On the 24th May 2007, International Port Holdings ("IPH") announced it had entered into agreements through which it will invest in and operate Great Yarmouth Port.

Through the agreements with the Great Yarmouth Port Authority, the existing port business was transferred to an IPH subsidiary, Great Yarmouth Port Company Limited ("GYPC"). GYPC will construct a new outer harbour at Great Yarmouth which will provide enhanced port facilities to cater for larger vessels and a wider range of trades creating Britain's newest container/RoRo hub. To reflect this major investment to provide a modern multipurpose port, it is now operating under the title of EastPort UK. The first phase of construction is on schedule for early 2009.

GYPC will carry out most of the Port Authority's statutory functions on its behalf. The only exception is the specialist pilotage function which operates under separate legislation and which will remain with the Port Authority until new legislation is in place.