DP World Becomes a Full Logistics Operator in Peru
DP World, a Dubai-based global port operator, announced that it has expanded its business in Peru into a fully-integrated maritime and logistics operation.It has completed the development of the first phase of the deepwater port of Posorja in Ecuador for around $538 million. The whole project is estimated to cost around $1.2 billion.The development of the port by DP World will make Ecuador a trade and logistics hub for South America’s west coast. It will also see large container ships with capabilities exceeding 10, 000 twenty-foot equivalent (teu) arriving at the port of Posorja.Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World…
DP World Acquires Cosmos Agencia Maritima in Peru
Dubai-based DP World, , one of the world's largest port operators, said it had bought a logistics firm Cosmos Agencia Maritima (CAM) in Peru for $315.7 million, giving it a 50 percent stake in the country's second largest container terminal. "CAM owns a fully integrated logistics service business (Neptunia S.A and Triton Transport S.A)that offers end-to-end solutions to its customers. The logistics division offers an integrated platform of solutions in activities related to foreign trade, product storage and distribution, as well as freight services that facilitate development and implementation of industry specific projects," said a press release from the company.
New LNG Carrier for Ichthys LNG Project Named
A new vessel built for carrying liquefied natural gas (LNG) from the Ichthys LNG Project in Darwin, Australia to Naoetsu, Niigata has been named at the Mitsubishi Heavy Industries, Ltd. (MHI) Nagasaki Shipyard. The LNG carrier was named Oceanic Breeze by Toshiaki Kitamura, President of INPEX Corporation (INPEX), whose fully owned subsidiary INPEX Shipping Co., Ltd. will time-charter the ship. Oceanic Breeze, owned by Oceanic Breeze LNG Transport S.A. (OBLT), a 30/70 joint venture between Inpex Shipping and Kawasaki Kisen Kaisha, Ltd.
2Q Results for Wilh. Wilhelmsen
The Wilh. Wilhelmsen ASA (WW) maritime group released its result for the second quarter and the first half. WW has written down the value relating to assets in Global Automotive Logistics SAS (GAL), parent company of Compagnie d'Affrètement et de Transport SA (CAT), by $25m to zero because of continued weak results and an unclear financial position. Wallenius Wilhelmsen Logistics (WWL - 50% owned by WW) owns 40% of CAT/GAL. WW has long warned that the position in the French logistics company is not good enough, and wrote down GAL by $14m as early as the third quarter of 2005. Operations are otherwise going very well for WW. Net operating profit for the group in the second quarter was $58m. A decline of $14m from the same period of last year reflects the CAT/GAL write-down.
