OYAK Port, a joint project between Japanese Nippon Yusen Kaisha (NYK Line) and OYAK Denizcilik ve Liman İşletmeleri A.Ş, is expected to see $11.8 billion in annual automotive exports when it opens next year.
The two companies will invest $110 million in a specialized port for the automotive industry in Kocaeli's Körfez district.Construction at OYAK Port will begin this year and it is expected to open in 2019. Once operational, the port will be one of the largest automotive ports in Turkey and the region.
The company established for the project will have a shareholding structure with owned 55 percent by OYAK and 45 percent by NYK.
The port will cover 235,000 square meters in Yarımca, Körfez. It will feature a 539-meter-long pier, will have a depth of around 12 meters to 14 meters and an annual handling capacity of 780,000 vehicles that will gradually be increased to 1 million. It will also have open and closed parking area for 16,000 vehicles.
Railway links and other alternatives are being examined for the OYAK Port, which will accommodate export and import of automobiles and light commercial vehicles.The employment side of the project is expected to make an important contribution to Turkey's economy, as well. During the construction period, 1,000 people will be employed. The number will go up to 1,500 once the port enters service.
The investment is regarded a sign of confidence in Turkey's future and automotive industry. Expected to provide a significant gain for automotive exporters and importers, while confirming how appropriate Turkey is for investment.
Turkey's automotive industry is expected to play an important role in the country's economy over the coming years and was is in need of investments like OYAK Port, which will have an annual handling capacity of 780,000 vehicles, including 215,000 imported units and 565,000 units for exports.
As talks between automotive producers and importers continue, the total value of the annual exports from the port is expected to reach more than $11.8 billion, taking Turkey's 2018 first quarter export data into account.