Reports indicate that Dubai Ports World, a state-owned international port operator, cleared its last major hurdle yesterday in acquiring a British company that helps run several U.S. terminals the companies said yesterday. The acquisition of Peninsular & Oriental Steam Navigation Co., whose shareholders agreed yesterday to accept Dubai Ports World's offer of 3.9 billion pounds, or $6.8 billion, in cash, would create the world's third-largest port operator, with 51 terminals in 30 countries. It will also give the aggressive Dubai a larger foothold in the booming trade between Asia and the United States. P&O officials have said they expect the company to be run separately out of London and do not expect changes in U.S. operations in New York, New Jersey, New Orleans, Philadelphia and Baltimore. P&O is the terminal operator and stevedore for container cargo at the Seagirt and Dundalk marine terminals, where it has about 65 employees. The Dubai Ports World's purchase of P&O has not drawn opposition from world regulators or U.S. Homeland Security officials, who have labeled ports as potential terrorist targets. Dubai Ports World, formerly Dubai Ports International, began as the port authority in Dubai. In 1999, it began aggressively buying up other port operations in the Middle East and around the world, Shaerf said.
A January 5 report from Port World stated that an explosion on an oil tanker docked in the eastern Chinese province of Shandong has killed one person and left two others missing.valve-replacement works on the deck. (Source: Port World)
On March 2, the House Armed Services Committee will conduct a Hearing on the national security implications of the Dubai Ports World acquisition of P&O Ports. source: HK Law
The Senate Committee on Homeland Security and Governmental Affairs received a Briefing from Administration personnel on the Dubai Ports World (DPW) acquisition of the Peninsular & Oriental (P&O) company. Committee Chair Susan Collins (R-ME) issued a Press Release stating that she introduced a resolution calling for a thorough review and Congressional consultation before the transaction could proceed. Source: HK Law
Representative King (R-NY) introduced the Foreign Investment Security Improvement Act of 2006 (H.R. 4807) to require an investigation under the Defense Production Act of 1950 of the acquisition by Dubai Ports World of the Peninsular and Oriental Steam Navigation Company, and for other purposes. This is a companion bill to S. 2333, introduced earlier by Senator Schumer. source: HK Law
DP World has announced plans to build a new marina for luxury yachts at Port Rashid in Dubai. The project comes in response to an increased demand for luxury yachts. Tenders for construction will be invited soon. The first phase of the project is scheduled to open by 2018, with a capacity of more than 400 boats and sailing yachts with lengths in the range of 15 to 35 metres. The second phase will be for luxury yachts berth with length of more than 100 metres.
Sen. Robert Menendez, D-N.J., called on Congress on March 10 to fund technology that would scan 100 percent of the cargo containers entering America. Menendez wants Congress to add $1 billion to the 2006-07 federal budget to improve scanning technology, help developing countries improve their ability to inspect containers and provide for additional inspectors at U.S. ports. President Bush said Friday that he was troubled by the political storm that forced the reversal of a deal allowing
Mermaid Marine Australia Ltd will merge with Dubai Ports World subsidiary P&O Maritime Services Pty Ltd through a share-trading arrangement. Mermaid will issue 221.9 million shares to DP World in return for 100 per cent of the shares in P&O Maritime Services Ltd and P&O Polar Australia Pty Ltd, subject to shareholder approval. The deal will result in DP World owning 60.4 per cent of Mermaid, with existing shareholders holding the remaining 39.4 per cent.
True to its annual tradition the port of Antwerp is organizing a trade mission to India in February this year. Port Authority chairman Marc Van Peel will be accompanied on his visit to Delhi and Mumbai by Pieter De Crem, the Belgian secretary of state for Foreign Trade. The agenda includes among other things the annual Port of Antwerp reception, the presentation of an award to the Indian forwarders’ association and the opening of a new course offered by JNPT APEC Port Training Centre
The issue of stowaways is one which has existed ever since vessels began to trade. Although the number of people attempting to gain free passage to another country has varied significantly over the years, the problem still remains, says the West P&I Club in a recent loss prevention bulletin, extracted as follows: In the twelve month period to the end of 2012 the Club handled 51 stowaway cases involving 125 persons
Some 50,000 trade visitors from the whole of the world are expected in Hamburg for the start of SMM in less than two weeks. And once again, it is fully booked – with a total of more than 2,150 exhibitors from 67 countries, presenting their most innovative products and services
Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate, says a report by Caixin. According to port authority
Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing lakers equipped with a ballast water treatment system-a first for the Great Lakes.
CMA CGM’s mega containership Vasco De Gama ran aground off the Port of Southampton on the UK’s south coast just after midnight on August 22, 2016, reported Fleetmon. The damages of the 2015-built, 17,859 teu giant vessel are being assessed
The International Windship Association (IWSA) will host its annual Wind Propulsion Innovation Forum at SMM2016 in Hamburg, including an extensive agenda with expert speakers and panelists that aim to provoke discussion and debate about wind propulsion as key to the future of sustainable
The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong. The cargo was brought onboard the 161,870-cbm Maran Gas Apollonia
Lerwick Port Authority have inaugurated a new Vessel Monitoring System (VMS) which utilises the latest technology to improve the handling of ship movements at the busy Shetland port. Transas, a world-leader in providing harmonised integrated solutions to the maritime industry
Fitch Ratings recently upgraded DP World Limited’s Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable. The upgrade follows on the Fitch announcement in November 2015 that DP World’s outlook had been
The Navy will christen its newest Expeditionary Fast Transport, USNS Yuma (EPF 8), Saturday, Aug. 20, 2016, during a 10 a.m. EDT ceremony, in Mobile, Alabama. Yuma, designated EPF 8, honors the city of Yuma, Ariz., and its historically strong ties to the military.
Mitsui O.S.K. Lines, Ltd. today earned recognition from the ports of both Los Angeles and Long Beach, California, for its efforts to ensure compliance with standards that call for vessels to slow down within 40 nautical miles (nm) of the shore.
The world’s third largest container shipping company initiated a new direct service from the Port of New Orleans to the west coast of South America this week. Marseille, France-based CMA CGM launched its Med Americas service with the arrival over the weekend of the container ship Pomerenia
Port Manatee says it has signed an agreement to keep Del Monte fruit coming into the Florida Gulf Coast port for as many as 20 more years. Del Monte Fresh Produce N.A. Inc., which has imported fruit into the deepwater Florida seaport since 1989
DP World, one of the world's largest port operators, reported a 50 percent leap in net profit for the first half of this year on Thursday, helped by the acquisitions of the Dubai's Jebel Ali Free Zone and Canada's Fairview Terminal. The company made a profit attributable to shareholders of $608
Company blames softer market conditions; plan to add 1.5 mln TEU to Terminal 3 delayed into 2017. DP World, one of the world's largest port operators, is delaying the expansion of Dubai's Jebel Ali port, its main facility, because of softer market conditions, the company said on Thursday.
Today South Carolina Ports Authority reported 2016 fiscal year-end operating earnings of $39 million, revenues of $211 million and operating expenses of $172 million. "The Port closed the FY2016 books with solid financials, reflecting our commitment to achieving the necessary