ONE of Southampton’s major port firms has secured its future in the city until 2047.

DP World has bought out Associated British Port’s 49 per cent stake in its Southampton Terminal to become sole owners of the business.

And the company has renewed its license agreement with ABP for another 25 years to continue operations in Southampton until 2047.

Company chairman Sultan Ahmed Bin Sulayem said: “We are delighted to announce the 25 year extension of the license agreement for DP World Southampton, which is one of the most efficient terminals in the UK and the only deep-sea container terminal on the south coast of England. Also, through full ownership of DP World Southampton, we will now be able to combine with DP World London Gateway, the newest deep-sea container terminal and logistics park at the heart of the UK’s biggest consumer markets, to offer our customers the best possible service, and long term growth, in the UK. A unique and very exciting proposition.”

Group CEO Mohammed Sharaf added: “This news underlines our commitment to the UK and our ongoing presence in developed markets as an important part of our global network. I look forward to the synergies that the two ports will bring to our operations and the contribution they make to the UK economy, infrastructure and local employment.”

DP World’s 86-hectare terminal in Southampton is the only deep sea container terminal on the south coast.

ABP Chief Executive James Cooper added: “This isn’t just good news for the port of Southampton but this is good news for the entire city. The deal provides a solid foundation for the continued growth and development of the UK’s most productive container port.”

It comes just weeks after the firm announced it was launching a new service between the UK and Asia that would bring some of the world’s largest ships to Southampton.

The service offers high street retailers and manufactures quick transport between Asia and Southampton which will take just 19 days.

DP World owns more than 65 marine terminals across six continents, including new developments underway in India, Africa, Europe and the Middle East.

Container handling is the company’s core business and generates more than 75-per-cent of its revenue.

In 2014, DP World handled 60 million TEU (twenty-foot equivalent container units). The figure is expected to rise to more than 100 million TEU by 2020, in line with market demand.