DP World Profits Up 27% in H1 2019
Dubai International Ports Group (DP World) announced a strong financial results for the first six months of the year ended June 30, 2019 and its profits soared by 27% to US$753.Acquisitions and growth in non-containerized revenue helped revenue climb to $3.46 billion, although on a like-for-like, constant currency basis the revenue increase was 11 percent, said the Dubai-based company.Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “DP World is pleased to report like-for-like earnings growth of 22% in the first half of 2019 and attributable earnings of $753 million.
Konecranes Retrofits Crane in DP World Liège
Konecranes Port Services, the team of crane and lifting engineers, software developers and product technicians, will retrofit electrification to a Model 2 Konecranes Gottwald Mobile Harbor crane in DP World’s Liège Container Terminal in Belgium, lowering the terminal’s local emissions and noise.The Port of Liège, strategically located along the Meuse river in eastern Belgium, is the third-largest river port in Europe, directly linked to both Antwerp and Rotterdam.The DP World Liège Container Terminal (DPW LCT) is the only trimodal terminal in Wallonia…
Topaz Revenue Climbs
Revenue of Topaz Energy and Marine of the United Arab Emirates (UAE) for the six-month period of 2019 was $235 million, an increase of 56% compared to H1 2018.Dubai-based offshore vessel operator’s first-half net income also surged to $42 million from a $4m loss recorded at the end of first six months of 2018.Earnings before interest taxes, depreciation and amortization rose by 83 percent to $141m in the first half.The global ports operator DP World acquired Topaz from Oman's…
UAE Presence Grows in the Maritime World
Over recent years the United Arab Emirates has emerged as an important maritime hub with grand ambitions. Mark Venables visited the region to discover what is driving that growth.When the UAE was elected to the IMO Council as a Category B member, it immediately raised its profile within the maritime community. The Emirates have taken a significant step forward in the maritime world.Despite this success, the region remains a challenging market for shipping and logistics. One of…
DP World Slams Djibouti Government
The global port operator DP World has accused the government of Djibouti of “complete disregard and contravention” of the global legal system as it plans to rule all international adjudications on the Doraleh Container Terminal null and void."A decision to be taken later this week by the government of Djibouti to apply to the country's high court to rule all previous international adjudications null and void is a complete disregard for and contravention of the global legal system and existing contracts…
Drewry: Box Terminal Utilization Rates to Rise
The outlook for global container port demand is modest growth and numerous uncertainties, but in the face of this, capacity expansion plans are also muted. This means that most world regions will see an increase in average terminal utilization, according to the Global Container Terminal Operators Annual Review and Forecast 2019 by global shipping consultancy Drewry.Drewry’s container port demand forecast for the next five years is for global growth of 4.4% per annum on average…
DP World to Boost Turkish Capacity, Mulls Acquisitions
Port operator DP World intends to increase its capacity in Turkey's western Yarimca port by 30% with $50 million investment by Q2 2020, its Turkish unit's chief executive Kris Adams said.Speaking to reporters in Istanbul, Adams also said that DP World is also in the market for acquisition of other Turkish assets but is waiting for the right price."We would be willing to look at acquisitions in the Turkish market if opportunities arise," Adams told reporters."There are local players that are willing to exit the industry but they are still working with very high multiples.
DP World to Build $1.2B Port in Indonesia
DP World and Indonesia’s leading conglomerate Maspion Group have signed two preliminary agreements to create a $1.2 billion container port and industrial logistics park in East Java.It is the first joint venture of its kind in the Indonesian transportation sector involving a private sector partnership between an FDI partner and a private sector Indonesian company in Maspion, within the context of cooperation in maritime services with the state-owned maritime services operator Pelindo III.
DP World's Dubai Box Volumes Slip
DP World's Dubai shipping container volumes fell by 6.3% in the second quarter, the port operator reported on Tuesday, the fifth consecutive quarterly drop.DP World blamed the drop on the loss of lower margin cargo and challenging market conditions, but said it expected more stable throughput for the rest of the year.It handled 3.9 million twenty foot equivalent units (TEU) in the three months to June 30 at its Dubai ports, compared with 4.2 million in the same 2018 period.DP World operates Dubai's Jebel Ali…
DP World to Issue $700 million in Bonds, Sukuk
Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.Barclays, Citi, Deutsche Bank, Dubai Islamic Bank…
DP World Hires Banks for Dollar Bond Issue
Port operator DP World has hired banks to arrange a series of investor meetings ahead of a potential issue of 10-year U.S. dollar-denominated sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.DP World, majority owned by the Dubai government, mandated Citi, Dubai Islamic Bank and Standard Chartered to arrange the meetings to be held in Hong Kong, Singapore and London, starting on Wednesday July 10.The three banks, together with Barclays, Deutsche Bank…
DP World buys Topaz Energy for $1 bln
Port operator DP World Plc will buy Topaz Energy and Marine Limited for $1 billion from Standard Chartered and Renaissance Services, DP World said on Monday.Topaz is a provider of marine logistics to the global energy industry. The deal is the latest in Asia-focused lender StanChart's efforts to sell its private equity business as part of a broader shift away from direct investing.Reporting By Lawrence White
DP World Set to Acquire Topaz Energy
The world’s largest port operator DP World is in advanced discussions to acquire Topaz Energy & Marine, marking the Dubai-based company's first potential foray into the oil and gas industry.Britain’s Sky News, citing sources, earlier reported that a $1.3 billion deal for DP World to take over Topaz could be announced as early as Monday. The report didn't specify whether the valuation was referring to the equity or enterprise value of the transaction.However, Bloomberg reported that the port operator is in “very advanced” discussions to acquire Topaz Energy.
DP World Mulls Port Deals Along Russia's Northern Route
DP World, one of the world's largest port operators, wants to run ports that Russia plans to build along the northern sea route in the Arctic to shorten shipping times between the east and west, its chief executive told Reuters.Russian President Vladimir Putin has made developing the northern sea route (NSR) - which requires new ports and heavy icebreakers to move goods - one of his priorities, with supporters dubbing the route the northern Suez Canal.Dubai government-controlled DP World operates 78 marine and inland terminals…
DP World Strengthen Brazil Ties
Brazil Minister of Foreign Affairs, Ernesto Henrique Fraga Araujo met with the global port operator DP World Group's Chairman and CEO, Sultan Ahmed bin Sulayem in the Brazilian capital, Brasilia this week.They discussed social reform, a stable and efficient regulatory framework to attract investors alongside public private partnerships to encourage foreign direct investment (FDI). The meeting preceded Mr. Bin Sulayem’s discussions with President Jair Bolsonaro during the visit.DP World Santos…
DP World UAE Wins Sustainability Award
The global port operator DP World's UAE Region has been recognised for its efforts to create a more efficient and sustainable supply chain when it was awarded the Supply Chain Sustainability Award at this year’s Gulf Petrochemicals and Chemicals Association (GPCA) Supply Chain Conference.Mohammed Sulaiman, Business Development Manager of DP World, UAE Region, received the award on behalf of the company at a ceremony held at the Intercontinental Hotel in Dubai’s Festival City,…
DP World Acquires Fraser Surrey Docks
DP World, one of the world's largest port operators, said on Thursday it has agreed to buy Canadian marine terminal Fraser Surrey Docks from a Macquarie Group fund.The purchase consideration is below 2.5 percent of DP World's net asset value as of December 31, 2018, the port operator said, which Reuters calculated to be under $300 million.The marine terminal, is being acquired through Canadian subsidiary DP World Canada Investment Inc, which is 45 percent owned by Caisse de dépot et placement du Québec (CDPQ).The deal is expected to close in the first half of 2019, DP World said.
DP World, SMS Launch Boxbay
Global ports operator DP World and industrial engineering firm SMS Group announced "Boxbay", a new and 'smart' shipping container storage system that aims to change the way that containers are handled in ports.The patented design and rack structure of the system creates unique advantages with containers stored up to eleven stories high, delivering the capacity of a conventional terminal in a third of the surface area.By being fully automated it has direct access to each container, eliminating unpaid and unproductive reshuffling.
ZIM's New Call to Port of Prince Rupert
Canada's Port of Prince Rupert, and DP World Prince Rupert announced a new weekly marine carrier service at the Fairview Container Terminal.ZIM Integrated Shipping Services (ZIM) partnered with the 2M Alliance and has added Prince Rupert as one of their port destinations.With a global reach to over 100 countries, the new ZIM service has made its inaugural call at the Port of Prince Rupert on Wednesday, March 27, 2019 with the arrival of ZIM containers on the Maersk Altair vessel.“The Prince Rupert Port Authority is proud to welcome ZIM.
New COSCO Service Between UK, Europe, Russia
Chinese state-owned shipping and logistics services supplier company COSCO Shipping Lines announced a new COSCO feeder service from St Petersburg, Russia will begin calling at DP World Southampton."COSCO is to introduce a new weekly call at DP World Southampton, as part of a rotation including St Petersburg, Russia; Kotka, Finland; Southampton, UK; and Rotterdam, Netherlands," said a press release.The news comes after COSCO confirmed in February that DP World Southampton will be a permanent call on its feeder service.
India Watchdog: DP World Trying to Halt Probe
India's antitrust regulator said in a court filing that a challenge by Dubai's DP World of a probe into its alleged anti-competitive practices at a Mumbai port is an effort to halt or delay possible adverse findings against the firm.The Competition Commission of India (CCI) told a Mumbai court that DP World's local unit had "prematurely" rushed to court to stall or delay the probe, according to a filing by the watchdog dated Jan. 30 and seen by Reuters.The CCI filing has not been previously reported…
DP World downplays Trade Tensions as Profit Soars
DP World, one of the world's biggest port operators, said on Thursday its business could weather international trade tensions, after reporting a 10.2 percent rise in 2018 profit."Current year has started with trading in line with expectations and whilst the near-term outlook remains uncertain with the trade war and geopolitical headwinds, we expect our portfolio to remain resilient and see increased contributions from our recent acquisitions and investments,” Sultan bin Sulayem, DP World chairman, said in a statement.The Dubai state controlled firm said it made a profit attributable to owners
DP World to Invest in Kazakhstan Ports
The global port operator are in discussions with Kazakhstan government to invest in new infrastructure in the country’s ports and logistics sectors.The potential of DP World investing in new infrastructure in Kazakhstan’s ports and logistics sectors was the focus of discussions between global trade enabler DP World’s Chairman and CEO Sultan Ahmed Bin Sulayem and Kazakhstan’s Prime Minister H.E. Askar Mamin in Astana today.This follows the signing of two framework agreements with…
DP World Orders Kalmar Straddle Carriers
The cargo-handling solutions provider Kalmar is to supply DP World with a total of 63 Kalmar Hybrid Straddle Carriers for use at four of its European container terminals: 12 units will be delivered to GMP in Le Havre, France; 20 units to Eurofos in Marseille, France; 19 units to Antwerp Gateway in Belgium; and 12 units to DP World Southampton in the UK.The order was booked in Cargotec's 2019 Q1 order intake, and the majority of the machines is expected to be delivered by the end of 2019…
DP World Asks Court to Halt Antitrust Probe at Mumbai Port
Dubai's DP World has asked an Indian court to halt an investigation into alleged antitrust violations at the country's largest container port in Mumbai, saying the regulator was seeking excessive information, a court document seen by Reuters showed.The Competition Commission of India (CCI) last year said it suspected antitrust violations by DP World and Denmark's A.P. Moller-Maersk at the terminals they operate at state-owned Jawaharlal Nehru Port Trust (JNPT).The CCI's investigation followed a complaint by Singapore's PSA International Pte Ltd…
Kalmar Backs DP World Ecuador Terminal Project
Kalmar, a provider of lifting solutions and part of Cargotec, has announced a further extension of its collaboration with world-leading global terminal operator DP World.A new fleet of Kalmar mobile equipment - 33 terminal tractors, three empty container handlers, three reachstackers and one forklift - will ensure safe and efficient operations at DP World's new deep-water port at Posorja in Ecuador. The order was booked in Cargotec's 2018 Q4 order intake, with delivery scheduled to begin during Q2 of 2019.