DP World acquires Peru logistics agency Cosmos Agencia Maritima for $318m

DP World has acquired one of the largest logistics agencies in Latin America, Peru’s Cosmos Agencia Maritima (CAM) for $315.7m.

Based in Peru CAM also owns a fully integrated logistics service businesses Neptunia and Triton Transport that offers end-to-end solutions to its customers. The logistics division offers an integrated platform of solutions in activities related to foreign trade, product storage and distribution, as well as freight services that facilitate development and implementation of industry specific projects.

CAM, in addition to its maritime and logistics services, also has a 50% stake in Terminales Portuarios Euroandinos S.A., in the Port of Paita, Peru, which has become the second largest container terminal in the country.

“We are delighted to add Cosmos Agencia Maritima into the DP World portfolio and this acquisition supports our recent strategy of extending our core business into complementary sectors,” said Sultan Ahmed Bin Sulayem, group chairman and ceo of DP World.

“The acquisition not only extends our footprint in Latin America, a region which we believe has significant growth potential but importantly adds to our existing presence Peru, where we already operate a container terminal in the port in Callao – a terminal that is one of the most efficient and productive in the region and has been consistently ranked as the best port in South America by its customers.

“The addition of CAM will allow us to offer improved solutions to our customers and the option of alternative container capacity. Overall, we expect this acquisition to further diversify our revenue, improve the quality of our earnings and drive returns,” he added.

In Peru, DP World operates DP World Callao, the main container terminal of Callao Port which handles 90% of the country's total container trade. DP World Peru also opened the first smart logistics centre in Lurin, near Lima, Peru capital city.

Last week, DP World reported a 14.9% rise in 2017 profit to $1.18bn.

Posted 19 March 2018

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Michele Labrut

Americas Correspondent, Seatrade Maritime News

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