DP World

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Coordinates: 24°59′N 55°05′E / 24.983°N 55.083°E / 24.983; 55.083

DP World
موانئ دبي العالمية
Dual-listed company
Traded as NASDAQ DubaiDPW
Industry Maritime
Founded 2005
Headquarters Dubai, United Arab Emirates
Key people
Sultan Ahmed bin Sulayem, Group Chairman and CEO
Jamal Majid Bin Thaniah, Vice Chairman
Yuvraj Narayan, Group CFO
Products Ferries, port services, logistics services
Revenue Increase $3,121 million[1] USD
Number of employees
37,000
Website http://web.dpworld.com

DP World (Arabic: موانئ دبي العالمية‎‎) operates multiple related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions.

DP World has a portfolio of 77 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high-growth and mature markets.[citation needed]

Container handling is the company's core business and generates more than three quarters of its revenue. In 2015, DP World handled 61.7 million TEU (twenty-foot equivalent units).

The company was founded in 2005 by merging Dubai Ports Authority and Dubai Ports International (which had been founded in 1999). It purchased P&O Group 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 of U.S. ports led to high-level controversy.

History[edit]

Early History[edit]

Dubai Ports International (DPI) was founded in 1999.[2] Its first project was at Jeddah, Saudi Arabia, collaborating with a local partner on the management and operation of the South Container Terminal (SCT). DPI then went on to develop operations at the ports of Djibouti in 2000, Vizag, India in 2002 and Constanta, Romania in 2003.[2] In January 2005, DPI acquired CSX World Terminals (CSX WT).[3] It was later, in September 2005 that Dubai Ports International officially merged with the Dubai Ports Authority (DPA) to form DP World.[4] The rapid expansion through acquisition continued in March 2006 when DP World purchased the fourth largest ports operator in the world, The Peninsular and Oriental Steam Navigation Company (P&O) for £3.9 billion ($7 billion).

2006: US Port security controversy[edit]

The ownership of various U.S. ports by DP World (which had been acquired as part of the P&O deal) was seen as highly controversial by many in the United States even though it was supported by the U.S. 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."[5] 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".[6]

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.[7] DP World later sold P&O's American operations to American International Group's asset management division, Global Investment Group for an undisclosed sum.[8]

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 Pakistani Government about the development of a container terminal at Gwadar in Balochistan.[9] DP World had been favourite to win the Gwadar concession, but withdrew from the bidding.[10] Gwadar Port was subsequently awarded to PSA (Port of Singapore Authority) and opened in March 2007.[11]

2007-2010: NASDAQ Dubai listing[edit]

In June 2007 the company raised $3.25 billion in Islamic and conventional bond sales to refinance existing debt and fund expansion[12] 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.[13]

By 2008 the company was handing 46.8 million TEU worldwide, up 8% on 2007, with expansion and development projects in India, China, the Middle East, and elsewhere. Capacity was expected to rise to around 95 million TEU over the next ten years.[2]

In December 2009 Moody's downgraded DP World's financial status to junk after the Dubai 2009 debt standstill.[14]

2010 – present[edit]

In the second quarter of 2010 DP World gave the go-ahead for construction of the £1.5 billion London Gateway port.[15][16] Work started in February 2010[17] with the port due to open in the fourth quarter of 2013. By April 2011, Moody's upgraded DP World's financial status to 'investment grade'.[18] Since December 2010, DP World has undertaken a series of asset disposals, exiting markets where it does not have a significant presence and seeking to redeploy funds in fast-growing markets.[19]

Corporate Affairs[edit]

Supply Chain Security[edit]

DP World has been certified as a partner in the Customs-Trade Partnership Against Terrorism (C‑TPAT) initiative by U.S. Customs and Border Patrol - to date, the only international port operator to have achieved this recognition. This certification is primarily based on DP World's commitment to the independently audited international ISO 28000 security standards. DP World was the first global maritime terminal operator to achieve ISO 28000 supply chain security certification and is rolling out the standard to all its terminals[20][21]

Counter Piracy[edit]

In June 2012, in partnership with the UAE Ministry of Foreign Affairs, DP World convened the second high-level, public-private counterpiracy conference, in Dubai.[22] The Washington Post reported "Diplomats and business leaders...are pushing for stronger partnerships between the public and private sectors in combating piracy off the coast of Somalia".[23]

The April 2011 conference was the first time companies rather than governments had contributed financial support to the UN counter-piracy trust fund.[24] The inaugural conference was attended by more than 65 governments and representatives of international organisations, including the United Nations[25] and more than 120 leaders from maritime industry related companies.

Sponsorships[edit]

DP World sponsor the newly re-titled DP World Tour Championship, Dubai, played at Jumeirah Golf Estates.[26] For the first three editions of the tournament previously known as "The Dubai World Championship", DP World had been a presenting sponsor. DP World also support the Hong Kong Open, the penultimate event on The Race to Dubai and the BMW PGA Championship at Wentworth Club.

Location of DP World's operations[edit]

DP World's Portfolio - as of 26 October 2012
Qingdao Qianwan Container Terminal
Qingdao Qianwan Container Terminal
Qingdao New Qianwan Container Terminal
Qingdao New Qianwan Container Terminal
Qingdao Qianwan United Container Terminal
Qingdao Qianwan United Container Terminal
Qingdao Qianwan United Advance Container Terminal
Qingdao Qianwan United Advance Container Terminal
Tianjin Orient Container Terminal
Tianjin Orient Container Terminal
Yantai International Container Terminal
Yantai International Container Terminal
DP World Hong Kong
DP World Hong Kong
Terminal Petikemas Surabaya
Terminal Petikemas Surabaya
ATI Batangas
ATI Batangas
Port of Manila - South Harbor (MNS)
Port of Manila - South Harbor (MNS)
Pusan Newport Company
Pusan Newport Company
Laem Chabang International Terminal (LCIT)
Laem Chabang International Terminal (LCIT)
Saigon Premier Container Terminal (SPCT)
Saigon Premier Container Terminal (SPCT)
DP World Chennai
DP World Chennai
DP World Cochin
DP World Cochin
DP World Kulpi
DP World Kulpi
Mundra International Container Terminal MICT
Mundra International Container Terminal MICT
DP World Nhava Sheva
DP World Nhava Sheva
Visakha Container Terminal
Visakha Container Terminal
DP World Karachi
DP World Karachi
Terminales Rio de la Plata
Terminales Rio de la Plata
Empresa Brasileira de Terminais Portuários (EMBRAPORT)
Empresa Brasileira de Terminais Portuários (EMBRAPORT)
DP World Vancouver - Stevedoring Division
DP World Vancouver - Stevedoring Division
DP World Vancouver - Container Division
DP World Vancouver - Container Division
DP World Nanaimo
DP World Nanaimo
DP World Caucedo
DP World Caucedo
DP World Callao
DP World Callao
DP World Paramaribo
DP World Paramaribo
DP World Paramaribo
DP World Paramaribo
DP World Brisbane
DP World Brisbane
DP World Fremantle
DP World Fremantle
DP World Melbourne
DP World Melbourne
DP World Sydney
DP World Sydney
DP World Djazair
DP World Djazair
DP World Djen Djen
DP World Djen Djen
Port Autonome International de Djibouti PAID
Port Autonome International de Djibouti PAID
Doraleh Container Terminal (DCT)
Doraleh Container Terminal (DCT)
Maputo Intermodal Container Deport (MICD)
Maputo Intermodal Container Deport (MICD)
DP World Cargo Services Mozambique
DP World Cargo Services Mozambique
DP World Maputo
DP World Maputo
DP World Dakar - Terminal à Conteneur
DP World Dakar - Terminal à Conteneur
DP World Cargo Services - Cape Town
DP World Cargo Services - Cape Town
DP World Cargo Services - Durban
DP World Cargo Services - Durban
DP World Cargo Services - Port Elizabeth
DP World Cargo Services - Port Elizabeth
DP World Cargo Services - Richards Bay
DP World Cargo Services - Richards Bay
DP World Dakar - Port du Futur
DP World Dakar - Port du Futur
Antwerp Gateway
Antwerp Gateway
DP World Antwerp - Delwaide
DP World Antwerp - Delwaide
Beverdonk Container Terminal
Beverdonk Container Terminal
EUROFOS
EUROFOS
FOS 2xL
FOS 2xL
Terminal de France
Terminal de France
Quai des Amériques
Quai des Amériques
Quai de l'Europe
Quai de l'Europe
DP World Germersheim
DP World Germersheim
Rotterdam World Gateway
Rotterdam World Gateway
DP World Constanta
DP World Constanta
DP World Tarragona
DP World Tarragona
DP World Yarimca
DP World Yarimca
DP World London Gateway
DP World London Gateway
DP World Southampton
DP World Southampton
DP World Sokhna
DP World Sokhna
DP World Sokhna (new development)
DP World Sokhna (new development)
DP World Jeddah
DP World Jeddah
Al Hamriya Port
Al Hamriya Port
Port Rashid
Port Rashid
DP World Jebel Ali - Terminal 1
DP World Jebel Ali - Terminal 1
DP World Jebel Ali - Terminal 2
DP World Jebel Ali - Terminal 2
DP World Jebel Ali Terminal 3
DP World Jebel Ali Terminal 3
DP World Fujairah
DP World Fujairah
DP World's Portfolio - as of 26 October 2012

Red pog.svg Container Terminals
Yellow pog.svg Non-Container Terminals

Green pog.svg New Developments and Major Expansions

DP World has a portfolio of 77 operating marine and inland terminals supported by over 50 related businesses in 40 countries across six continents with a significant presence in both high-growth and mature markets.

The table below lists current terminals and new developments managed by DP World.

References[edit]

  1. ^ "DP WORLD LIMITED ANNOUNCES STRONG FINANCIAL RESULTS". London Stock Exchange. Retrieved 2013-03-20. [permanent dead link]
  2. ^ a b c "About DP World - History". Archived from the original on 5 November 2012. Retrieved 2012-11-27. 
  3. ^ Dubai Ports International Completes Acquisition Of CSX World Terminals | 22 February 2005
  4. ^ Dubai merger sees world's largest port operation | 29 September 2005
  5. ^ "Bush threatens veto in ports row". BBC News. 2006-02-22. Retrieved 2010-05-01. 
  6. ^ Sale of P&O Ports North America
  7. ^ H.R. 4939 (109th): Emergency Supplemental Appropriations Act for Defense, the Global War ... (On Passage of the Bill) - GovTrack.us
  8. ^ King Jr., N.; Hitt, G. (2006-12-11). "Dubai Ports World Sells U.S. Assets". The Wall Street Journal. 
  9. ^ "DP World to invest on new terminal in Pakistan" (PDF). Retrieved 2012-03-21. [permanent dead link]
  10. ^ "PSA wins Gwadar". Retrieved 2012-03-21. 
  11. ^ BBC News | Pakistan launches strategic port
  12. ^ "DP World raises $3.25b from two bond issues". Gulf News. Retrieved 2009-12-09. 
  13. ^ "Investor Centre". DP World. Archived from the original on 7 August 2011. Retrieved 2009-12-08. 
  14. ^ Moya, Elena (2009-12-08). "Six Dubai companies downgraded to junk status". The Guardian. London. Retrieved 2009-12-08. 
  15. ^ DP World to go ahead with London Gateway | 4 January 2010
  16. ^ Dubai's port firm seeking stock listing in London | 6 January 2010
  17. ^ "London Gateway port, Essex". Local Transport Today. Retrieved 2010-02-11. 
  18. ^ Moody's upgrades DP World to Baa3; outlook stable | 11 April 2011
  19. ^ UPDATE 2-DP World sells Hong Kong assets for $742 mln | 7 March 2013
  20. ^ DP World joins partnership against terrorism.
  21. ^ Gulf firm is first international port operator to be certified for security by U.S.
  22. ^ 2nd UAE Counter-Piracy Conference Renews Commitment To Public Private Partnership
  23. ^ Washington Post | Dubai piracy conference calls for comprehensive approach involving governments, private sector | 28 June 2012
  24. ^ Bloomberg Businessweek | Diplomats, businessmen urge tougher piracy fight | 19 April 2011
  25. ^ UN Secretary-General's message to Conference on "Global Threat, Regional Responses: Forging a Common Approach to Maritime Piracy" | 18 April 2011
  26. ^ PGA European Tour News | DP World | 11 December 2011

External links[edit]