DP World has agreed to acquire a 60% shareholding in Unico Logistics of South Korea, in line with the group’s strategy to develop from being a ports and marine services operator into an end-to-end logistics provider.
Established in 2002 by H.J. Park, Unico has 25 subsidiaries in 20 different countries and is one of the largest independent NVOCC (Non-Vessel Operating Common Carrier) entities in South Korea.
Besides shipping Unico has a strong market position in the fast-growing transcontinental rail freight market between East-Asia and Central-Asia and Russia, in particular on the Trans-Siberian Railway (TSR) and Trans China Railway (TCR).
“DP World’s vision is to become the leading end-to-end supply chain solutions provider,” commented the group’s chairman and ceo Sultan Ahmed Bin Sulayem. “By integrating Unico into our worldwide network we will be able to offer better service to our customers in South Korea and beyond.”
Separately, DP World reported H1 traffic figures showing container volumes at its global terminals network were down 3.9% year-on-year for the six-month period, which Bin Sulayem said outperformed the global market in general, estimated by Drewry at -10%.
“Overall, we are encouraged that our business has performed better than expected and, while the outlook is still uncertain, we remain positive on the medium to long-term fundamentals of the industry,’” he said. “Furthermore, our strategy of providing integrated supply chain solutions to beneficial cargo owners leaves us well placed to benefit early from any sustained recovery in the global economy.”
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