YILPORT to Attract Mega Vessels to the Marmara Region with $1 Billion Investment

Following the end of the partnership at Yıldırım Holding, Yüksel Yıldırım restructured his global operations under Netherlands-based CoreX Holding and is now preparing for a new phase of investment in port operations. Yıldırım, whose YILPORT portfolio comprises 23 ports, said the Group owns three ports in Türkiye. The planned investments of approximately $1 billion will diversify the range of services offered, with a primary focus on container cargo moving to and from Europe and Asia.

Yüksel Yıldırım, Chairman of CoreX Holding, said the Group had established YILPORT and CoreX Ports & Terminals as its two port-operation platforms. He explained that the Group would pursue a strategic growth model, operating under the YILPORT brand in some countries and the CoreX Ports & Terminals brand in others. By creating distinct portfolios, the Group is establishing a structure that will be open to different partnership models with investors in the future. Yıldırım stressed that port operations would become the Group’s second-fastest-growing business line after mining.

Yıldırım said investments in Türkiye would focus on container, liquid bulk and general cargo operations. At YILPORT Gebze, the Group plans to expand the container terminal by connecting two piers to create a new quay approximately 600 metres long. The installation of five to six ship-to-shore cranes is expected to add around 300,000 TEU of capacity, increasing the terminal’s total capacity to 1.2 million TEU.

The new infrastructure will enable YILPORT Gebze to serve mega container vessels with capacities exceeding 20,000 TEU. Yıldırım also said the terminal would be opened to transshipment operations. The objective is to attract Asian cargo flows in addition to the regional and European volumes the port has traditionally handled.

At YILPORT Körfez, the planned investment includes two 400-metre quays for general cargo and dry bulk operations, as well as expanded storage and handling areas. The terminal will be able to handle cargoes including steel, aluminium, ferroalloys, nickel, wheat, cement and soda ash. Noting that ports in the Gulf of İzmit are operating at capacity while demand remains high, Yıldırım said the aim was to establish an export gateway capable of meeting Türkiye’s needs for the next 30 to 40 years.

Financing to Come from International Sources

Yıldırım emphasised that the Group would finance its Turkish investments from abroad. “I will bring the funding for my investment in Türkiye from overseas,” he said. He noted that the acquisition of Poliport had been financed entirely by international banks and said CoreX would work with foreign banks and international funds on future investments. According to Yıldırım, CoreX’s headquarters in the Netherlands focuses on finance and investor relations, while the Istanbul operation concentrates on strategy, planning and growth decisions. The Group is also holding discussions with infrastructure funds, private equity funds and international development finance institutions.

Exploring Opportunities in İzmir and İskenderun

Beyond Kocaeli, the Group is monitoring opportunities in İzmir-Aliağa and İskenderun, where it is considering acquisitions, partnerships and operating agreements. Yıldırım said location, hinterland, competitive conditions and the level of investment required were among the key factors shaping investment decisions.

In Europe, the Group is holding discussions in Albania and Italy. In Portugal, it is working on a new port project in partnership with one of the world’s ten largest container shipping lines. Yıldırım also said discussions were underway with ports in Finland, Sweden and Norway. The Group is working on a project to expand its existing ports in Spain, while focusing on resolving current issues at its terminals in Italy.

Yıldırım said the Group was following a government port tender in Albania. It has also received port investment proposals from Libya, Tunisia and Morocco, although it is not currently moving forward in Libya because of the country’s political uncertainty.

Multipurpose Port Model for Africa

Describing Africa as one of the most significant growth markets for port operations over the next five years, Yıldırım said investment had begun at ATSL-Takoradi Port in Ghana. The Group has deployed five mobile harbour cranes, as well as reach stackers and terminal tractors, to the previously inactive port. It expects the terminal to reach a throughput of 120,000 to 150,000 TEU in its first year.

Discussions with the Ghanaian government regarding the port’s expansion are continuing. Yıldırım said the Group plans to develop a liquid bulk terminal and tank farm on a new reclamation area.

The Group is also discussing port projects with governments in Côte d’Ivoire, Gabon, Angola and Kenya. Yıldırım said its African strategy would differ from that of container-focused competitors. Instead, the Group will concentrate on a multipurpose port model that brings general cargo, dry bulk, containers and liquid bulk together at the same terminal. 

Focus on Niche Investments in the United States

Yıldırım said the Group operates two ports in El Salvador and one each in Guatemala, Ecuador and Peru. It is working on two new projects in Peru and has another port project in the Cartagena region of Colombia. In Ecuador, the Group is evaluating two projects: one focused on liquid and gas cargoes, and another covering containers, general cargo and dry bulk. It is also monitoring opportunities in Honduras, Nicaragua and Mexico. 

The Group aims to acquire a port in the United States within three to five years. Yıldırım said work was underway in the Corpus Christi area of Texas, while opportunities in North Carolina were also being assessed. The Group is focusing on strategic, niche ports in the Gulf of Mexico and on the US West Coast. Rather than entering the market with a large-scale investment, it plans to begin with a smaller port.

Building a Network of Small Multipurpose Ports

Yıldırım noted that YILPORT had ranked among the world’s ten largest container terminal operators for the past two years. Capacity of 350,000 to 400,000 TEU in El Salvador and 120,000 to 150,000 TEU in Ghana had contributed to the Group’s growth, he said. These investments had offset the loss of approximately 600,000 TEU of capacity at Gemport, which remained with the former partner.

Yıldırım said major shipping companies were increasing their investments in ports, requiring independent terminal operators to pursue a different strategy. Rather than investing in a single large port with a capacity of 5 million TEU, YILPORT is focused on building a network of terminals with capacities of between 100,000 and 300,000 TEU across different regions. Through its multipurpose terminals, the Group aims to consolidate regional cargo flows.

Shore Power for Vessels in Malta

Yıldırım said sustainability was becoming increasingly important in port investment and noted that the Group had invested in shore-power infrastructure at its ports in Malta. The Group holds a 50% stake in the port and has also undertaken the project’s construction through its contracting companies. The first phase has been completed and the second is underway. Initially designed for cruise ships, the infrastructure will be expanded to serve container vessels as well.

 “We Aim to Return to Shipowning”

Yüksel Yıldırım recalled that the Group had left its fleet with its former partners following the restructuring and said its long-term ambition was to return to shipowning. The Group currently charters vessels primarily to transport its own mining products and raw materials. Over the medium to long term, it aims to build a fleet comprising stainless-steel chemical tankers in the 6,000-25,000-tonne range and Handymax, Supramax and Ultramax dry bulk vessels of between 35,000 and 65,000 tonnes. The vessels are expected to be employed under long-term time-charter agreements.

 Competition Intensifies in the Global Port Industry

 Yıldırım said competition in the global port market was intensifying as major shipping companies accelerated their investments in terminals. With large container lines gaining greater influence in port operations, independent terminal operators would need to adopt differentiated strategies to compete. He added that the global industry was increasingly valuing not only high-capacity container terminals, but also multipurpose ports capable of handling a range of cargo types.

Investments Accelerate as CoreX Targets a Place Among the World’s Top 100 Mining Companies

Mining, alongside port operations, occupies an important place in CoreX’s growth strategy. Yıldırım said the Group had invested $1.1-$1.2 billion in mining over the past 18 months and aimed to position the company among the world’s 100 largest mining groups within five years.

The Group has acquired a copper mine in Brazil for $465 million, holds nickel investments in Côte d’Ivoire and Colombia, and is working on gold and copper projects in Kazakhstan. In addition to chromium, nickel, copper, gold, silver, lead, zinc and vanadium, it is evaluating opportunities in manganese and lithium.

AYSEL YÜCEL / ISTANBUL DÜNYA GAZETESİ