Global supply chain solutions provider DP World has further strengthened its logistics network in the Asia Pacific region by opening its first logistics asset in Singapore. This Singapore logistics warehouse opening is expected to serve as a crucial stepping stone for DP World's expansion in the Asian market amid a rapidly changing global trade environment.
On May 8th (local time), DP World announced the opening of a 13,000 square meter multi-purpose bonded warehouse at Mapletree Benoi Logistics Hub, a strategic location in Singapore. This move aims to actively leverage Singapore's geographical advantages as a financial and logistics hub connecting China and Southeast Asia. This facility marks another significant step in DP World's expansion of its logistics hubs in the Asia Pacific region, following the recent opening of similar facilities in Incheon and Hong Kong.
With the opening of this Singapore logistics warehouse, DP World now secures over 800,000 square meters of warehousing space in the Asia Pacific region. This is expected to create greater synergy when linked with DP World's global port and terminal network and its forwarding business.
Glen Hilton, CEO and Managing Director of DP World Asia Pacific, emphasized, "Having established our Asia Pacific regional headquarters in Singapore in 2021, today's announcement marks another significant milestone for us. This new facility will further enhance our service offerings across the entire logistics service spectrum, building upon our port and terminal network in the region." He added, "With new facilities in Singapore, Hong Kong, and Korea complementing our existing asset network, we are now able to provide even more agile, efficient, and reliable logistics solutions. We will continue to make strategic investments in key markets to provide our customers with the best possible service."
Since relocating its Asia Pacific regional headquarters to Singapore in 2021, DP World has steadily expanded its presence in Singapore, more than tripling its local workforce. Currently, DP World employs over 10,000 people in the Asia Pacific region, accounting for approximately 10% of its global workforce.
Over the past 12 months, DP World has enhanced its ability to provide customized logistics services to customers through the acquisition of key companies, including Singapore-based Legend Global Logistics (Legend). These acquisitions have added new capabilities and expertise to DP World's global supply chain infrastructure network. Legend Global Logistics, in particular, has strengths in the chemical, retail, automotive, chilled, healthcare, and technology sectors, and is expected to significantly expand the scope of DP World's logistics services.
In addition to this, DP World has completed the acquisitions of Savan Logistics and Cargo Services Far East in the past year and announced plans to invest $50 million in developing a new logistics center in Busan New Port, strengthening its position as a logistics hub in Northeast Asia. The acquisition of Savan Logistics, a major inland dry port operator in Laos, will enable DP World to enhance connectivity along the East-West Economic Corridor and expand its logistics network connecting Thailand and Vietnam. The acquisition of Hong Kong-based Cargo Services Far East will strengthen DP World's ocean and air freight forwarding capabilities and facilitate its expansion into the retail and fashion logistics sectors. The investment in the Busan New Port logistics center will establish a modern facility with an annual handling capacity of approximately 80,000 TEUs, providing domestic and international customers with various value-added logistics services such as assembly, processing, and packaging.
These proactive investments are part of DP World's broader vision to become the leading logistics partner in the Asia Pacific region, based on innovation, sustainability, and operational excellence. DP World anticipates that the opening of the Singapore logistics warehouse, along with its ongoing investments, will further solidify its presence in the Asia Pacific region and contribute to enhancing the efficiency and stability of the global supply chain.
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