• 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 June 17

18:40 Port of Oakland's largest terminal operator OK new lease to 2027
18:38 GoodBulk Ltd. announces delivery of Capesize vessel
18:32 Navios Maritime Partners announces sale of containership and options to sell four additional containerships

2018 June 15

18:35 Hapag-Lloyd implements Peak Season Surcharge from Mediterranean to USA
18:05 Wallenius Wilhelmsen Ocean adds Adelaide on the Australia service
17:54 Throughput of port Kaliningrad in 5M’18 up 12% Y-o-Y to 6.05 million tonnes
17:35 GTT conducts two FEED studies on two types of Gravity Based System
17:20 Throughput of port Vyborg in 5M’18 up 22% Y-o-Y to 610,900 tonnes
17:05 Port of Koper officially part of the New Silk Road
16:40 Yantar Shipyard launches yet another trawler of Project SK-3101R
16:35 Port of Long Beach volume up to 687,427 TEU in May 2018
16:05 Royal IHC joins PortXL
15:45 Throughput of port Vysotsk in 5M’18 declined by 3% Y-o-Y to 7.49 million tonnes
15:22 Main phase of Nizhegorodsky hydrosystem project obtains state expert approval
15:21 VTG FastTrack makes ad hoc transportation from the Port of Hamburg possible
15:00 Vopak opens new rail infrastructure in the port of Antwerp
14:21 Royal IHC and IHC IQIP sign memorandum of agreement with SOIC
14:09 DNV GL issues first type approval for aluminium cables onboard ships
13:16 Throughput of port Primorsk in 5M’18 down 18% Y-o-Y to 22.63 million tonnes
12:48 Bunker prices are down at the Port of Saint-Petersburg, Russia (graph)
12:27 Innovative solution for lowering of ship emissions tested in the port of Rotterdam
12:23 LUKOIL commissions third well at Filanovsky field second stage
11:59 Throughput of port Ust-Luga in 5M’18 down 1% to 41.48 million tonnes
11:31 Throughput of Big Port St. Petersburg up 16% to 24.73 million tonnes in 5M’18
11:02 Lloyd’s Register and TWI launch Fullagar Technologies
10:30 Kotug Smit Towage performs naming ceremony for Damen tugs Rotterdam & Beagle
10:24 Brent Crude futures price down 0.14% to $75.83, Light Sweet Crude – down 0.09% to $66.83
10:02 Seaports of Ukraine handled 54.3 million tonnes of cargo in 5M’18, down 2.1% Y-o-Y
09:40 Throughput of Russian seaports in 5M’18 grew by 2.7% Y-o-Y to 328.4 million tonnes (detalization)
09:19 Baltic Dry Index up to 1,433 points

2018 June 14

18:03 CMA CGM announces FAK rates from East Mediterranean ports to Gulf and Red Sea
17:47 Throughput of port Kavkaz in 5M’18 up 37% Y-o-Y to 15.34 million tonnes
17:33 APL unveils new China Southeast Asia Service 8
17:30 Specifications of products to be rated as manufactured in Russia will be updated
17:03 Pasha Hawaii receives new refrigerated containers as part of container replenishment program
16:48 State Duma approves federal law on setting rouble prices for services offered in Russian seaports (document)
16:33 Long Beach Harbor Commissioners adopt port budget
16:16 Rosmorport announces tender for dredging works in water area of port Vanino
16:03 Prosafe extends standstill agreement with Cosco
15:50 Vyborg Shipyard to deliver two 22 MW icebreakers of Project IBSV01 by November’18
15:32 Huisman and RAMLAB start project for the production of 3D large offshore crane hook
15:19 FESCO fleet began supplying of goods to northern Russia
15:02 HMM, Evergreen and APL launch China-Australia express service
14:32 Keppel delivers second rig to Borr Drilling
14:20 Commercial Sea Port of Ust-Luga accepted and handled a Panamax ship
14:02 MOL's newbuilding coal carrier OI MARU to serve JERA Trading
13:47 Global fuel market is waiting for some clarity from the Vienna meeting next week, expert says
13:46 Three nuclear-powered icebreakers of Project 22220 will be delivered by 2021 – USC
13:32 DFDS orders additional freight ferry newbuilding from Jinling Shipyard
13:02 TechnipFMC and DOF Subsea announce the delivery of Skandi Recife and commencement of contract with Petrobras
12:44 WMU joins in Malmö coastline clean-up for World Oceans Day 2018
12:25 APM Terminals offers new gateway to Iraq
11:43 Extensive geotechnical investigation of the Port of Riga territory commenced in Spilve meadows
11:19 Bunker prices is growing at the Far East ports of Russia (graph)
10:21 Brent Crude futures price down 0.31% to $76.5, Light Sweet Crude – down 0.09% to $66.58
10:00 Baltic Workboats is renewing the Danish pilot boat fleet
09:38 Major amphibious ship Ivan Gren to join Russian Navy before late June 2018
09:17 Baltic Dry Index up to 1,404 points

2018 June 13

18:35 ESPO congratulates Port of Dunkerque for obtaining EcoPorts’ environmental standard (PERS)
18:05 CMA CGM announces FAK rates from Asia to North Europe