Dubai Finishes Buying P&O

Tuesday, February 14, 2006
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. In January 2005, the company moved farther into Asia and Europe with the acquisition of the international terminal business of CSX Corp. With that acquisition, it changed its named to Dubai Ports World. The company reported that business has been growing 20 percent a year since 2001, but as a private company, it does not reveal its income. Its port in Dubai, one of the world's largest for containers, is supported by a state economic entity that provides tax and other incentives to corporations moving to the emirate. Oil production and tourism support the hot Dubai economy. Source: Baltimore Sun

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

MOL Wins Eco Awards in California

Mitsui O.S.K. Lines, Ltd. earned recognition from the ports of both Los Angeles and Long Beach, California, today, for its efforts to ensure compliance with

WGMA Urges Participation in Menhaden Survey

The West Gulf Maritime Association (WGMA) is urging its members with ships arriving at any port in the western US Gulf to participate in the Menhaden survey.

Navy

Navy to Commission Submarine John Warner

The Navy will commission its newest fast attack submarine, the future USS John Warner (SSN 785), during a 10 a.m. EDT ceremony Saturday, Aug. 1, 2015, at Naval Station Norfolk,

CSG8 Holds Change of Command Ceremony

Rear Adm. Robert  Burke turned over command of Submarine Group EIGHT (CSG8) to Rear Adm. Daryl Caudle, during a change of command ceremony at Naval Support Activity Naples, July 29, 2015.

Brazilian Police to Probe Nuclear Submarine Program

Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1217 sec (8 req/sec)