DP World Southampton announced the launch of new hybrid equipment that will enable it further reduce its emissions and carbon footprint. According to the port’s statement, the new hybrid equipment commenced its operation this week.
Jebel Ali Free Zone (Jafza), the Middle East’s special economic zone and part of DP World, announced it will waive an estimated AED 35 million (=USD 9,530) in fines owed by its customers, in commemoration of the UAE Government’s designation of 2019 as the Year of Tolerance.
The Prince Rupert Port Authority (PRPA) has announced plans to create up to 7 million TEU of additional capacity through the development of multiple new terminals. The Authority aims to expand the Fairview Terminal and build a second container terminal at Prince Rupert’s South Kaien Island site.
DP World agreed to buy Canadian marine terminal Fraser Surrey Docks from a Macquarie Group fund. The terminal will be purchased through the Canadian subsidiary DP World Canada Investment Inc, which is 45% owned by Caisse de dépot et placement du Québec. The deal is expected to finalize during the first half of 2019.
In a court filing, the Competition Commission of India said 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.
DP World is possible to start using the fourth terminal at its flagship Jebel Ali port during the second half of 2019, as the use of the terminal was delayed because of a softening market. Given the slow-down in the market, DP World had decided to postpone the utilization of the new terminal and refurbish Terminal 1 instead.
DP World’s revenue jumped by 19.8% in 2018 as it weathered trade war threats and other geopolitical uncertainty, according to its annual financial results.The terminal operator said it generated US$5.6 billion in revenue in 2018 and $1.27 billion in profit – an increase of 5.1%.
DP World announced that it plans investing heavily in Kazakhstan’s port and logistics infrastructure as it looks to enhance the supply chain across central Asia and accelerate the Caspian Sea into a hub of global trade hub. Thus, the company signed two agreements with the Kazakhstan government.
DP World PLC, the Dubai-based port operator, announced its interest on purchasing the holding company of P&O Ferries and P&O Ferrymasters of GBP 322 million (USD 421 million). The transaction implies a 2017 Enterprise Value/EBITDA valuation multiple of 6.1x.
DP World will start its first hyperloop project in India. During 2018, DP World collaborated with Virgin Hyperloop One to create a cargo transporter. Now, the first project destination will take place in India. However, it is not yet known when the project will start. Hyperloop is a futuristic mode of passenger and freight transportation in which a pod-like vehicle is propelled through a near-vacuum steel tube.
