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DP World
Coordinates: 24°59′N 55°05′E / 24.983°N 55.083°E
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| Type | Dual-listed company (LSE: DPW, NASDAQ Dubai: DPW) |
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| Industry | Maritime |
| Founded | 2005 |
| Headquarters | Dubai, United Arab Emirates |
| Key people | Mohammed Sharaf (CEO) Anil Wats (COO) Yuvraj Narayan (CFO) |
| Products | Ferries, port services, logistics services |
| Revenue |  $2,978 million[1] USD |
| Employees | 30,000 |
| Website | www.dpworld.com |
DP World operates more than 60 terminals across six continents, with container handling generating around 80% of its revenue. In addition, the company has 11 new developments and major expansions underway in 10 countries. In 2011, DP World handled nearly 55 million TEU (twenty-foot equivalent container units) across its portfolio from the Americas to Asia. With a pipeline of expansion and development projects in key growth markets, including India, China and the Middle East, capacity is expected to rise to around 92 million TEU by 2020, in line with market demand. It employs 30,000 people[2]. A majority of the company is owned by Dubai World.
The company was founded in 2005 by merging Dubai Ports Authority and Dubai Ports International (which had been founded in 1999). It purchased Peninsular and Oriental Steam Navigation Company (P&O) of the United Kingdom in 2006 for £3.9 billion ($7 billion), which was at the time the world's fourth largest ports operator. Shares representing 20% of the company were floated on the NASDAQ Dubai stock exchange in 2007. The company does not currently operate in the United States where its purchase of a number US ports led to high level controversy.
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Contents
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History
Early History
DP World was created in 2005 by a merger between the Dubai Ports Authority (DPA) and an Dubai Ports International (DPI) which had been founded in 1999.[3] It purchased CSX World Terminals (CSX WT) in 2005 and the Peninsular and Oriental Steam Navigation Company (P&O) in March 2006. P&O was the fourth largest ports operator in the world and was acquired for £3.9 billion ($7 billion).
2006: US Port security controversy
Main article: Dubai Ports World controversy
The ownership of various US ports by DP World (which had been acquired as part of the P&O deal) was seen as highly controversial by many in the US even though it was supported by the US president of the time (George W. Bush); the US ports were sold shortly afterwards.
P&O operated major U.S. port facilities in New York, New Jersey, Philadelphia, Baltimore, New Orleans, and Miami. Before the deal was secured, the arrangement was reviewed by the Committee on Foreign Investment in the United States headed by the U.S. Treasury Department and including the Departments of State, Commerce, and Homeland Security. It was given the green light, but soon after, both Democratic and Republican members of Congress expressed concern over the potential negative impact the deal would have on port security.
On 22 February 2006, President George W. Bush threatened to veto any legislation passed by Congress to block the deal, which would be the first time in his presidency he would exercise the privilege. In a statement to reporters, Bush claimed, "It would send a terrible signal to friends and allies not to let this transaction go through."[4] On 23 February 2006, DP World volunteered to postpone its takeover of significant operations at the seaports and on 9 March 2006, is said that it would transfer its operations of American ports to a "U.S. entity".[5]
The United States House of Representatives held a vote on 16 March 2006 on legislation that would have blocked the DP World deal, with 348 members voting for blocking the deal, and 71 voting against.[6] DPs World later sold P&O's American operations to American International Group's asset management division, Global Investment Group for an undisclosed sum.[7]
In August 2006, DP World signed an agreement with the Port Qasim Authority, to invest in a new container terminal at Port Muhammad Qasim near Karachi and announced that it was in discussions with the Pakistan Government about the development of a container terminal at Gwadar in Balochistan[8]. DP World had been favourite to win the Gwadar concession, but withdrew from the bidding[9]. Gwadar Port was subsequently awarded to PSA (Port of Singapore Authority) and opened in March 2007[10].
2007-2011: NASDAQ Dubai listing
In June 2007 the company raised $3.25 billion in Islamic and conventional bond sales to refinance existing debt and fund expansion[11] and issued 3.818 billion shares, representing 20% of the company on the NASDAQ Dubai stock exchange in November 2007 in what was the Middle East's largest initial public offering (IPO) which raised 4.96 billion dollars.[12]
By 2008 the company was handing 46.8 million TEU worldwide, up 8% on 2007, with expansion and development projects in India, China and the Middle East and elsewhere. Capacity was expected to rise to around 95 million TEU over the next ten years.[3]
In December 2009 Moody's downgraded DP World's financial status to 'junk' after the Dubai 2009 debt standstill.[13]
2011-Present: London dual listing
In June 2011, the company listed on the London Stock Exchange, a dual listing. In the second quarter of 2010 it was given the go-ahead for construction of the £1.5b London Gateway port.[14] Work on port started in February 2010.[15]The port is due to open in Q4 2013.
Location of DP World's operations
Qingdao Qianwan Container Terminal
Qingdao New Qianwan Container Terminal
Qingdao Qianwan United Container Terminal
Qingdao Qianwan United Advance Container Terminal
Tianjin Orient Container Terminal
DP World Yantai
Asia Container Terminal (HK CT8)
DP World Hong Kong
Terminal Petikemas Surabaya
ATI Batangas
Port of Manila - South Harbor (MNS)
Pusan Newport Company
Laem Chabang International Terminal (LCIT)
Saigon Premier Container Terminal (SPCT)
DP World Chennai
DP World Cochin
DP World Kulpi
Mundra International Container Terminal MICT
DP World Nhava Sheva
Visakha Container Terminal
DP World Karachi
Terminales Rio de la Plata
Empresa Brasileira de Terminais Portuários (EMBRAPORT)
DP World Vancouver - Stevedoring Divison
DP World Vancouver - Container Divison
DP World Caucedo
DP World Callao
DP World Paramaribo
DP World Paramaribo
DP World Adelaide
DP World Brisbane
DP World Fremantle
DP World Melbourne
DP World Sydney
DP World Djazair
DP World Djen Djen
Port Autonome International de Djibouti PAID
Doraleh Container Terminal (DCT)
Maputo Intermodal Container Deport (MICD)
DP World Cargo Services Mozambique
DP World Maputo
DP World Dakar - Terminal à Conteneur
DP World Cargo Services - Capetown
DP World Cargo Services - Durban
DP World Cargo Services - Port Elizabeth
DP World Cargo Services - Richards Bay
DP World Dakar - Port du Futur
Antwerp Gateway
DP World Antwerp - Delwaide
Beverdonk Container Terminal
DP World Breakbulk
EUROFOS
FOS 2xL
Terminal de France
Quai des Amériques
Quai de l'Europe
DP World Germersheim
Rotterdam World Gateway
DP World Constanta
Vostochnaya Stevedoring Company
DP World Tarragona
DP World Yarimca
DP World London Gateway
DP World Southampton
DP World Sokhna
DP World Sokhna (new development)
DP World Jeddah
Aden Container Terminal
Ma'alla Container Terminal
Al Hamriya Port
Port Rashid
DP World Jebel Ali - Terminal 1
DP World Jebel Ali - Terminal 2
DP World Jebel Ali Terminal 3
DP World Fujairah
DP World's Portfolio - as of 1st February 2012
Container Terminals
Non-Container Terminals
New Developments and Major Expansions
DP World operate more than 60 terminals across six continents, with container handling generating around 80% of its revenue. In addition, the company has 11 new developments and major expansions underway in 10 countries.
The company employs more than 30,000 people and is headquartered in Dubai, UAE.
The table below lists current terminals and new developments managed by DP World.
References
- ^ "DP WORLD LIMITED ANNOUNCES STRONG PRELIMINARY RESULTS". London Stock Exchange. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11160652. Retrieved 2012-03-29.
- ^ "Overview DP World". http://webapps.dpworld.com/portal/page/portal/DP_WORLD_WEBSITE/About-DP-World/Overview. Retrieved 2012-02-24.
- ^ a b "About DP World - History". http://webapps.dpworld.com/portal/page/portal/DP_WORLD_WEBSITE/DP_WORLD_ABOUT_PAGE/ABOUT_DP_WORLD_HISTORY. Retrieved 2009-12-09.
- ^ "Bush threatens veto in ports row". BBC News. 2006-02-22. http://news.bbc.co.uk/2/hi/americas/4737940.stm. Retrieved 2010-05-01.
- ^ http://portal.pohub.com/pls/pogprtl/docs/PAGE/POGROUP_PAGE_GROUP/PO%20GROUP%20NEWS%202006%20PAGE/SALE%20OF%20POPNA-15%20MARCH.PDF
- ^ http://www.govtrack.us/congress/vote.xpd?vote=h2006-65
- ^ King Jr., N.; Hitt, G. (2006-12-11). "Dubai Ports World Sells U.S. Assets". The Wall Street Journal. http://online.wsj.com/article/SB116584567567746444.html.
- ^ "DP World to invest on new terminal in Pakistan". http://webapps.dpworld.com/portal/page/portal/DP_WORLD_WEBSITE/Media-Centre/News-Releases/News-Releases-2006/29%20QICT%20ENGLISH%20FINAL.PDF. Retrieved 2012-03-21.
- ^ "PSA wins Gwadar". http://www.worldcargonews.com/htm/n20070118.845369.htm. Retrieved 2012-03-21.
- ^ BBC News | Pakistan launches strategic port
- ^ "DP World raises $3.25b from two bond issues". Gulf News. http://gulfnews.com/business/shipping/dp-world-raises-3-25b-from-two-bond-issues-1.185755. Retrieved 2009-12-09.
- ^ "Investor Centre". DP World. http://webapps.dpworld.com/portal/page/portal/DP_WORLD_WEBSITE/DP_WORLD_INVESTOR_CENTRE/INVESTOR_CENTRE_INTRODUCTION. Retrieved 2009-12-08.
- ^ Moya, Elena (2009-12-08). "Six Dubai companies downgraded to junk status". The Guardian (London). http://www.guardian.co.uk/business/2009/dec/08/dubai-companies-downgraded-rating-action. Retrieved 2009-12-08.
- ^ Lea, Robert (2010-01-06). "DP World on course to dock in the FTSE 100". The Times (London). http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article7002331.ece. Retrieved 2010-02-11.
- ^ "London Gateway port, Essex". Local Transport Today. http://www.transportxtra.com/magazines/local_transport_today/news/?ID=21491. Retrieved 2010-02-11.
- ^ a b China - Qingdao
- ^ EyeFortransport | QQCTN opens for business
- ^ a b APM Terminals | Qingdao Terminal Map
- ^ | QQCT News QQCTU Signing ceremony held in Qingdao
- ^ QQCTUA | Geographical Location
- ^ China - Tianjin
- ^ China - Yantai
- ^ Hong Kong - ACT
- ^ Hong Kong - CT3
- ^ Indonesia - Surabaya
- ^ a b Philippines - Manila
- ^ South Korea - Pusan
- ^ Thailand - Laem Chabang
- ^ Vietnam - Ho Chi Minh City
- ^ India - Chennai
- ^ India - Cochin
- ^ India - Kulpi (New Development)
- ^ India - Mundra
- ^ India - Nhava Sheva
- ^ India - Visakhapatnam
- ^ Pakistan - Qasim
- ^ Argentina - Buenos Aires
- ^ Brazil - Santos (New Development)
- ^ EMBRAPORT | Project Features
- ^ a b Canada - Vancouver
- ^ Dominican Republic - Caucedo
- ^ Peru - Callao
- ^ a b Suriname - Paramaribo
- ^ Suriname Ports Handbook
- ^ Australia - Adelaide
- ^ Australia - Brisbane
- ^ Australia - Fremantle
- ^ Australia - Melbourne
- ^ Australia - Sydney
- ^ Algeria - Algiers
- ^ Algeria - Djen-Djen
- ^ Djibouti - Djibouti
- ^ Djibouti - Doraleh
- ^ a b c Mozambique - Maputo
- ^ Senegal - Dakar
- ^ Senegal - Dakar (New Development)
- ^ a b c Dakar Port Authority | Presentation | Development Program
- ^ a b c d DP World Cargo Services
- ^ Belgium - Antwerp Gateway
- ^ Belgium - Delwaide
- ^ Belgium - DP World Breakbulk
- ^ DP World Intermodal | Beverdonk Container Terminal (BCT)
- ^ France - Fos
- ^ France - Fos (New Development)
- ^ a b c France - Le Havre
- ^ GM Portuaire| Terminal de France
- ^ GM Portuaire| Quai des Amériques
- ^ GM Portuaire| Quai de l'Europe
- ^ Germany - Germersheim
- ^ Netherlands - Rotterdam (New Development)
- ^ Romania - Constanta
- ^ Russia - Vostochny
- ^ Spain - Tarragona
- ^ Turkey - Yarimca (New Development)
- ^ UK - London Gateway (New Development)
- ^ UK - Southampton
- ^ Egypt - Sokhna
- ^ Egypt - Sokhna (New Development)
- ^ Saudi Arabia - Jeddah
- ^ a b Yemen - Aden
- ^ DP World upgrading Al Hamriya Port
- ^ Dubai - Port Rashid
- ^ Dubai - Jebel Ali
- ^ UAE - Jebel Ali (New Development)
- ^ a b dpworld.ae | Terminals| Dubai Ports | Facilities
- ^ UAE - Jebel Ali Terminal 3 (New Development)
- ^ Fujairah - Fujairah Port
External links
- DP World - Global
- DP World — Dubai
- DP World - Karachi
- BBC story on takeover of P&O
- Republican Congresswoman Sue Myrick's letter to President Bush regarding the DP World ports purchase
- SourceWatch article on DP World
- President's Weekly Radio Address
- Dubai Ports World eyes Gwadar in Pakistan
- DP World Antwerp
- Werken bij DP World Antwerp?
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DP World
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