DP World announced that it will begin work next month on a new fourth berth at its London Gateway logistics hub to increase supply chain resilience and create more capacity for the world's largest vessels.

In a statement, it said the £300 million sum - which builds on the £2 billion investment DP World has made in Britain over the last decade – represents the next step it is taking to deliver integrated supply chain solutions for customers.

"I am delighted to announce that we will go ahead with our latest major investment in the UK, which will give London Gateway more capacity to handle the world's largest vessels than any other port in the country," said Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World.

"As a central pillar of Thames Freeport, London Gateway's new fourth berth will allow even more customers to benefit from world class ports and logistics, with unrivalled global connectivity, on the doorstep of Europe's largest consumer market," it added, noting that DP World plans to be at the heart of Britain's trading future and this investment shows that we have the ambition and the resources to boost growth, support businesses, create jobs and improve living standards.

"Our new freeports will create national hubs of trade, innovation and commerce, and attract more investment to regenerate communities and level up the UK," he added.

In the first six months of 2021 London Gateway saw record throughput of 888,000 TEU, a more than 23% increase on the previous best performance for the first half of a year.

The new fourth berth will raise capacity by a third and completion will coincide with the delivery of a new wave of 24,000 TEU vessels in 2023/2024, which will all be operated between Asia and Europe.