DP World Creates New Marine Unit Following Topaz Acquisition
Global port operator DP World has established a Dubai-based marine solutions and logistics company, P&O Maritime Logistics (POML).
POLM is the result of DP World’s recent USD 1.1 bn acquisition of Topaz Energy and Marine and its integration with P&O Maritime.
As informed, the new company will focus on three strategic segments: offshore, port services and logistics. However, the company’s core will be further optimization of offshore logistics for energy companies.
The company owns and operates approximately 400 vessels and will be led by former Topaz Energy and Marine CEO, René Kofod-Olsen.
“By bringing together the expertise of two great DP World companies, we will be strengthening the overall P&O brand which brings with it a legacy of more than 180 years of maritime history. We look forward to seeing the company develop through its next phase of growth under René’s leadership, delivering the craftsmanship its customers have rightfully come to expect,” Sultan Ahmed Bin Sulayem, Chairman and CEO of DP World, said.
“Customers now want a handful of select, trusted, suppliers who can provide much more than one single service. P&O Maritime Logistics is strategically positioned to provide a wide portfolio of services to our customers, be it within one segment such as offshore or port services, or an integrated logistics offering with a combination of services. Owing to the integration between the two companies, we will be able to offer it all and to deliver a difference which drives value for our customers, across all seven continents,”René Kofod-Olsen, Chief Executive Officer, said.
“As the offshore industry remains in a state of anticipated recovery, with 2020 likely going to be another challenging year, P&O Maritime Logistics gets to steward one of the most historic names in the maritime industry as it enters this new chapter.
Venturing into the energy sector for DP World is part of the company’s objective of bolstering its presence in the global logistics and marine services industry. The strategy saw DP World acquire European short-sea operator Unifeeder in 2018.
Dubai-based terminal operator has major growth ambitions in this respect. Just this month, Unifeeder acquired a 77% stake in the Feedertech Group, a Singapore-based feeder and shortsea operator.
Through Feedertech and Perma, Unifeeder will have the capability to offer feedering and regional shortsea connectivity in Europe, the Mediterranean, North Africa, Asia, the Middle East, and the Indian Subcontinent.
As explained by Unifeeder, the expansion also enables opportunities in the fast-growing coastal shortsea trade on the Indian Subcontinent, complementing the existing India logistics strategy of DP World.