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Monday, May 27, 2024

Thurrock ports see boom in trade

BOOMING ports are celebrating a rise in trade last year despite the challenging financial climate, marking south Essex as a leading global player in international imports and exports.

DP World says its volume of trade rose by 5 per cent over the last 12 months while London Gateway saw a 14 per cent rise in trade.

This is the first time it has ever exceeded two million units in a year passing through, consolidating its position as Britain’s second biggest container terminal.

The two terminals handled a record 3,850,000 twenty-foot equivalent units (TEU) compared with 3,675,000 in 2021

The ports, which are expecting to have their partnership as Thames Freeport formalised by the Government in the coming months, have the backing of Thurrock Council which is set to benefit from £300million pounds in business rates from the freeport.

Ernst Schulze, UK chief executive of DP World, said: “We help trade flow across the globe and this outstanding performance shows our ability to deliver on our commitment to boost growth, support businesses, create jobs and improve living standards in the UK.

“Within a decade, London Gateway is likely to be handling up to 30 per cent of the country’s containerised trade.

“Its port-centric logistics park will be one of the largest in Europe, employing 12,000 people and underpinned by investment in a second rail terminal and a new fourth berth.”

Thurrock Council is the lead authority and the accountable body for Thames Freeport led by Forth Ports, DP World and Ford.

It is set to create 21,000 new jobs, put £2.6billion a year into the UK economy, attract £4.6billion in investment and see 1,700 acres of land developed.

Over the last ten years DP World has invested £2billion in the UK, supporting thousands of jobs. Over the next 10 years the logistics provider has earmarked a further £1billion of investment, with a £350m new fourth berth at London Gateway now well under construction.

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