Gulftainer is set to invest $3 billion over the next five years in order to double its container capacity and acquire assets, based on a report by The National.
In the next five years the operator wants to reach 10 million twenty foot equivalent units (TEU) in order to increase the amount they can transport globally.
Mr. Peter Richards, CEO of Gulftainer, said: “We should not to be restricted to TEUs and containers because a lot of the entities that we’re looking at now are not just containers but a lot of them are break bulk and general cargoes.”
He added: “We hope to continue our growth in the US market and at the same time we are looking at east and west Africa, and we are looking at Asia.”
According to Boston Consulting Group (BCG), TEU’s are set to double due to ports in the Middle East being expanded to 57 million TEU by 2030.
Of the $3 billion they are set to put aside, $600 million will be spent to on a new 50 year deal with the Port of Wilmington Delaware in the United States. Another $400 million will be spent on developing a new 1.2 million TEU facility at the Edge Moor Complex.
In its aggressive expansion, Gulftainer is also hoping to enter Africa next year.