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Dubai port firm: 2010 business jumped 14 per cent DP World, one of the world's biggest port operators, saw strong gains in Asia, Australia and the Americas
DP World said Tuesday business jumped 14 per cent last year, reflecting the expansion of the Dubai port operator's global network and a resurgence in trade as the world economy picks up steam. The world's third-largest seaport operator saw the strongest gains in Asia, Australia and the Americas. It said its ports handled the equivalent of 49.6 m standard 20-foot cargo containers, up from 43.4 m in 2009. CEO Mohammed Sharaf said the growth puts the firm on track to report financial results in line with analysts' expectations and ahead of last year's figures. Full earnings are expected in March. "We remain confident about the long-term outlook for the container terminal industry and our strong competitive position within it," Sharaf said. DP World's results offer a snapshot of growth in world trade levels, which slumped sharply in 2009 and battered the shipping industry amid the global economic downturn. The company currently operates 49 sea cargo terminals on six continents, including the Middle East's busiest in Dubai. It is primarily focused on fast-growing markets in the developing world. The 2010 gains include the addition of new ports in Vietnam, Peru and China to DP World's portfolio. Not counting those, DP World said container volumes were up 10 percent. Also included in the 2010 results is the Mina Zayed terminal in the Emirati capital Abu Dhabi. DP World handed over control of that facility to Abu Dhabi Terminals at the start of this year. Operations in Dubai and other parts of the UAE remain a core part of DP World's business. The firm reported its Emirati volumes rose 4 per cent to the equivalent of 11.6 m containers in 2010, a level executives said was a return to the boom-time peak levels last seen in 2008. Sharaf said DP World is on track to launch a secondary listing of its shares on the London Stock Exchange in the second quarter of this year. The listing will be an important test of appetite for Dubai government-linked investments, which have been tarnished by the multibillion-dollar debt problems haunting the port firm's parent Dubai World. About 20 per cent of DP World is now available to investors through a listing on the Nasdaq Dubai stock exchange. Executives declined to say whether DP World would float a larger stake when it lists in London, though Chief Financial Officer Yuvraj Narayan told reporters the company "doesn't need any further equity." They also wouldn't comment on whether the company planned to raise cash by selling stakes in existing assets. DP World agreed to sell the bulk of its stake in five Australian ports to a Citi investment fund in late December for $1.5 bn, but continues to manage the facilities.
