Peel Ports Group Snaps Up Great Yarmouth Port Company

Image Courtesy: Peel Ports

One of the UK’s largest port groups Peel Ports Group is reported to have acquired Great Yarmouth Port Company Limited from International Port Holdings.

The value of the deal is said to be GBP 50 million (USD 74.9 million), local media report.

International Port Holdings decided to sell its stake in Great Yarmouth after eight years of running the port.

The port specializes in providing services to the offshore oil and gas industry, but also caters for the needs of the offshore wind industry and ships transporting bulk and general cargoes.In its last annual accounts, it reported revenue of GBP 10.9 million and an operating profit of GBP 4.5. million.

According to Mark Whitworth, Chief Executive of Peel Ports, the expansion will target among other things decommissioning of gas rigs located in the southern part of the North Sea.

“The acquisition is fully aligned with our aspirations and strengthens Peel ports as a leading UK Ports Group,” he added.

Privately-owned Peel Ports Group is the second largest port group in the UK, handling over 70 million tonnes of cargo per year and has 15% of the UK’s total port traffic moving through its waters. The group owns  which also owns Liverpool and Glasgow docks.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >