Court Orders DP World's Rights Restored for Doraleh Port
A London arbitration court has ordered Djibouti to restore DP World's right to operate the Doraleh Container Terminal as detailed under a 2006 concession deal within two months or pay damages, the state news agency WAM reported on Tuesday.The government of Djibouti seized the terminal from Dubai government-controlled DP World in February 2018 over a dispute dating back to at least 2012.An independent expert has estimated the losses to DP World at more than $1 billion, WAM reported. (Reporting by Asma Alsharif; Editing by Jan Harvey)
DP World: Djibouti Dispute Hurts Firm's Borrowing Ability
Global ports operator DP World has struggled to borrow from banks to finance new investments since a port it partially owns in Djibouti was seized by the government there in 2018, its chairman said on Monday."We are investing but it is costing us more. That’s the damage," DP World Chairman Sultan Ahmed bin Sulayem told Reuters in Rwanda's capital Kigali, where the company opened a $35 million logistics platform on Monday."Fewer banks will lend us money today," he said, without giving further details.
DP World to Issue $700 million in Bonds, Sukuk
Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.Barclays, Citi, Deutsche Bank, Dubai Islamic Bank…
Arctic Sea Route Opens for Year's First LNG Cargo
A liquefied natural gas (LNG) tanker carrying a cargo from the Yamal LNG plant has spent this week making its way through Arctic waters north of Russia towards Asia, marking the first voyage of the 2019 summer season across the Northern Sea Route.The Vladimir Rusanov, an Arc7-classed LNG tanker that can plough through semi-cleared waters, left the Sabetta port on June 29 and is in the Chukchi Sea close to the Bering Strait, Refinitiv Eikon shipping data showed on Friday.The route…
DP World Eyes Arctic Sea Route
Dubai-based ports operator DP World hopes to run ports that Russia plans to build along an Arctic sea route intended to shorten shipping times between east and west.The quadrilateral agreement of intent with Russian Direct Investment Fund, an investment fund of the Russian Federation, Rosatom, the infrastructure operator of the NSR and Norilsk Nickel, a world leader in the production of palladium and high-quality nickel, was signed, reported Reuters.The signed deal between the Emirati company and the Russian firms is not legally binding…
Albwardy Damen Celebrates Tenth Anniversary
Albwardy Damen celebrated its tenth anniversary on November 15th by officially opening its new ship repair facility at Dubai Maritime City (DMC). Over 100 guests from both the regional maritime industry and the Dubai government joined the Albwardy Damen management team at their new DMC workshop and Dubai HQ for the opening ceremony, followed by lunch on board the famous Queen Elizabeth II (QE2) ocean liner. Albwardy Damen is a joint venture between Albwardy Marine Engineering and the Damen Shipyards Group…
DP World Launches Expansion of Port in Somaliland
Dubai state-owned port operator DP World launched on Thursday a $101 million project to expand a port in the breakaway region of Somaliland.Somaliland broke away from Somalia in 1991 and has acted as a de-facto independent state since then but is not internationally recognized. The United Arab Emirate's Dubai government owns DP World.The port in Berbera exports camels to the Middle East and imports food and other items, but Somaliland hopes it will provide an alternative for neighboring Ethiopia - a landlocked country of 100 million which relies on Djibouti for its trade.On Thursday…
Djibouti Nationalizes Stake in Doraleh Container Terminal
Djibouti has nationalized the two-thirds stake in its Doraleh Container Terminal held by the Port of Djibouti, the government said in a statement, the latest twist in a dispute with Dubai's government-controlled DP World dating back six years.In February, Djibouti ended a contract with DP World, one of the world's biggest port operators, to run its Doraleh Container Terminal (DCT), and seized control of the terminal.A London court later said DP World's contract to run the terminal was still valid.The port of Djibouti, PDSA, is itself majority-owned by the Djibouti state and in turn owns a two-
DP World, Tata Group Mull Cooperation Opportunities
Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer, DP World, has met senior executives from India’s Tata Group to explore opportunities for cooperation, knowledge sharing and best practice. Discussions covered logistics and supply chain operations, innovative customer care and creating high quality, sustainable services. The meeting was attended by Ahmed Al Haddad, Chief Operating Officer, Jafza, and Mahmood Al Bastaki, CEO, Dubai Trade. Bin Sulayem outlined DP World’s operations across 40 countries…
Djibouti Ends Dubai's DP World Contract to Run Container Terminal
Djibouti has ended a contract with Dubai's DP World, one of the world's biggest port operators, to run its Doraleh Container Terminal, the president's office said on Thursday. "The Republic of Djibouti has decided to proceed with the unilateral termination with immediate effect of the concession contract awarded to DP World," the office of President Ismail Omar Guelleh said in a statement. Last February, the London Court of International Arbitration cleared DP World of all charges of misconduct over a concession to operate the terminal, Dubai's government said at the time.
DP World Cleared of Misconduct over Djibouti Terminal
The London Court of International Arbitration has cleared DP World, one of the world's biggest port operators, of all charges of misconduct over a concession to operate a container terminal in Djibouti, Dubai's government said on Tuesday. In 2014 the government of the East African country lodged claims accusing DP World, majority-owned by the Dubai government, of illegal payments to secure a 50-year concession for the Doraleh Container Terminal, the Dubai government said. On Tuesday the court dismissed the claims and ordered the claimants to bear the costs of the arbitration, Dubai said.
DP World Bolsters Investment in India
DP World Pvt. Ltd, the world’s fourth biggest container port operator majority owned by the Dubai government, has plans to invest over $1 billion in India for augmenting its port-related operations. The company is seeking to invest in expansion of brownfield terminals, new terminals, inland container depots and expansion of existing inter-modal rail services for rolling stock, Sultan Ahmed Bin Sulayem, group chairman and CEO said. The announcement was made during a visit to New Delhi and Mumbai by Sheikh Mohammed Bin Zayed Al Nahyan…
DP World to Develop Russian Ports
Dubai-based port operator DP World and the Russian Direct Investment Fund have launched a joint venture to develop ports, transportation and logistics infrastructure in Russia. Signed on the sidelines of the World Economic Forum in Davos, Switzerland, the deal will give DP World an 80 percent stake in the new company, while the Russian government-backed fund will hold the remainder, news agency WAM reported. The company will be called DP World Russia and over time could invest $2 billion to upgrade port infrastructure in different parts of Russia.
DMCA's Pact with TRAKHEES
Dubai Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising all aspects of Dubai’s maritime sector, has signed a strategic service-level agreement (SLA) with Trakhees, a regulatory arm of the Ports, Customs and Free Zone in Dubai, UAE, for sustainable development of the maritime city. Under the terms of the agreement, Trakhees will process all types of permits and approvals along with ancillary activities for all civil engineering and environment…
First LNG Fuelled Tug for Middle East by Wärtsilä
Drydocks World (DDW) based in Dubai, UAE, has contracted Wärtsilä to design and supply the propulsion and other equipment for a new harbour tug that will operate on liquefied natural gas (LNG). This will be the first harbour tug in the Middle East region to operate on gas. The order was signed in November. The 29-meter-long tug is the first of a series of nine such vessels to be built and operated by DDW. The project is part of a green initiative launched by the Dubai government, and is intended to set an example for promoting environmental sustainability throughout the region.
Dubai Maritime City Launch Sustainability Program
Dubai Maritime City has launched a strategic initiative to focus on the sustainable future of the Emirate’s maritime industry in cooperation with Dubai Supreme Council of Energy. Dubai Maritime City Authority (DMCA), the government authority charged with regulating, coordinating and supervising all aspects of the maritime sector in Dubai, has announced that it has initiated the Dubai Maritime Sustainability Program (MSP) in collaboration with the Dubai Supreme Council of Energy and DP World.
Dubai Maritime City Partners with Norwegian Salmon Company
Maritime cluster Dubai Maritime City has announced its partnership with SalMar ASA, a Norwegian salmon farming company. The Dubai Cooperative Society for Fishermen, a Dubai government entity is supporting the new partnership. The venture is reportedly a "first-of-its-kind" in Dubai and proposes to build a state-of-the-art salmon house in the Emirate. Dubai Maritime City (DMC) has been supporting the specific needs of Fishermen collaboratively with the Dubai Cooperative Society for Fishermen.
Dubai Trade Award for WSS
Wilhelmsen Ships Service (WSS) awarded 'Freight Forwarder of the Year' prize at the Dubai Trade awards ceremony. The awards recognise the achievements of the region’s most active online performers and were attended by representatives from DP World and Dubai Trade as well as key dignitaries from the government and private sector and executives from manufacturing and trading companies and supply chain service providers. Wilhelmsen Ships Service AS is part of Wilhelmsen Maritime Services, a Wilh. Wilhelmsen Group Company.
Dubai Drydocks World Established
Dubai World has consolidated its drydocks and maritime business by bringing Dubai Drydocks, Al Jadaf Shipyard, Platinum Yachts FZ and Platinum Yacht Management under a single umbrella - Dubai Drydocks World (DD World), a statement said. Dubai World, which runs DP World, the world's third largest port operator, yesterday announced the establishment of Dubai Drydocks World (DD World) to consolidate the dry docks and maritime sector of the organisation. All of these business units have aligned activities, which involve ship repair, conversion and ship building. Dubai Drydocks, a Dubai government-owned entity, has been operating since 1983 and has grown from humble beginnings into a world leader in the ship repair and conversion business.
P&O Shares Increase
Dubai Ports World raised its offer for the British port operation Peninsular and oriental steam Navigation Co. to almost $7 billion, beating an offer from Singapore's PSA International Ltd. The offer sent P&O's shares up almost 5 percent on January 27. P&O and DP World, which is owned by Dubai's government, had agreed to the $6.9 billion cash bid. The offer, which amounts to $9.26 per share, topped a $6.3 billion offer from PSA, a unit of Singapore's government-owned investment company Temasek Holdings Pte. P&O had recommended shareholders accept the Singapore bid before Dubai raised the stakes. Shares in P&0 were trading just below that level at $9.71 on January 27, up 4.6 percent, in London. (Source: AP)