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Friday, October 30, 2020

Dp World News

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DP World Expects 'Relatively Stable' 2020 Financial Performance

International port operator DP World is on track to report a “relatively stable financial performance” this year after the recording a 3.1% increase in third-quarter shipping container volumes, its chairman said on Monday.The Dubai state-owned company, which reported contractions in container volumes in the first two quarters, handled 18.3 million containers in the July - September period, it said.The 52.2 million containers handled in the first nine months of the year were down…

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Maersk to Ship Cargo Between UAE and Israel

Danish shipping giant Maersk said it will now transport ocean cargo between the United Arab Emirates and Israel, a further sign of business opening up after the two countries established full ties.Earlier this month Israel and the UAE signed an historic agreement to normalize relations, marking a big development in economic collaboration and ending a ban on trade between the Gulf Arab state and Israel.“We have opened up cargo acceptance between UAE and Israel following the lifting of the boycott,” a Maersk spokesman said.Maersk, the world’s number one container line, said any trade would be fo

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DP World to Partner with Israeli Firm in Bid for Haifa Port

Dubai's DP World is partnering with an Israeli group to bid for one of Israel's two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.The announcement came a day after Israel and the United Arab Emirates signed an historic agreement to normalize ties, and marks a big development in trade and economic collaboration.Dubai state-owned DP World, which operates ports from Hong Kong to Buenos Aires, signed a series of agreements with Israel's DoverTower including a joint bid in the privatization of Haifa Port on the Mediterranean…

(Photo: DP World)

DP World Says Outlook Uncertain as Volumes Fall

Global port operator DP World recorded a fall of 8.8% in second quarter container volumes, warning on Monday the outlook remained uncertain.The coronavirus pandemic shut cities and factories worldwide for months, disrupting shipments and global supply chains, while some cities are now reintroducing curbs after a recent rise in infections.The Dubai state-owned company, which also operates logistics facilities, handled 16.7 million shipping containers in the second quarter, down from 18.3 million a year earlier.It recorded its biggest quarterly decline in the Asia Pacific and Indian subcontinent

(Photo: DP World)

DP World Acquires Majority Stake in UNICO Logistics

Dubai-based DP World said it has agreed to acquire a 60% stake in South Korea's UNICO Logistics Co. Ltd. as the firm continues its expansion across the worldwide end-to-end logistics supply chain. The transaction, subject to regulatory clearances, is expected to close in the fourth quarter of 2020.Established in 2002 by H.J. Park and headquartered in South Korea, UNICO is one of the largest independent NVOCC (Non-Vessel Operating Common Carrier) in South Korea, with a global footprint of 25 subsidiaries in 20 countries.

(Photo: DP World)

DP World Completes Integration of Unifeeder and Feedertech

DP World announce Tuesday it has finished integrating its recent acquisitions Unifeeder and Feedertech, creating a feedering and shortsea network serving hundreds of ports across the globe.Unifeeder, which recently acquired Feedertech, operates feeder and shortsea services around northern Europe and throughout the Mediterranean and Northern Africa regions. Feedertech provides similar services connecting ports in Southeast Asia, the Indian subcontinent and the Middle East. The…

World Security unveiled the first autonomous security surveillance boat to enable a more seamless, safe and efficient operations in addition to coping with the uncertainty of the current changing environment caused by COVID-19 (Photo: DP World)

Autonomous Security Surveillance Boat Launched in the UAE

DP World, UAE Region’s next-generation security solutions provider World Security has launched the first autonomous security surveillance boat in the Middle East to upgrade security and surveillance at Jebel Ali Port, Mina Rashid, Mina Al Hamriya and other facilities in the UAE.The state-of-the-art boat introduces an extra dimension to World Security's portfolio of solutions, demanded by the uncertainty of the current changing environment caused by the COVID-19 pandemic.It also marks a new stage in World Security’ rising profile as Dubai’s industry leader for marine…

(Photo: DP World)

Shipping Industry Goes Digital in Lockdown

The coronavirus lockdown has accelerated a digitalization drive in a global shipping and logistics sector that still routinely delivers many documents by bike messenger in some countries, according to industry leaders.Ports operator DP World said on Thursday it would join shipping company Maersk and other peers in a blockchain platform aimed at limiting the sector's costly paper trail."The situation around the coronavirus is a very good catalyst for making sure everyone in the supply chain can communicate with each other digitally," Mike Bhaskaran, DP World's chief operating officer for logist

(File photo: DP World)

DP World Launches $9 Billion Financing

UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…

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Operators Warn of Congestion at Indian Ports

Singapore's PSA International and Indian container freight operators have warned the Indian government that its order to waive container storage charges during the coronavirus lockdown could lead to port congestion, letters seen by Reuters showed.India's Ministry of Shipping asked ports to allow free storage of containers as part of relief measures to ease pressure on companies hit by logistics restrictions because of India's nationwide lockdown.PSA's local unit in a letter to the government on April 24 said importers might not remove their containers from ports due to free storage…

(Photo: DP World)

DP World Says Unclear When Global Trade Will Recover

The timing of a trade recovery from the economic crisis caused by the new coronavirus pandemic is uncertain, global ports operator DP World warned on Thursday.The Dubai state-controlled company just last month said it was seeing demand bounce back as Chinese factories restarted, though the global spread of the virus has since drastically worsened, forcing many industries to a near halt."The timing of any recovery is uncertain with trade expected to pick up as and when global economic activity normalizes," Chief Executive Sultan Ahmed bin Sulayem said in a bourse statement.DP World, which is re

Photo: Liebherr Container Cranes

DP World Berbera Orders 8 RTG Cranes

Liebherr Container Cranes and DP World Berbera have signed a contract for the supply of eight RTGs for DP World’s terminal in Berbera, Somaliland. The cranes are due to be ready for operation before the end of 2020.The high performance, variable speed diesel RTGs are six containers plus a truck lane wide and will stack one over five containers high. The machines are supplied with DGPS autosteering and stack profiling. Like all Liebherr RTGs, the machines incorporate Liebherr’s eight rope reeving no-sway-system.

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Reduced Appetite Expected for DP World’s $9bn Loan

Appetite for UAE global port operator DP World's $9bn loan financing is expected to weaken due to market turmoil caused by the coronavirus, bankers said.The loan was fully underwritten by Citigroup and Deutsche Bank, and went out to a wider group of DP World’s relationship banks in senior syndication, which closed at the end of last week, one of the bankers said.These banks included Abu Dhabi Commercial Bank, MUFG, Emirates NBD, First Abu Dhabi Bank and HSBC, a second banker said.“Senior…

DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem. Photo: DP World

DP World Expresses Concern on Future

Dubai state controlled port operator DP World's revenue grew 36.1% in 2019, but it says the near-term outlook remains “a cause for concern” due to global trade disputes and the coronavirus outbreak.DP World, one of the world’s largest port operators, made $1.34 billion last year compared to $1.33 billion in 2018, it said in a bourse filing. Revenue rose 36.1% to 7.7 billion."However, the global trade outlook remains uncertain due to supply chain disruption caused by Covid-19 outbreak…

Image: P&O Maritime Logistics

DP World Creates New Maritime Entity

Following DP World’s recent acquisition of Topaz Energy and Marine and its integration with P&O Maritime created a new brand P&O Maritime Logistics - a global provider of maritime solutions in offshore, port services and logistics.Through the synergies created by the merger of the two companies, under the DP World umbrella, the POML business is well positioned to grow and build further scale and value for customers and shareholders alike.Offering a distinctive value proposition to customers…

Court Orders DP World's Rights Restored for Doraleh Port

A London arbitration court has ordered Djibouti to restore DP World's right to operate the Doraleh Container Terminal as detailed under a 2006 concession deal within two months or pay damages, the state news agency WAM reported on Tuesday.The government of Djibouti seized the terminal from Dubai government-controlled DP World in February 2018 over a dispute dating back to at least 2012.An independent expert has estimated the losses to DP World at more than $1 billion, WAM reported. (Reporting by Asma Alsharif; Editing by Jan Harvey)

Image: DP World

DP World to Delist from Nasdaq Dubai

DP World, one of the world’s largest port operators, is delisting from the Nasdaq Dubai and returning to fully private ownership.According to a press release, the  UAE-owned port behemoth’s parent company, Port and Free Zone World, has offered to buy the 19.55% of DP World’s shares traded on the Nasdaq Dubai for $16.75 a share, representing a 29% premium on its closing price of $13 per share on Sunday.DP World's parent company will pay Dubai World $5.15 billion to help the government-owned conglomerate with its outstanding commitments to banks.DP World remains financially strong…

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DP World Suspends Staff Travel to China

DP World, one of the world's largest port operators, has suspended all staff travel to China until further notice due to the coronavirus outbreak there.Companies including Facebook, LG Electronics and Standard Chartered are among those restricting travel for employees to China, where the death toll from a flu-like virus rose above 100 on Tuesday."All travel to China is suspended until further notice, unless for emergency purposes.

Image: DP World

DP World Buys North American Terminal

Dubai-based port operator DP World announced it has completed the acquisition of Fraser Surrey Docks in Canada from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).The enabler of global trade said in a press release that said the acquisition complements its footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and St John’s, without disclosing the value of the purchase.The integrated coast-to-coast platform provides customers with bulk…

Swissterminal, headquartered in Frenkendorf, and Dubai-based DP World have entered a partnership. (Copyright Swissterminal)

DP World Takes 44% stake in Swissterminal Holding

Dubai state controlled port operator DP World has taken a 44% stake in Swiss container terminal operator Swissterminal Holding AG.The Mayer family, who founded the business, will remain a majority shareholder, a statement from the company said. Roman Mayer will continue to serve as Swissterminal’s CEO.Financial terms were not disclosed.Swissterminal operates additional locations in Zurich-Niederglatt, Basel-Birsfelden, Basel-Kleinhueningen and Liestal. The terminals are connected to container ports in Rotterdam and Antwerp as well as the ports of La Spezia…

Sultan Ahmed Bin Sulayem. Photo: DP World

DP World Acquires Ukraine's TIS Terminal

Marine cargo handling company DP World has agreed to acquire a majority 51% stake in TIS Container Terminal in the Port of Yuzhny, Ukraine, subject to the satisfaction of certain conditions, including regulatory approval."Bringing the TIS Container Terminal into DP World's global network of ports, economic zones, warehousing, and inland logistics solutions will strengthen its position as the market-leading terminal of Ukraine," said a press release from the global supply chain…

(Photo: DP World)

DP World Returns to Full State Ownership

Dubai is to take full control of port operator DP World in a deal with a $13.9 billion valuation that will help the company at the center of the emirate's 2009 debt crisis to repay some of its borrowings.DP World, which operates ports around the world from Hong Kong to Buenos Aires, will take on $8.1 billion in debt to finance the deal in which Port and Free Zone World, part of state investment vehicle Dubai World, will acquire the 19.55% of Nasdaq Dubai listed shares for $2.7 billion.Port and Free Zone World already owns 80.55% of DP World ordinary share capital.

Image: P&O Ferrymasters

P&O Ferrymasters Expands in Turkey

European providers of transportation and logistics services P&O Ferrymasters has announced plans to open five new offices across Turkey over the next two years as it continues the expansion of its pan-European logistics services into Asia.In addition to its existing base in Istanbul, P&O Ferrymasters will develop a comprehensive network across the strategically vital country by opening offices in Izmir on the Aegean coast, the capital city Ankara, Mersin on the south coast, Bursa in the Marmara region and Gaziantep near the border with Syria.Murat Bog…

Martin Helweg (Photo: P&O Maritime Logistics)

P&O Maritime Logistics Names Helweg CEO

Marine solutions and logistics company P&O Maritime Logistics (POML) said it has appointed Martin Helweg as its new Chief Executive Officer. He will report to Mike Bhaskaran, DP World’s Chief Operating Officer for Logistics and Technology.For the past three years, Helweg has been responsible for P&O Maritime Logistics’ global operations. Earlier, Martin spent over 15 years in marine service solutions working for Svitzer, an A.P. Moller-Maersk Company in regional CFO and CEO roles across the Americas…

Photo: DP World

DP World to Invest $500 in Jeddah Port Upgrade

The global port operator DP World has been awarded a 30-year Build-Operate-Transfer (BOT) concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port.According to a press release from the UAE-based world leader in global supply chain solutions, under the agreement, DP World will invest up to $500 million to improve and modernize the Jeddah Islamic Port, including major infrastructure development to enable the Port to serve the ultra-large container carriers (ULCC’s)…

Image: DP World

DP World Acquires 44% Stake in Swissterminal

Dubai-based global ports operator DP World has taken a 44% stake in Frenkendorf-headquartered Swissterminal Holding, the container terminal operator in Switzerland.The parties have agreed not to disclose financial details of the transaction.Swissterminal, which is headquartered in Frenkendorf close to Basel, operates additional locations in Zurich-Niederglatt, Basel-Birsfelden, Basel-Kleinhueningen and Liestal. The terminals are well connected to Europe’s leading container ports in Rotterdam and Antwerp as well as the ports of La Spezia…