May 17, 2008

DP World to boost China port capacity by 30%

Khaleej Times reported that DP World Ltd, the Dubai controlled port operator aims to boost its container handling capacity in China 30% in 2008 because of the country’s surging trade growth.

Mr Kris Chang MD of DP World China DP World Ltd plans to add four container berths in Qingdao, eastern China, and a second venture in the northern port of Tianjin. DP World had a capacity of 10 million cargo boxes in China and Hong Kong at the end of 2007.

Mr said Chang “We’re still a newcomer in China and we will continue to expand our portfolio here. He said DP World aims to boost its global capacity to 90 million twenty foot boxes by 2017 from 48 million in 2007 through a combination of new ventures and expansion at existing ports.

He added that the company handled 43.3 million boxes in 2007 at its 42 terminals worldwide up by 18% YoY. It aims to have 56 terminals in 27 countries by 2017. New projects include plans in Peru, Qatar, Egypt, Turkey and Vietnam.

DP World raised USD 4.96 billion in the Middle East’s largest initial share sale last year to fund expansion plans, as Dubai aims to become a global transport hub for Asia, Europe and Africa. The company plans to add facilities in China after the country’s exports surged 26% in 2007.