DP World acquires Cargo Services Far East
02 / 09 / 2024
Photo: DP World
DP World has completed the acquisition of Hong Kong-headquartered Cargo Services Far East Ltd to expand into retail and fashion logistics and grow its airfreight business.
Logistics service provider, Cargo Services employs over 2,500 people in Greater China and across Asia, Europe, South Africa and the US.
Founded in 1989, Cargo Services offers origin purchase order management, ocean freight, airfreight and warehousing for a diverse range of sectors.
This includes supply chain management services for retail and high-fashion customers in the US, UK, Europe, South Africa, Australia and New Zealand. It has also expanded its portfolio to provide specialised cruise logistics services globally.
Group managing director of Cargo Services John Lau will remain with the business and assume a senior leadership position within DP World.
Lau said: “By joining DP World, we will gain access to extensive resources and expertise, allowing us to continue delivering top-tier freight-forwarding and logistics services that our customers demand. With a shared vision and strategy, I am confident that our respective teams will come together seamlessly to deliver growth.”
Sultan Ahmed bin Sulayem, group chairman and chief executive, DP World, said: “Cargo Services’ logistics expertise and global network perfectly complement our own footprint, and will be yet another tool in our offering to customers. Together, we’ll create a powerful force propelling trade globally. By combining our strengths — technology, a growing logistics portfolio and strategic infrastructure – with Cargo Services’ expertise and network , we will be able to offer unparalleled value to customers seeking to strengthen existing trade ties or enter new markets. We are very excited to welcome our new colleagues, as they join us on this pivotal step in our growth journey.”
Cargo Services is due to be fully integrated over the next few months.
With this acquisition, DP World now has more than 115,000 employees, spread over 800 locations globally. By the end of the year, it will operate more than 200 freight forwarding offices, covering up to 95% of global trade flows.
At the end of 2023, DP World launched its first air cargo logistics hub, in Punta Cana, Dominican Republic.
In May, airfreight operations at the hub began with the arrival of the first freighter aircraft.
DP World further expands its own global freight forwarding network
