• 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.

2017 December 13

13:35 Transneft’s subsidiary updates ISO certification
13:30 Maersk Line announces new FAK rates from Far East to North Europe
13:06 Aker Solutions wins modifications contract from Maersk Drilling
12:23 Nobel Bros Shipyard begins drydocking of Shestaya Pyatiletka-class MS Olenegorsk
11:11 Work continues to combat illicit maritime activity
10:52 Bunker prices go up at the Port of Saint-Petersburg, Russia (graph)
10:28 Brent Crude futures price up 0.9% to $63.91, Light Sweet Crude – up 0.58% to $57.47
10:10 Transneft Baltic completed implementation of Sever project’s Phase 3
09:44 Russian Railways: Loading of Russia’s export cargo bound for domestic ports up 6.3% Y-o-Y to 266.8 mln t in 11M’17
09:26 Baltic Dry Index up to 1,743 points
08:07 Port of Long Beach surges past 2016 cargo volume
07:51 ABS partnership enhances safety in Ghana’s offshore industry

2017 December 12

18:34 Shipping Corporation of India participated in relief efforts targeted at fisherman affected by OCKHI under
18:07 Konecranes to deliver its first Waste-to-Energy cranes to India
17:54 Fourth Feadship yard taking shape in Amsterdam
17:50 Major Baltic Sea policies reviewed ahead of HELCOM Ministerial Meeting
17:48 Skangas signs Letter of Intent with National Grid Grain LNG
17:46 Boskalis completes successful Aasta Hansteen float-over installation
17:00 Nefteflot delivers lead oil tanker of Project RST11 (photo)
15:03 Russia will support Finland’s proposal to IMO on evaluation of legal framework for unmanned navigation (photo)
14:27 Russia and Finland to submit joint proposal to IMO for accepting ship’s documents in e-format (photo)
14:01 CMA CGM announces FAK rates from ISC to North Europe and Mediterranean
13:39 GlavGosEkspertiza approves the project on construction of a multi-purpose for oil products at port Novorossiysk (photo)
13:01 MOL with partners agree to start a demonstration test of blockchain technology in cross-border trade operations
12:31 Seaspan accepts delivery of fourth 11000 TEU SAVER containership
12:01 Classification contract for CMA CGM’s 22,000 TEU dual-fuel containerships was signed at Marintec in Shanghai
11:48 MGO prices are still high at the Far East ports of Russia (graph)
11:22 Russia invites Finland to designate a common water area in the Gulf of Finland not subject to ballast water exchange (photo)
11:13 Jan De Nul enters in JV company agreement with the Payra Port Authority to proceed with EUR 550 million port dredging contract
11:00 Ville Haapasaari named new CEO of the Port of Helsinki
10:51 CMA CGM to upgrade MIDAS Loop 1 connecting South Africa with Indian Subcontinent and Middle East Gulf
10:31 Brent Crude futures price up 1% to $65.34, Light Sweet Crude – up 0.5% to $58.28
10:08 Russia and Finland to cooperate in icebreaker assistance during 2017-2018 winter navigation season (photo)
09:40 Klaipeda Seaport Authority expands its fleet with new oil response and diving support vessel
09:19 Baltic Dry Index up to 1,727 points

2017 December 11

18:27 APL expands coverage in the Trans-Atlantic with New North Atlantic Service
18:07 Keppel secures S$130 million in projects from repeat customers
18:01 NOVATEK: LNG sales under long-term contracts will commence in April 2018
17:39 LR and UMAS release ‘Zero Emission Vessels 2030’ study
17:38 Port of Riga introduces new and innovative dry bulk handling technology
17:33 Van Oord completes expansion of Taiwan's largest port
17:16 ABB’s first Azipod® D propulsion system now in operation
17:06 Damen Schelde Gears acquired by RENK
16:55 Private sector partners in the pursuit of low carbon shipping
16:55 Teekay LNG Partners secures long-term financing for Yamal ARC7 LNG carriers
16:51 IMO Assembly adopts vision and strategic directions
16:33 Port of Helsinki’s West Terminal 2 awarded recognition for accessibility
16:03 Essar Vizag Terminal to take week-long shutdown to commission 8,000 TPH ship loader
15:47 Throughput of Russian seaports in 11M’17 grew by 9% to 716.7 mln t (detalization)
15:33 ICTSI agree on Motukea port project framework
15:19 Navigation season is over in Volga-Don Basin of Russia’s IWW (photo)
15:03 Port of Antwerp to invest 1.4 million euros over the next three years in seven projects
14:33 Maersk Line completes the divestment of Mercosul Line
14:21 Average wholesale prices for М-100 HFO down to RUB 13,104 in RF spot market
14:03 Hutchison Ports ECT Rotterdam, UWT and Smith Holland to launch an Empty Transferium at Maasvlakte’s ECT Euromax terminal
13:37 Aker Solutions to provide subsea production system for Aker BP's Ærfugl
13:12 Russian seaports handled 716.75 mln t of cargo in 11M’17, up 9% Y-o-Y
12:50 ABP on course to become one of UK’s biggest corporate solar power producers
12:24 Gdansk, Poland to host Transport Week 2018 on March 6-8
12:01 JNPT records growth of 5.76% in container handling DPD share up at 34.73 per cent