DP World will invest £300m (US$415m) into a new fourth berth at its London Gateway logistics hub to increase supply chain resilience and create more capacity for the world’s largest vessels.
Raising capacity by a third work on the new fourth berth will begin next month, and completion will coincide with the delivery of a new wave of 24,000 teu vessels in 2023/2024, which will all be operated between Asia and Europe.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “As a central pillar of Thames Freeport, London Gateway’s new fourth berth will allow even more customers to benefit from world class ports and logistics, with unrivalled global connectivity, on the doorstep of Europe’s largest consumer market.
“DP World plans to be at the heart of Britain’s trading future and this investment shows that we have the ambition and the resources to boost growth, support businesses, create jobs and improve living standards.”
The investment builds upon the £2bn (US$2.8m) investment DP World has made in Britain over the last decade and represents the next step for the company in delivering integrated supply chain solutions for customers.
In the first six months of 2021 London Gateway saw a record throughput of 888,000 teu, representing an over 23% increase on the previous best performance for the first half of the year.
Along with the Port of Tilbury and Ford’s Dagenham plant DP World London Gateway will form Thames Freeport after being awarded freeport status by the Government earlier this year.
The partners are progressing the business case with a view to receiving formal accreditation.
DP World Southampton has also been awarded freeport status as part of Solent Freeport, further cementing the critical role of both logistics hubs in the UK’s international trade.
Rt Hon Rishi Sunak MP, chancellor of the exchequer, said: “Our new freeports will create national hubs of trade, innovation and commerce, and attract more investment to regenerate communities and level up the UK.
“Bringing ports and business together to invest in their regions is crucial to the freeports success story – that’s why I’m thrilled that DP World is investing £300m to support Thames Freeport – creating new opportunities, boosting growth and supporting local jobs.”