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 $1.27 billion in profit – an increase of 5.1%.
DP World announced that it plans investing heavily in Kazakhstan’s port and logistics infrastructure as it looks to enhance the supply chain across central Asia and accelerate the Caspian Sea into a hub of global trade hub. Thus, the company signed two agreements with the Kazakhstan government.
DP World PLC, the Dubai-based port operator, announced its interest on purchasing the holding company of P&O Ferries and P&O Ferrymasters of GBP 322 million (USD 421 million). The transaction implies a 2017 Enterprise Value/EBITDA valuation multiple of 6.1x.
DP World will start its first hyperloop project in India. During 2018, DP World collaborated with Virgin Hyperloop One to create a cargo transporter. Now, the first project destination will take place in India. However, it is not yet known when the project will start. Hyperloop is a futuristic mode of passenger and freight transportation in which a pod-like vehicle is propelled through a near-vacuum steel tube.
Terminal operator DP World saw both its year-on-year and like-for-like (LFL) volume increase in 2018, despite global trade uncertainty. DP World handled 71.4 million TEU across its global portfolio of container terminals in 2018, with gross container volumes growing by 1.9% YoY on a reported basis and 2.9% on an LFL basis.
DP World announced the acquisition of an additional stake in DP World Australia from Gateway Infrastructure Investments (Gateway) and other financial investors, valuing DP World Australia at an enterprise value of approximately A$ 1.4 billion (US$ 997 million).
The Port of Prince Rupert and DP World reached a record of 1 million TEU as Fairview Container Terminal for the first time in a calendar year. During its first full year in operation in 2008, Fairview Terminal moved a modest 182,523 TEUs.
Dubai-based port operator DP World partnered with US-based Virgin Hyperloop One to launch DP World Cargospeed, a new global company intended to provide hyperloop-enabled cargo systems to support the fast, sustainable and efficient delivery of palletised cargo. This is the first initiative of its kind in the world.
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