Thursday, 10 December 2009

Dubai World's woes will not affect Rotterdam Gateway

Rotterdam Port Authority is convinced DP World’s investment in the Rotterdam World Gateway container terminal on Maasvlakte Two will go ahead, despite its parent company’s restructuring.
The port authority said that while DP World was a subsidiary of Dubai World, this did not mean that it was involved in its parent’s problems.
In addition, with a share of 30%, DP World is just one of five companies that together form Rotterdam World Gateway, MOL, Hyundai, APL and CMA CGM being the others.
“The Port of Rotterdam Authority has very regular contact with all the container companies that are active in Rotterdam, during which the consequences of the economic crisis are a recurring topic of conversation,” it said.
It added that the APM Terminals facility, which is also being built on Maasvlakte Two, and the 4m teu Rotterdam World Gateway were sticking to the current schedule.
This means that Rotterdam World Gateway will start operation of its terminal in 2013, and APM Terminals in 2014.
At the end of last month, the government of Dubai, acting through the Supreme Fiscal Committee (SFC), authorised the Dubai Financial Support Fund to spearhead the restructure of state-owned conglomerate Dubai World.
Dubai World intended to ask all providers of financing to allow a freezing of repayments and extend maturities until at least 30 May 2010.
However, DP World said the government of Dubai had confirmed that DP World and its debt were not included in the restructuring process for Dubai World.

1 comment:

C Shift Tug rep said...

According to reports CGA CMA can't afford to keep up repayments on their vessels. DP World are up the creak. Are our management still going to tell us what a threat to our jobs London Gateway will be.
London Gateway won't be open for a long time.
I can't wait for tonights team briefing