• 2017 September 18 17:33

    DP World to acquire Dubai Maritime City and Drydocks World

    DP World Limited today announces that it  has entered into  agreements  to acquire  Maritime World LLC , the 100% owner of  Dubai Maritime City (DMC) , for  a  purchase  consideration of US$ 180 million and  to  buy 100% of  Drydocks World LLC  (Drydocks) by  means  of  a   capital  injection  of  US$  225  million,  taking  the   total  cash   required   for  the   acquisitions of  DMC and Drydocks to  US$ 405 million.

    DMC  is a world class maritime service facility and industrial business zone  in  a prime location  of central  Dubai  and  adjacent  to DP Worl d’s  Mina  Rashid.  It  is a maritime focused commercial and  industrial  park ,  which   extends  to  2.3 million   sqm  on  a  man -made  peninsula  and  provides Economic Zones World FZE  additional land  as an alternative to the  highly -occupied  Jebel Ali Free  Zone. 

    Drydocks  World  is a market leader in the ship repair  business  with  the largest ship  repair yard in  the  Middle  East.  The  business delivers stable  ship  and  rig repair  revenues   and  has  specialist   capabilities  in niche  ship  newbuilds and conversions.

    Drydocks ’ acquisition  will integrate well into  P&O   Maritime  (POM) ,   which  is  DP  World ’s    100%  owned  maritime  services   subsidiary.  On  a   proforma  basis,   the   US$  225   million  capital  injection  into  Drydocks  World  represents  a  2016A   EBITDA multiple of  8.0 x.  The acquisitions are  expected to be earnings accretive from  the first full year of  consolidation.

    On  a proforma  basis,  DP World’s  net leverage as of 1H2017 would be 2.9x Net Debt to EBITDA  with  these acquisitions compared to the reported 2.6x.  Both  acquisitions  are subject  to certain  conditions  precedent and the acquisition  of  Drydocks   World is subject to  the  successful completion of its  debt restructuring  process. Both tra nsactions  are  expected  to  close  before  the  end  of   the  first  quarter   of  2018. 

    As  the  acquisitions  are considered related party transactions under the DFSA Market Rules, DP World will comply with  the relevant requirements of DFSA Market Rule 3.5.3.

2018 September 26

10:30 Brent Crude futures price down 0.12% to $81.16, Light Sweet Crude – down 0.19% to $72.14
10:08 IMO will not delay sulphur 2020 limit
09:51 Port of Riga positioned as an attractive destination for world's major cruise companies
09:39 Arctic Environment Ministers' meeting: Exploring common solutions for the Arctic environment
09:20 Bunker prices continue surging at the Port of Saint-Petersburg, Russia (graph)
09:08 Hansa Heavy Lift moves fully assembled Liebherr cranes from Ireland to the UK
08:07 Jumbo awarded transportation & installation contract in Sergipe, Brazil
07:34 Total increases its share in the Danish Underground Consortium

2018 September 25

18:37 Colombo Dockyard achieves recognition at the Presidential Export Award
18:10 Tersan Shipyard (Turkey) lays down lead crab catching and processing ship of Project ST184 for Arktikservis
17:56 CMA CGM announces GRR from Asia to South Africa
17:36 The Ocean Cleanup chooses Iridium as provider of satellite communications services
17:20 First RITM-200 reactor intended for nuclear-powered icebreaker Ural left for Baltiysky Zavod shipyard
17:06 ABP opens up Humber International Enterprise Park development plans to public
16:57 Shippers suspect sulphur stitch-up
16:29 Kotug Smit Towage performs naming ceremony for tug Southampton
16:20 Portugal joins WISTA International
15:38 Volga Shipping Company named the best in terms of transport security
15:12 Mr. Birkir Hólm Guðnason hired as CEO of Samskip Iceland
14:11 CMA CGM to review sales policy regarding Low Sulphur IMO 2020 Regulation
13:49 NIBULON successfully completed its passenger transportation season
13:11 North Carolina Ports’ terminals resume full commercial operations following hurricane Florence
12:50 Fuel oil prices are going up in the Far East ports of Russia (graph)
12:31 Havila Kystruten selects Havyard to deliver the ship design and extensive equipment package for four new vessels
12:14 European ports welcome Parliament’s explicit support to remove the tax barriers for shore-side electricity for ships
12:01 Long Beach Commission OKs budget for expanded rail yard
11:43 DHT Holdings announces $50 mln scrubber financing
11:32 Nevsky Shipyard takes part in «Marintec Offshore Russia» exhibition
11:00 GTT receives a new order from Samsung Heavy Industries for the tank design of two new LNG carriers
10:55 NYK announces delivery of new wood-chip carrier for Hokuetsu Corporation
10:24 Baltic Dry Index is up to 1,434 points
10:01 Brent Crude futures price up 0.2% to $80.69, Light Sweet Crude – up 0.12% to $72.17
09:38 Yaroslavsky Shipyard lays down oil recovery vessel of Project Р2114 for Transneft
09:15 Audit summary report to be considered by Sub-Committee on Implementation of IMO Instruments

2018 September 24

18:36 DNV GL unveils the complexity of ocean governance in report for the UN Global Compact
18:03 Klaveness Combination Carriers AS announces completion of USD 45.0 million private placement
17:52 Port of Southampton recognised in top 20 under 40 cruise award
17:36 CMA CGM announces GRR from India West Coast to Mozambique
17:03 Metropolitan Plan for Great Newcastle endorses Port of Newcastle vision
16:50 Ust-Luga Container Terminal handles cargo for Nord Stream 2
16:47 Wightlink names its new flagship
16:45 Bomin exits the bunker markets in Singapore and Antwerp
16:43 Hamburg and St. Petersburg strengthen cooperation at the Port Evening
16:33 DNV GL ends operations in Iran by 4th November
16:19 Vladimir Panchenko dredger built by Shipbuilding - Ship Repair Corporation features local content of 90%
16:03 IMO sadness over Nyerere casualty
15:47 Moby Dik terminal starts handling vessels of Sea Connect line
15:33 Wärtsilä inaugurates upgraded EGC test facilities in Norway
15:20 ESPO wants more ambition on harmonisation of data, while maintaining flexibility in reporting systems
15:03 Vinalines to build 2 terminals at $299 mln in Lach Huyen Port
14:46 Port of Antwerp presents smart port of the future at Supernova
14:33 DFDS Seaways raises capacity on route Zeebrugge - Norway
14:18 Feasibility study of concession of state stevedoring companies «Olvia» and «Kherson» presented for acquaintance to potential investors
14:03 Norway’s largest cruise port of Bergen to build Europe’s largest onshore power supply facility
13:59 Sea Port of Saint-Petersburg named one of the best transport infrastructure facilities
13:34 Average wholesale prices for М-100 HFO up to RUB 21,529 in RF spot market
13:11 Okskaya Sudoverf lays down fourth dry cargo carrier of Project RSD32M
12:45 NOVATEK shipped first LNG cargo to Brazil
12:23 Finalists for the Seatrade Maritime Awards in Dubai announced
12:00 Nor-Shipping 2019 takes place in Oslo and Lillestrøm, Norway, from 04 to 07 June 2019