Dubai's DP World Completes Danish Unifeeder Acquistion
Global port operator DP World says it has completed the acquisition of Danish logistics firm Unifeeder for $748 million.DP World’s full acquisition of Unifeeder Group from Nordic Capital Fund VIII was announced in August, but finalized on Thursday."DP World PLC is pleased to advise that it has closed the transaction to acquire 100% of Unifeeder Group from Nordic Capital Fund VIII and certainminority shareholders," said one sentence statement from the Dubai-based global marine terminal operator."Unifeeder Group is now part of the DP World Group…
Cargo Ships Caught in Russia-Ukraine Storm
Russia-Ukraine naval clash followed shipping holdups Ships bound for Ukrainian ports say they are held up while those bound for Russian ports go through.When the Island Bay cargo ship arrived from Beirut at the Kerch Strait, gateway to the Azov Sea, it sailed into a perfect storm of geopolitics and bad weather.The following day, Russia opened fire on three Ukrainian naval ships, impounded them and detained their sailors, some of them wounded. It then blocked the strait by putting…
India to Probe Alleged Antitrust Behavior by Maersk, DP World at Mumbai Port
India's antitrust regulator has ordered a probe into alleged anti-competitive practices by Denmark's A.P. Moller-Maersk and Dubai's DP World at the terminals they operate at the country's largest container port in Mumbai, five sources familiar with the matter told Reuters.The decision by the Competition Commission of India (CCI) to investigate follows a complaint by Singapore's PSA International Pte Ltd, which alleged that Maersk and DP World created entry barriers to hinder the…
East Africa Opens it First Inland Dry Port
Dubai-based global port operator DP World and the Rwandan government have opened East Africa’s first Inland Dry Port, 20 kilometers from the capital city Kigali and close to the international airport.DP World Kigali logistics hub is a secure, bonded facility spread over 13 hectares and features an Inland Container Terminal (ICT) with modern warehousing capacity, a container yard, administrative and services buildings, parking areas and other facilities.According to a release from the world's port terminal operator…
GAC Inaugurates Dubai Logistics Facility
A quarter of a century after opening the first distribution center in the Middle East, GAC Dubai officially unveiled its new purpose-built contract logistics facility, at Dubai South.The inauguration ceremony was held under the patronage of His Excellency Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation (DACC) & Dubai South, and attended by GAC Group President Bengt Ekstrand, GAC Group Vice President for the Middle East Fredrik Nyström, GAC Dubai Managing Director Ronald Lichtenecker…
Palau Marks its Presence in Dubai
Palau International Ship Registry, the world’s fastest growing flag, added yet more vessels into its fleet with the signing of two new ship registrations during Seatrade Middle East 2018 (STMM) held last month in Dubai.Jamal S Khalil, General Manager, of Al Rafedain Marine Services signed the documents on the Palau stand at STMM to register two ships and was supported by Global Marine Consultants Group (GMCG) one of the valued partners of PISR and which helped facilitate the new signings.Panos Kirnidis…
DP World's Dubai Shipping Box Volumes Slide in Q3
DP World's shipping container volumes in Dubai fell 6.7 percent in the third quarter, with the port operator warning on Tuesday that the near-term outlook for Dubai's major Jebel Ali Port remained challenging.DP World operates Dubai's Jebel Ali, a major transhipment port and the largest port in the United Arab Emirates, and the Mina Rashid port.Dubai government-controlled DP World, one of the world's largest port operators, blamed the fall in cargo volumes on the challenging macro…
DP World Amends Terms of $2 Bln 'Green' Loan
Dubai port operator DP World has repriced and extended the maturity of a $2 billion "green" loan comprising conventional and Islamic revolving credit facilities, Standard Chartered said.A total of 19 banks provided the facility, which was extended by two years and was now due in 2023, said the bank which is coordinating the transaction.The loan pricing is linked to DP World's carbon emission intensity as a way to incentivize the company to reduce its greenhouse gas emission. (Reporting by Davide Barbuscia Editing by Edmund Blair)
DP World Launches Expansion of Port in Somaliland
Dubai state-owned port operator DP World launched on Thursday a $101 million project to expand a port in the breakaway region of Somaliland.Somaliland broke away from Somalia in 1991 and has acted as a de-facto independent state since then but is not internationally recognized. The United Arab Emirate's Dubai government owns DP World.The port in Berbera exports camels to the Middle East and imports food and other items, but Somaliland hopes it will provide an alternative for neighboring Ethiopia - a landlocked country of 100 million which relies on Djibouti for its trade.On Thursday…
Stena Bulk Forms Chemical Tanker JV with Bay Crest Management
Golden-Agri Stena, a joint venture between Sweden based tanker shipping company Stena Bulk and Indonesia’s largest palm oil producer Golden Agri-Resources, has started a new joint venture with Japan's Bay Crest Management for the the operation and commercial management of chemical tankers.The new joint venture, GSB Tankers, will commence operation on January 1, 2019, managing 18 chemical tankers to start, with the aim of managing 30 vessels within the next two years.The joint venture will operate out of the existing premises of Golden-Agri Stena.
Rotterdam Polymer Hub Pact with Port for Logistics Node
The Port of Rotterdam Authority and Rotterdam Polymer Hub (RPH) signed an allocation agreement regarding a site for two halls for the storage and distribution of polymers.RPH will be the first logistics node in the Rotterdam port area to focus exclusively on the storage of polymers. The project is a joint initiative of the Port of Rotterdam Authority, Euro-Rhine Group and entrepreneur Geert Van De Ven.The two halls, with a combined floor area of 35,000 m² (storage capacity 550,000 tonnes) will be erected at Maasvlakte.
Bangladesh to Hold Talks with ENOC for LPG Terminal
Bangladesh will hold talks with Dubai-based Emirates National Oil Company (ENOC) to set up an liquefied petroleum gas (LPG) terminal in the country, a Dhaka-based official said on Tuesday."ENOC has sent us a proposal for a joint venture project to build an LPG terminal," said Sayed Mohammad Mozammel Haque, a director of state-owned Bangladesh Petroleum Corporation."We have invited them for detailed discussions in our office in Dhaka. They are supposed to come on Oct.
Glander International Bunkering Goes to Spain
The marine fuel and lubricant trading firm Glander International Bunkering has opened its seventh office globally and third service point in Europe in Valencia, Spain, to service clients in the Mediterranean and Spanish-speaking regions.As the new Managing Director of the Spain office, Hernan B. Ortiz has officially moved to Valencia from Dubai to assume this new important role.With more than 28 years of industry experience and 9 years within the company, Hernan will leverage…
Iran to Build Crude Oil Storage Facility at Gulf of Oman Port
A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran's southeastern port of Jask with an initial investment of 200 million euros ($232 million), the oil ministry news website SHANA reported.State-run NIOC's subsidiary Petroleum Engineering and Development Co. (PEDEC) signed the agreement with Petro Omid Asia Co. to build the facility with a total capacity of 10 million barrels on a build-operate-transfer (BOT) basis in Jask…
How Refiners Plan to Grapple With Fuel Oil Output After 2020
High-sulphur fuel oil (HSFO), essentially the leftovers of an oil refiner's output, will still flow from refineries around the world even after new rules start up in 2020 curtailing its use in the global shipping fleet, a Reuters survey showed.Sixty percent of the 33 refineries contacted by Reuters in a global survey will still produce HSFO in 2020 although the supply will tighten as 70 percent of these refiners plan to reduce their output.Starting that year, ships will have to use marine fuel…
Iran Sanctions, New Fuel Rules Headline Dubai Conference
New trading sanctions against Iran and new fuel rules coming in 2020 for the entire maritime sector were the headlines of a seminar hosted by marine insurer North P&I Club yesterday in Dubai at the Taj Dubai.On the topic of sanctions against Iran, Mark Church, Director (FD&D), said that “practical issues will continue to impact on the ability to trade with Iran even where the trade is permissible. We encourage members to enforce their own due diligence and assess high-risk areas to avoid non-compliance.”Thus new fuel rules for maritime coming in 2020…
Gulftainer Wins Contract to Operate U.S. port of Wilmington, Delaware
As first reported in the JULY / AUGUST edition of Maritime Logistics Professional magazine, Gulftainer through its subsidiary GT USA, Wilmington had inked a tentative deal with the State of Delaware which would grant GT USA, Wilmington exclusive rights to operate and develop the Port of Wilmington, on the Delaware River downstream from Philadelphia for the next 50 years. That deal is now official.Privately-owned Gulftainer today operates the Canaveral Cargo Terminal in the Port of Canaveral, Florida.
DP World to Issue $3.3 bln of Multi-Currency Bonds
Dubai port operator DP World is to issue more than $3.3 billion in bonds divided across different currencies and formats, according to bank documents seen by Reuters.The company will issue $1 billion in 10-year sukuk, or Islamic bonds, offering 175 basis points over mid-swaps. It is also selling $1 billion in 30-year conventional bonds, with a yield set at 5.7 percent.In addition to the dollar-denominated deals, the Dubai logistics company is selling a 750 million euro ($878 million)eight-year bond and a 350 million pound ($461 million) bond with a 12-year maturity.
Dan-Bunkering DMCC Welcomes Three New Bunker Traders
Dan-Bunkering said it has hired three new Bunker Traders in its Dubai office.Benedek Nagy was born and raised in Hungary, however, at the age of 18 he moved to Denmark to study International Shipping and Trade as well as gain experience within the shipping industry.Fabio Rossetti grew up in Denmark and holds a graduate diploma in Managerial Economics and Innovation Management from Copenhagen Business School.Nemish Jose is of Indian descent. He is an MBA Port & Shipping Management graduate from Indian Maritime University and speaks English, Hindi, Malayalam, and Tamil.
DP World Markets Eight-year Euro-denominated Bond
Dubai's port operator DP World has started marketing an eight-year euro-denominated bond, a document by one of the banks leading the deal showed.The transaction would add to the expected issue of 10-year sukuk, or Islamic bonds, and 30-year conventional notes that the company started marketing to investors earlier on Tuesday.DP World, rated Baa1 by Moody’s and BBB+ by Fitch, has given initial price guidance of around 185 basis points over mid-swaps for the euro-denominated notes, the document showed.Barclays, Citi, HSBC, and Societe Generale are arranging the deal, which is expected to price l
BorWin Gamma Platform Sails Away
The offshore converter platform, BorWin gamma, has now safely set sail from Dubai and begun its journey to its offshore site in the German part of the North Sea.Through the Gulf of Oman, the 18,000 ton ‘topside’ will pass into the Red Sea before going through the Suez Canal onto the Mediterranean and past Gibraltar. The journey then moves through the Bay of Biscay, to the English Channel and into the North Sea where it will be integrated with the ‘jacket’ nearly 130 kilometres off the German coast.Along with BorWin3…
DP World Plans 10-year Dollar Sukuk, 30-year Conventional Bond Sale
DP World, the Dubai logistics group and one of the world's biggest port operators, will meet fixed income investors ahead of a planned 10-year benchmark dollar sukuk offering, a document issued by one of the banks arranging the potential issue showed on Monday.The company has hired Barclays, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, Société Générale and Standard Chartered Bank as joint bookrunners for the planned sukuk, or Islamic bond.
Djibouti Nationalizes Stake in Doraleh Container Terminal
Djibouti has nationalized the two-thirds stake in its Doraleh Container Terminal held by the Port of Djibouti, the government said in a statement, the latest twist in a dispute with Dubai's government-controlled DP World dating back six years.In February, Djibouti ended a contract with DP World, one of the world's biggest port operators, to run its Doraleh Container Terminal (DCT), and seized control of the terminal.A London court later said DP World's contract to run the terminal was still valid.The port of Djibouti, PDSA, is itself majority-owned by the Djibouti state and in turn owns a two-
Zaitoun Green Shipping Forms Consortium for New Maritime Model
Dubai based Zaitoun Green Shipping has initiated, together with world leading companies in smart technology and solutions, a consortium to collaborate on radically improving performance of container ships and forming a new business model for this market.The consortium consists of the top international industry key players such as MacGregor, Mitsubishi Heavy Industries Marine Machinery & Equipment, Wärtsilä, Winterthur Gas & Diesel Ltd, Gaztransport & Technigaz (GTT), WIN GD, CargoTech and Carinafour.
HullWiper Secures Business at New Australian Base
HullWiper Ltd’s underwater hull cleaning technology is marking a successful first month of operations at the Port of Townsville, Australia, with initial contracts already secured following its July 2018 launch. HullWiper’s Remotely Operated Vehicle (ROV) provides affordable and eco-friendly hull cleaning services for all kinds of vessels calling at Townsville, the largest multi-cargo port north of Brisbane, a transport hub for bulk exports, and a popular stop for cruise vessels. ROV cleaning operations at the Port of Townsville are managed by HullWiper’s leasing partner K ROV.
DP World Gross Volume Up 4.8% for 1H 2018
Dubai-based port and terminal operator DP World said that its gross volumes rose 4.8 percent to USD 35.6 billion s for the six months to 30 June 2018, despite uncertainties in the container market. On a reported basis, revenue grew 14.4%.Revenue growth is supported by the volume growth across all three regions and the impact of new acquisitions including Drydocks World LLC (Drydocks), Dubai Maritime City (DMC) and Cosmos Agencia Marítima (CAM).Profit attributable to owners of…