DP World (the United Arab Emirates), with a global network of 123 business units in 54 countries, has announced the completion of its acquisition of a 51% stake in TIS Container Terminal in the Port of Yuzhny, Ukraine.
This followed satisfaction of specific conditions including confirmation of regulatory approval from the relevant government authorities.
"This acquisition establishes DP World in a highly attractive market, we look forwar 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," Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said.
The company said that this project will be DP World's second partnership with TIS shareholders, the first being our very successful partnership in the P&O Maritime Ukraine which provides harbour towage services in the principal Black Sea ports in the Ukraine.
"Today is the very day that DP World closed the acquisition of 51% of TIS Container Terminal Ukraine (one of the six shipping terminals we operate). We entered the family of 123 DP World companies in 54 countries on six continents. It is in the top five of the largest port operators in the world," Andriy Stavnitser, co-owner of the TIS terminal group, wrote on his Facebook page on Thursday evening.
He also said that Head of the joint towing project of DP World and P&O Maritime Ukraine Mykhailo Sokolov will be responsible for the integration of new co-owners into the company.
"Furthermore, this acquisition helps make Ukraine's trade more resilient during challenging economic times and gives DP World the potential to offer a unique Black Sea product by linking its terminals in Constanta and Yarimca with TIS Container Terminal using its Unifeeder network. This suite of trade enabling solutions, coupled with our technology to remove inefficiencies in the supply chain, offers cargo owners the ability to deploy their cargo strategically across essential trade lanes that serve Eastern European markets and complement DP World's existing portfolio in Romania and Turkey," DP World said.
Under the terms of agreement, DP World has acquired a majority stake and will take control of the terminal operations going forward.
"DP World will be a key player in the region and will look to expand the catchment of the terminal using its market leading rail connectivity," the company said.