In a bid to increase its investment by 14% in 2015, the world’s fourth largest terminal operator DP World plans to spend between US$1.4 billion and $1.9 billion.
DP World plans to invest a further $500-700 million during the 2016-2020 period, according to The National.
DP World Chairman Sultan Ahmed bin Sulayem said: “Our balance sheet is strong and we continue to generate high levels of cash flow, giving us the ability to invest in the future growth of our current portfolio.”
Net cash from operating activities increased to $551 million in the first six months of 2014.
In Q3 of 2014, the firm handled gross volumes of 15.4 million units, a 9% increase from the 14.17 million handled in the same period of 2013.
The National reported Drewry Shipping Consultants as saying that global container port throughput is forecast to top 840 million units by 2018, with Africa and Greater China showing the fastest growth.
Commenting on the importance of industry investment Mr Sulayem, said: “Stronger growth coming from the East-West trade in the South rather than in the North means the industry also needs to invest now in regions such as Africa and South America.
“It has to support the growth of those economies and their ability to handle the larger vessels that will appear across trade lanes that previously catered only for much smaller vessels.”
DP World Exhibits Fresh Financial Vision. (Source: World Maritime News)