Yildirim Buys Majority Stake in Gemport (Turkey)

A YILDIRIM Group subsidiary, YILPORT Holding acquired a majority share of %86.6 in Turkey’s first private port, GEMPORT Port and Warehousing Administration.

GEMPORT, formerly a Turkiye Is Bankasi company founded in 1992, performs container, vehicle and general cargo handling and warehousing services as well as providing pilotage and towage services to all vessels calling Gemlik Bay and Mudanya region.

YILDIRIM Group President Robert Yuksel YILDIRIM commented on the company’s expansion plans and strategic goals in port operations and management:

“We had bought a 50% share in Malta Freeport for 200 million euros and we are in negotations with ports in Africa and Latin America. We are not hurrying though since we have to find the ones with the best returns. With YILPORT Gebze, YILPORT Gemlik, Malta Freeport and RotaPort, we managed to reach a portfolio value of 2 billion dollars. We will invite foreign investors to our portfolio right after we reach a critical and sustainable size.

We are building a new berth of 1,800 m long right now. The biggest cranes in Turkey are on their way and we will be able to handle the largest vessels.

We will be in an admirable position in five years. Currently, we have an annual container handling capacity of 5.5 million TEUs in five ports, and in five years we will reach a capacity of 7.5 million TEUs. This is a record for a Turkish company and we have managed to be one of the top 20 global port operators in a short span.”

GEMPORT, which employs more than 400 people, is one of the major ports in the Marmara Region and Turkey with a container handling capacity of 600,000 TEUs and a vehicle loading/ discharge capacity of 400,000 CEUs per annum.

“YILPORT now has a new gem in its portfolio,” said Sean R. PIERCE, CEO of YILPORT Holding. “GEMPORT, with its experienced staff of professionals and enviable location, represents a very strategic acquisition for the organization; one that will allow YILPORT to create one of the largest, most technologically advanced facilities in all of Turkey and the surrounding region.” Mr. Pierce went on to state “we are very excited about the addition of GEMPORT with its diversified portfolio of services which also fits with YILPORT’s overall strategy of providing one-stop-shopping to its customers while consistently delivering the highest productivity.”

Turkey’s port operations have been increasing in both capacity and diversity of services. Privatization in Turkey in the next few years will include many of the state owned ports since the growth in the region is going strong.

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Press Release, January 2, 2013