal’s capacity. At present, it can handle approximately 1 million TEU but expansion plans are designed to increase that figure to 4.5 million.
It is the latest piece of good news for DP World which posted a massive jump in revenue as part of its 2018 financial figures.
On March 18, 2019, PTI also reported that it had teamed up with cloud-based software specialist Infor to launch a new global supply chain platform.