• 2018 August 16 10:58

    DP World revenue up 14.4% in H1 2018

    Global trade enabler DP World today announces robust financial results for the six months to 30 June 2018. On a reported basis, revenue grew 14.4 % and adjusted EBITDA increased by  7.9 %. Adjusted EBITDA margin was 50.3 %, delivering profit  attributable to  owners of the Company, before separately disclosed items 1, of $ 593 million and EPS of 71.5 US cents. On a like - for - like basis, revenue grew 3.0 % and adjusted EBITDA increased by 4.2 % with adjusted EBITDA margin of  54.4 %, and attributable earnings  to owners of the Company increased up by 5.2 %, reflecting the stable trading environment. 

    Results Highlights

    ➢ Revenue of $2, 626 million ( Revenue growth of 14.4 % on reported and 3.0% on like - for - like basis)

    1 Before separately disclosed items (BSDI) primarily excludes non - recurring items. DP World reported a profit in separately disclosed items of $48 million.

    2 Like - for - like at constant currency is without the new addition s at Berbera (Somaliland), Limassol (Cyprus) , Drydocks World (UAE), Dubai Maritime City (UAE),  Cosmos Agencia  Marítima (Peru), Reyser (Spain); the discontinuation of Doraleh (Djibouti), Saigon (Vietnam), ISS (Pakistan);  and normalizes for the consolidation of  DP World Santos (Brazil).

    3 Gross throughput is throughput from all consolidated terminals plus equity - accounted investees.

    4 Consolidated throughput is throughput from all terminals where the Group has control as per IFRS.

    5 Adjusted EBITDA is Earnings before Interest, Tax, Depreciation & Amort isation including share of profit from equity - accounted investees before separately disclosed items.

    6 The adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue, including our share of profit from equity - accounted investees.

    7 Like - for - like adjusted EBITDA margin.

    Revenue growth of  14.4 % supported by the  volume growth across all three regions and the impact of new  acquisitions including Drydocks World LLC (Drydocks), Dubai Maritime City  (DMC) and Cosmos Agencia Marítima (CAM). 

    ▪ Like - for - like revenue increased by 3.0 % driven by a  4.6 % increase in total containeriz ed  revenue.

    ➢ Adjusted EBITDA of $ 1, 322 million and adjusted EBITDA margin of 50.3% (Like - for - like adjusted EBITDA margin at  54.4 %)

    Adjusted EBITDA grew 7.9 % and EBITDA margin for the half year at 50.3 %. Like - for - like  adjusted EBITDA  grew 4.2 %  with a  margin of 54.4 %.

    EBITDA margin declined due to the consolidation of lower margin Maritime services businesses. 

    ➢ Profit for the period attributable  to owners of the Company of $ 593 million

    Profit attributable to owners of the Company before separately disclosed items  dropped 2.1%  on a reported basis but grew 5.2% on a like - for - like  basis.

    Profit declined due to the deconsolidation of Doraleh (Djibouti) and consolidation of DP World  Santos (Brazil), which remains in ramp up stage. 

    ➢ Strong Cash generation and robust balance sheet 

    Cash from operating activities remains strong at $ 979 million in 1H2018, slightly lower than $ 1,010 million in 1H2017.

    Leverage (Net debt to annualised adjusted EBITDA) increased to 2.9 times from 2.6 times at  1H2017.

    DP World was again upgraded by the rating agency Moody’s from Baa2 to Baa1 with a stable outlook following the one notch upgrade in 2016. Fitch Ratings also upgraded DP World from  BBB to BBB+ in July 2017. Both rating agencies have upgraded DP World by two notches in 2 years.  

    ➢ Continued investment in  long - term assets and expansion into  complementary sectors

    Capital expenditure of $ 439 million invested across the portfolio during the first half of the year.

    Capit al expenditure guidance for 2018 re mains unchanged at up to $1.4 bill ion with investments planned into UAE, Posorja ( Ecuador), Berbera (Somaliland), Sokhna (Egypt) and London  Gateway (UK). 

    The acquisition of Drydocks , which closed in the beginning of 2018, is performing in line with  expectations and we have seen increased contribution to our revenue line. At 1H2018, non - containerized revenue  accounted for approximately 37% of total revenue, up from 31% in  1H2017. 

    Furthermore, DP World continued to invest in complementary sectors and acquired three more strategic assets – the integrated multimodal logistics players Continental Warehousing Corporation (CWC) in India,  Cosmos Agencia Marítima in Peru, and the Unifeeder Group in Denmark, which  operates the largest container  common user  feeder and growing shortsea network in Europe. Also, DP World signed a  20 - year  concession to build and operate a modern logistics hub outside of Bamako, the capital and largest city of the Republic of  Mali. 

    Aside from investments in complementary sectors, DP World recently won a 30 - year concession for the management and development of a greenfield port project at Banana in the Democratic Republic of the Congo, which despite being Africa’s third - most populous country, currently has  no direct deep - sea port.




2019 June 18

18:36 Spotlighting IMO's actions on climate change
18:31 Transborders Energy signs joint study agreement with Kyushu Electric Power for FLNG Solution
18:06 Kim Heng Offshore & Marine Holdings signs MoU with HHC and Thaitan
18:03 Container service boost at Bristol Port
17:53 IMO and UN Environment – working together to keep the Mediterranean clean
17:36 ZIM introduces myZIM Personal Notifications
17:21 Incat launches a new 111-metre ferry for Spain
17:06 Hapag-Lloyd announces General Rate increase from Japan to Middle East
16:42 Nor-Shipping 2019 sets new records
16:20 Fincantieri and CNR present the results of six multidisciplinary research projects
16:04 Atlantic Towing buys Havyard 833 WE – build no 126
15:25 Live stream of IWW passenger transportation meeting, part of SmartTRANSPORT, starts on IAA PortNews website at 10:00, June 21
15:04 Port of Oakland approves Seaport Air Quality 2020 and Beyond Plan
14:33 Carnival Mardi Gras cruise ship hull assembly begins at Meyer Turku shipyard
14:02 Hapag-Lloyd announces FAK from East Asia to Europe and Mediterranean
13:30 Port of Singapore bags “Best Seaport in Asia” for 31st time and also “Best Green Seaport”
13:02 Major shipping banks to launch the Poseidon Principles in line with IMO’s Greenhouse Gas strategy
12:41 Russia's Main Department of State Expertise approves revised project for Phase 1 of dry bulk terminal in Taman
12:28 Bunker prices show slight changes at the Far East ports of Russia (graph)
12:24 Jan De Nul secures Formosa 2 OWF contract in Taiwan and underlines its expansion in Asian OWFs
12:05 AtoB@C starts to offer port towage and related services in Port of Raahe
11:39 East-Siberian Inland Navigation Company launches bunkering tanker of Project RT37 for Baikal
11:16 Regional Manager Simon Neo set to leave IBIA
10:52 IBIA board member elected President of the Panama Maritime Chamber
10:47 NAVTOR integrates environmental regulations into voyage planning with Total Marine Solutions MOU
10:27 Maritime spatial planning in the Baltic Sea region easier with BASEMAPS
09:53 Brent Crude futures price is down 0.05% to $60.91, Light Sweet Crude – down 0.1% to $51.88
09:35 MABUX: Bunker Market this morning June, 18
09:15 Baltic Dry Index is up to 1,093 points

2019 June 17

18:24 USCG saves six people, tows disabled vessel in Port Etches
17:59 Denis Krylov appointed General Director of Gazpromneft-Sakhalin
17:28 China and South Korea agree on ballast water exchange rules
17:04 Mermaid Maritime borrows a loan of USD 65 mln to extend the financing of two vessels
16:41 Neptune Lines welcomes Neptune Galene & Neptune Thalassa after scrubber installation
16:23 DG Termināls invests about 1 million euros during the year
16:17 Finnish ferry getting a diesel-electrical drivetrain system
16:04 MSC Katya R. sets record as largest container ship to boost Costa Rican export links to Europe
15:45 Singapore to host 18th Vessel Efficiency & Fuel Management Summit
15:26 Onezhsky Shipyard launches multifunctional buoy tender for Volga-Baltic Basin
15:04 Hunter Group sells one vessel
14:42 Gdansk, Poland to host 6th Operating Specialist Wind Vessels Summit
14:19 Seatrade Europe conference programme to include Marine Interiors specialist panel discussions
14:12 ClassNK releases amendments to class rules
13:55 Finland hosts an EU–China maritime meeting
13:31 AWT completed stage III of modernization and expansion of the Paskov Terminal
13:24 Average wholesale prices for М-100 HFO down to RUB 16,007 in RF spot market
13:10 The Irish Port of Cork and Port of Amsterdam to collaborate
12:48 Pella Shipyard launches tugboat of project 90600, Sadko, built for Sevmash-Shelf (video)
12:31 Port of Oakland exports up 8.4 percent in May 2019
12:01 North Carolina Ports adopts Vortex port equipment simulator
11:30 MEYER WERFT announces the keel laying for the new cruise ship IONA
11:15 Throughput of port Shanghai (China) in Jan-May’19 declined by 1.3% to 225.91 million tonnes
11:00 Panama Canal issues proposal to modify tolls structure
10:59 Bunker sales at the port of Singapore in Jan-May’2019 fell by 7.7% Y-o-Y to 19.79 million tonnes
10:37 Fincantieri's Muggiano shipyard launches PPA “Paolo Thaon di Revel”
10:21 CMA CGM announces FAK rates from Asia to the Mediterranean
10:01 Brent Crude futures price is up 0.26% to $62.17, Light Sweet Crude – up 0.19% to $52.87
09:38 Port of Singapore throughput in Jan-May’2019 was nearly flat YoY at 261.39 million tonnes
09:19 Diana Shipping commences self tender offer to purchase up to 2,000,000 shares
09:16 MABUX: Bunker market this morning, June 17