DP World ventures into Suriname, South America
Marine terminal operator DP World Limited (DP World) announced today that it has expanded its portfolio to Suriname on the northeast coast of South America, acquiring a controlling interest in both Integra Port Services (‘IPS’), the Company holding a concession for a container and break-bulk terminal within Nieuwe Haven Port, Paramaribo; and in Suriname Port Services (‘SPS’), the Company that owns a private break-bulk facility upstream from Paramaribo.
Matthew Leech, Senior Vice President and Managing Director of Americas said,“These terminals are well placed to handle all cargo into Suriname today but importantly they have the potential to expand in line with future demand as trade continues to grow, underpinned by Suriname’s diversified natural resources sector, including oil, gold, bauxite, agriculture, and forestry. Operating the ports in Suriname will provide our customers with quality services in and around the southern Caribbean region.”
Nieuwe Haven terminal handles origin and destination cargo for Suriname. The terminal currently has a container throughput capacity in excess of 100,000 TEU per year, with the potential to double its capacity to meet demand as growth in the local economy, together with improved road links into French Guiana and off-shore oil exploration are set to increase trade volumes in the future, sources report.
“We are very pleased to be adding ports in Suriname to our global portfolio underpinning our strategy of expansion into the faster growing markets of South America. We very much look forward to working alongside our new partners at both IPS and SPS to further grow the operations and to serve our customers in the region,” said DP World CEO, Mohammed Sharaf.
According to the company, in April 2010, IPS was awarded a 15 year concession, with an option to extend for a further 15 years, to manage and operate its terminal within Nieuwe Haven andIPS is the largest terminal operator at the port. Suriname Port Services is a freehold break-bulk facility about 20 miles upstream from Paramaribo specialising in the handling of mining and logging equipment, off-shore supply and cement.
“We are delighted to welcome DP World to Suriname and we are looking forward to working with them as our partners in our terminals. DP World shares Integra’s deep appreciation of the key role that port facilities play in facilitating international trade and economic development; we have a common business philosophy about the operation of public port infrastructure which will help ensure the ongoing success of these terminals and allow them to continue to act as catalysts for economic development for the benefit of the Port and the country,” added Capt. Remi Vyzelman, Founder and CEO of IPS and SPS.
DP World will have a management services agreement for both terminals. The transaction is expected to close in the third quarter of 2011. The price was not disclosed.
