DP World is to operate Southampton Container Terminal until 2047 following a 25 year licence extension from Associated British Ports.
DP World has also acquired ABP’s 49 per cent stake in DP World Southampton, the joint venture operation, making it the sole owner of the business.
“We are delighted to announce the 25 year extension of the license agreement for DP World Southampton, which is one of the most efficient terminals in the UK and the only deep-sea container terminal on the south coast of England.
Sultan Ahmed Bin Sulayem, chairman of DP World, said: “Through full ownership of DP World Southampton, we will now be able to combine with DP World London Gateway, the newest deep-sea container terminal and logistics park at the heart of the UK’s biggest consumer markets, to offer our customers the best possible service and long term growth in the UK. A unique and very exciting proposition.”
ABP chief executive James Cooper said: “This isn’t just good news for the port of Southampton but this is good news for the entire city. The deal provides a solid foundation for the continued growth and development of the UK’s most productive container port.”