DP World Takes Majority Stake in Ukrainian Container Terminal
Dubai-based port and terminal operator DP World has agreed to acquire a majority stake of 51 percent in TIS Container Terminal in the Port of Yuzhny, Ukraine.
By becoming part of DP World’s global network of ports, TIS Container Terminal is expected to strengthen its position in Ukraine — the country in which the container market grew over 20% in 2019.
This acquisition also complements 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 move is said to be in line with DP World’s strategy to develop data-driven integrated logistics solutions for moving cargo from the point of manufacture to final destination, deploying technology to remove inefficiencies in the supply chain, and focusing on fast-growing markets and key trade routes.
“We are delighted to extend our Ukraine footprint with this venture and are excited about the significant growth potential of the terminal,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, commented.
“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 transaction is subject to the satisfaction of certain conditions, including regulatory approval.