Two of the Middle East's biggest port groups combine Turkish operations
Dubai Ports World (DP World) and Turkey's Evyap Group have merged their terminal operations in Turkey, aiming to boost local trade by creating a new logistics hub.
The newly formed company, DP World Evyap, will combine the port resources of the parties, namely the merger of DP World's Yarimca terminal with the Evyapport terminal at the neighbouring Izmit port. DP World will acquire a 58% stake in Evyap port, while Evyap Group will acquire a 42% stake in DP World Yarimca Port. The two terminals will allow more than one very large container ship to dock at the same time.
DP World Evyap will have 2,088 meters of berthing space and a total annual throughput expected to exceed 2 million TEUs. Loading and unloading operation times are also expected to be reduced as DP World Evyap will gain access to advanced road and rail connections.
Evyaport is Turkey's fourth largest private port with an annual throughput of 855,000 TEUs and is also Turkey's leading vegetable oil storage tank terminal, vital to Turkish industry. It has a liquid cargo storage capacity of 1.1 million tons. DP World Yarimca is one of the largest container terminals in Turkey, with an annual throughput of 1.15 million TEUs. After the merger, DP World Evyap Yarimca and DP World Evyap Korfez will become the new names of the two ports.
Sultan Sulayem, Chairman and CEO of DP World Group, said on Friday that DP World's strategic partnership with Evyapport has advanced its strategic deployment in Turkey. He said the combination will bring DP World's customers "enhanced end-to-end solutions and many benefits of speed and efficiency."
The shipping industry is key to Turkey's economy. After years of alternative policies, the country's economy faces multiple challenges, not least chronic inflation. Now, however, Turkey's economy is gaining some momentum.
S&p Global Ratings upgraded Turkey's credit rating outlook in May, citing the government's more balanced strategy to boost confidence in its economy.
Investor confidence in Turkey is also expected to grow after the country was removed from its "grey list" last month by the Financial Action Task Force (FATF), an international organization dedicated to anti-money laundering and counter-terrorism financing.
Cihan Ergenc, president of the Turkish Shipowners Association, said in the organization's most recent annual report that Turkey's shipping industry has undergone major changes in recent years, allowing it to position itself more effectively on the global stage.
The Turkish shipping industry has achieved 67% growth between 2022 and 2023. He said the industry would continue to invest in areas such as shipbuilding, fleet management and port services to improve its competitiveness.
The newly formed company, DP World Evyap, will combine the port resources of the parties, namely the merger of DP World's Yarimca terminal with the Evyapport terminal at the neighbouring Izmit port. DP World will acquire a 58% stake in Evyap port, while Evyap Group will acquire a 42% stake in DP World Yarimca Port. The two terminals will allow more than one very large container ship to dock at the same time.
DP World Evyap will have 2,088 meters of berthing space and a total annual throughput expected to exceed 2 million TEUs. Loading and unloading operation times are also expected to be reduced as DP World Evyap will gain access to advanced road and rail connections.
Evyaport is Turkey's fourth largest private port with an annual throughput of 855,000 TEUs and is also Turkey's leading vegetable oil storage tank terminal, vital to Turkish industry. It has a liquid cargo storage capacity of 1.1 million tons. DP World Yarimca is one of the largest container terminals in Turkey, with an annual throughput of 1.15 million TEUs. After the merger, DP World Evyap Yarimca and DP World Evyap Korfez will become the new names of the two ports.
Sultan Sulayem, Chairman and CEO of DP World Group, said on Friday that DP World's strategic partnership with Evyapport has advanced its strategic deployment in Turkey. He said the combination will bring DP World's customers "enhanced end-to-end solutions and many benefits of speed and efficiency."
The shipping industry is key to Turkey's economy. After years of alternative policies, the country's economy faces multiple challenges, not least chronic inflation. Now, however, Turkey's economy is gaining some momentum.
S&p Global Ratings upgraded Turkey's credit rating outlook in May, citing the government's more balanced strategy to boost confidence in its economy.
Investor confidence in Turkey is also expected to grow after the country was removed from its "grey list" last month by the Financial Action Task Force (FATF), an international organization dedicated to anti-money laundering and counter-terrorism financing.
Cihan Ergenc, president of the Turkish Shipowners Association, said in the organization's most recent annual report that Turkey's shipping industry has undergone major changes in recent years, allowing it to position itself more effectively on the global stage.
The Turkish shipping industry has achieved 67% growth between 2022 and 2023. He said the industry would continue to invest in areas such as shipbuilding, fleet management and port services to improve its competitiveness.
