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DP World to replace Cyprus Port Authority

LIMASSOL: April 26, 2016: The Republic of Cyprus government has awarded DP World an exclusive 25-year concession to operate Limassol’s multipurpose port while its subsidiary P&O Maritime Cyprus has won a 15-year agreement to provide tugs and pilotage services. Terms of the agreement have not been disclosed.

DP world LimassolThe port of Limassol includes break-bulk, general cargo, ro-ro and passenger terminal operations. Current operator the Cyprus Port Authority reported handling 143,800 TEUs between January and June last year, a drop of seven percent over the previous six months. General cargo saw a decline of 13 percent in the same period year-on-year to 1.46 million tonnes.

The concessions have been awarded to two joint ventures between DP World and G.A.P. Vassilopoulos, a Nicosia-based logistics, financial services and hospitality group that represents FedEx on the island.

Under the new agreement, DP World will replace the Cyprus Port Authority as Limassol port manager in January 2017.

Commenting on the deal, DP World chairman and CEO Sultan Ahmed Bin Sulayem (left of picture with the Republic’s minister of Transport and Communications Marios Demetriades) said: “We believe in the long-term prospects of Cyprus and the potential for DP World, as a facilitator of trade, to maximise the potential of Limassol port.”

The move by DP World follows continuing reunification talks between Republic president Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci. Following their latest meeting, Anastasiades reportedly said he hoped the two sides would reach a “definite solution” to the divided island by the end of the year.

The two leaders are expected to meet again in early May while agreeing their respective chief negotiators, Andreas Mavroyiannis and Ozdil Nami, should meet every one or two days in pursuit of an agreement.

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