DP World Increases Stake In Busan
DP World announces that it has acquired an additional 23.94 percent stake in Busan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries. This increases DP World’s holding in PNC to 66.03 percent, and the terms of the transaction are undisclosed.
PNC is the largest terminal in the port of Busan with 5.25 million TEU capacity, handling 34 percent of the new port volumes. The New Port of Busan began operations in 2006, and operates 23 container berths connecting to 500 ports in 100 countries. Overall, the Port of Busan is the sixth largest port worldwide with volumes of 19.5 million TEU in 2015 and accounts for approximately 75 percent of total container volumes in South Korea.
“We are delighted to announce the increase of our stake in Busan Newport Company Limited, which is the largest terminal in the port of Busan and a major gateway hub of Northeast Asia,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive officer of DP World. “We expect the port of Busan to remain an important part of our global network and this investment further underlines our commitment to South Korea.”
DP World is a leading enabler of global trade and an integral part of the supply chain. The company operates multiple related businesses–from marine and inland terminals, maritime services,
logistics and ancillary services to technology-driven trade solutions. It has a portfolio of 77 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high-growth and mature markets.
DP World employs over 37,000 employees in 110 countries. Container handling is the company’s core business and generates more than three quarters of its revenue. In 2015, DP World handled 61.7 million TEU. With its committed pipeline of developments and expansions, the current gross capacity of 79.6 million TEU is expected to rise to more than 100 million TEU by 2020.
Need a Logistics Provider?
Compare over 100 Instantly
Dubai non-oil foreign trade rises to $176 billion