By Gavin Gibbon
Dubai-based company has bought 51% stake in TIS Container Terminal in Port of Yuzhny
Dubai-based DP World has bought a 51 percent stake in the TIS Container Terminal in the Port of Yuzhny, Ukraine.
The deal marks the second partnership between DP World and TIS shareholders, having previously worked together on the P&O Maritime Ukraine which provides harbour towage services in the principal Black Sea ports in the country.
The acquisition helps make Ukraine's trade more resilient during the current challenging economic times and gives DP World the potential to offer a Black Sea product by linking its terminals in Constanta and Yarimca with TIS Container Terminal using its Unifeeder network.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: "This acquisition establishes DP World in a highly attractive market, we look forward to contributing our experience, expertise and resources to the continued development and growth of the TIS container terminal. In so doing, we will look to build on and expand the commercial success that TIS Container terminal has achieved.”
The Ukrainian container market grew over 20 percent in 2019.
The latest deal comes following DP World's acquisition of SeaRates.com, a digital platform that enables customers to transport cargo worldwide, along with LandRates.com and AirRates.com.
DP World has also created the Digital Freight Alliance which is an online association that brings freight forwarders globally onto one platform, giving them access to new tools, routes and services, and enabling them to do more business anytime anywhere, which can be harmonised with DP World's Ukraine footprint.