DP World Reports Lower Global Volumes in Third Quarter

DUBAI, Oct 22 (Reuters) - Port operator DP World reported on Tuesday a third quarter decline in cargo handled across its global portfolio as volumes fell in Dubai for a sixth consecutive quarter. The operator said it handled 18 million twenty foot equivalent unit (TEU) containers in its ports in the three months to Sept. 30, down 1.6% on the same period a year ago. It … [Read more...]

Drewry Sees DP World’s Traffic Jarred by Politics, Rival Port

By Verity Ratcliffe (Bloomberg) --U.S. sanctions against Iran and competition from Abu Dhabi are reducing traffic at DP World Plc’s home ports in Dubai, according to industry consultant Drewry. Traffic Woes Restrictions on cargo shipments to Qatar due to an embargo by the United Arab Emirates and some other Arab nations have also hurt container traffic in Dubai. However, … [Read more...]

DP World Hires Banks for $1 Billion Bond

By Archana Narayanan and Alaa Shahine (Bloomberg) --DP World Plc is hiring banks to raise about $1 billion of bonds to finance the acquisition of Topaz Energy & Marine Plc, according to three people with knowledge of the plans. The world’s largest port operator may kick off the sale as early as this week, said two of the people, asking not to be identified because the … [Read more...]

DP World Acquires Topaz for $1 Billion

Dubai-based port operator DP World has acquired 100 percent of offshore services provider Topaz Energy and Marine for a purchase price of more than $1 billion. Topaz operates a diversified fleet of 117 offshore vessels predominantly in the Caspian Sea, the Middle East and North Africa, and West Africa regions. DP World highlighted the Caspian Sea region as of particular … [Read more...]

DP World, Russia Partnership Seeks to Develop Ports Along Northern Sea Route

By Katya Golubkova and Gleb Stolyarov ST PETERSBURG, June 7 (Reuters) - 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 … [Read more...]