DP World has formed a strategic equity partnership with Turkey’s Evyap Group, under which the Dubai-headquartered terminal operator will take over Evyap Port (Evyapport) in Izmit Bay.
The transaction, subject to regulatory approvals, will see DP World own 58% of Evyap port in exchange for 42% of its Yarimca port container terminal.
Established in 2003, Evyapport is Turkey’s fourth largest private port on an area of 265.000 sq m with its 855,000 teu per year container terminal, tank terminal and project-based and general cargo terminal.
DP World opened its Yarimca container terminal in 2016. It handles an annual 700,000 teu and has a capacity for 1.15m teu. Earlier this year, Yarimca became the first port in Turkey to integrate remote-controlled electrified cranes into its operations.
The duo said that the equity partnership is aimed at enhancing and growing trade infrastructure by focusing on improving container port facilities and enhancing efficiencies in the key Marmara gateway market.
“The collaboration seeks to improve productivity, reduce turnaround times, ensure security, and broaden service offerings, benefiting Turkish trade,” DP World said in a release.