DP World’s global portfolio volumes up 14% in 2010

DP World handled almost 50m teu across its global portfolio of 50 operating terminals in 2010, with the actual 49.6m teu handled representing an increase of 14% against the previous year.


Of these volumes, the UAE accounted for 11.6m teu, up 4% on 2009, with the 6.1m teu performance in the second half of 2010 witnessing a return to the peak levels of 2008.


Excluding the contribution of new terminal volumes in Qingdao, China and Callao, Peru both of which became operational in 2010, volume growth was driven by strong performance in Australia, America and the Asia Pacific Regions as well as the continuing return of volumes to the European region.


During 2010 and the early part of 2011, DP World added two major terminal capacities to its portfolio - the new terminal in Callao, Peru and the major expansion of its existing terminal in Port Qasim, Karachi.


In addition, DP World announced that it is selling 75% of its shares in DP World Australia to Citi Infrastructure Investors (CII) and one of CII’s major investors, to form a strategic partnership to invest in, operate and manage DP World’s five marine terminals in Australia. The deal worth A$ 1.5bn (US$1.5bn) includes the repayment of certain intercompany balances owing from DP World Australia to DP World Limited.


DP World said that the total proceeds will go towards reducing DP World’s net debt as part of its overall strategy to improve balance sheet flexibility. Completion, subject to regulatory approvals, is expected towards the end of the first quarter of 2011.


The company’s Australian operations include container terminals in Brisbane, Sydney, Melbourne, Adelaide and Fremantle with capacity to handle in excess of 3.5m teu annually, representing approximately 50% of the total Australian container market. It recently renewed its long-term concessions in Adelaide, Brisbane and Sydney.
(Source:http://www.container-mag.com)