World’s leading port operator enters Ukraine
Port operator P&O Maritime, which is owned by one of the world’s largest maritime logistics companies DP World, officially entered Ukraine.
P&O Maritime, with Ukrainian investor SD Capital, purchased a controlling stake of LB Shipping towing company. The company was originally solely owned by two businessmen Andrey Stavnitser and Philipp Grushko, and is located at Ukraine’s Pivdenniy Port near Odesa, some 420 kilometers south of Kyiv.
The value of the deal was not disclosed.
An initial joint venture contract was signed by Stavnitzer and DP World Group Director General Sultan Bin Sulayem back in November during a visit of Ukraine’s President Petro Poroshenko to the United Arab Emirates.
In 2016 Ukraine’s Infrastructure Minister Volodymyr Omelyan signed a memorandum of understanding with P&O Maritime, stating that it will support investments in the country’s ports as well as improve customs procedures.
According to Stavnitzer, his deal with P&O Maritime is one of Ukraine’s most successful ones in recent years.
“This is an excellent beginning of the year for the entire Ukrainian investment market, and the private equity market in particular,” he said. “I am sure that this deal is to become the first step of a bigger cooperation. We will continue developing logistics and infrastructure, and together will provide world-class services for ship owners in Ukrainian ports.”
He wrote on his Facebook page that maritime towing services will be more transparent and less state-dependent.
“Towing companies and loftsmen cannot be state-run… Ship owners must have a choice and an opportunity for guarantees.”
P&O Maritime company was established in 1834 in Great Britain. It provides various types of maritime logistics services and operates its own towing fleet.
Since 2006, it was purchased by DP World, which is based in Dubai, United Arab Emirates. Today DP World operates 78 maritime and land terminals and operated in more than 100 countries employing 36,500 workers. As of May 2017, the company has over $4.2 billion in net sales, according to Forbes.
Source: Kyiv Post