DP World acquired additional 23.94% stake in Pusan Newport Company Limited terminal (PNC) by Samsung Corporation & Subsidiaries. Following the transaction, the port operator increases its stake to 66.03% from the largest terminal in the port of Pusan. The finance details and terms of the transaction were not disclosed. The UAE company will operate the largest terminal in the port of Pusan, including complex with capacity of 5.25 million TEU per year, which handles 33% from the containers coming through the New Port of Pusan.
“We are delighted to announce the increase of our stake in Pusan Newport Company Limited, which is the largest terminal in the port of Pusan and a major gateway hub of Northeast Asia. We expect the port of Pusan to remain an important part of our global network and this investment further underlines our commitment to South Korea”, said the Chairman and CEO of DP World, Sultan Ahmed Bin Sulayem.
In 2015, Pusan Port handled 19.5 million TEU, which ranks it as the largest in South Korea and sixth in the world rankings.
Previously, it was noted that the growth in container port of Pusan has slowed considerably due to the reduction of transit shipment volumes as a result of bankruptcy Hanjin Shipping, which accounted for 10% of turnover.