• 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.




2018 September 19

15:47 Freeport of Riga Authority begins active cooperation with its Chinese partners
15:23 Vancouver Fraser Port Authority joins leading port authorities in climate action program
15:04 DFDS to invest DKK 300m to install scrubbers on 12 freight ferries deployed on freight routes in the Mediterranean
14:50 Maersk to combine Damco’s Supply Chain Services and Maersk Line’s Ocean Product on January 1st, 2019
14:22 NOVATEK and Fluxys apply for establishment of a joint venture in Rostock, Germany
14:08 Stevedoring unions announce a strike in the ports of Leixoes and Lisbon
13:08 Noble Group completes the sale of the Panacore vessels
12:47 Bunker prices are going down at the Port of Saint-Petersburg, Russia (graph)
12:29 Nevsky Shipyard took part in II International Fishery Forum and Expo 2018
12:07 ABS holds seminar series exploring gas as marine fuel
11:50 Azerbaijan Caspian Shipping Company has it towing and supply vessel Nercha overhauled at Bibiheybat shipyard
11:25 Klaipeda Seaport takes part in exhibition and conference in Kazakhstan
11:07 San Pedro Bay Ports ready cleaner truck rules for Oct. 1 2018
10:46 Record number of ships registered at Freeport of Riga in August
10:28 Container throughput of port Hong Kong (China) down 4.3% to 13.15 million TEUs in Jan-Aug’18
10:07 Austal awarded littoral combat ships 32 & 34
09:43 Brent Crude futures price down 0.06% to $78.98, Light Sweet Crude – down 0.03% to $69.57
09:19 Baltic Dry Index is down to 1,356 points
09:05 Port of Oakland to add electric trucks thanks to state grant
08:07 GTT signs a Technical Assistance and License agreement with Hyundai Mipo Dockyard
07:40 DNV GL awards AiP to Jiangnan Shipyard for 93K cbm very large ethane carrier design “PANDA E”

2018 September 18

18:09 Cruise ships called Saaremaa Harbour nine times during the summer season
17:52 Arctic units of RF Navy’s Northern Fleet hold amphibious assault training at Chukotka coast
17:27 Annual Advanced Course on Port Operations and Management held in France on 10-12 September
17:04 Maersk Line announces rates from Europe & Mediterranean to West Africa
16:50 Marinet Conference gathered more than 500 on-site and virtual participants
16:21 Drilling rig supply ship of Project 22420, Ostap Sheremet, left Amursky Shipyard for outfitting and testing
16:04 Maersk Line announces new Bunker Adjustment Factor (BAF)
15:34 NYK participates in Japan Climate Initiative
15:04 6 MOL-operated/managed vessels earn commendations from Japan Coast Guard Regional Headquarters
14:30 Yang Ming launches new container vessel 'YM Wellbeing'
14:16 Throughput of Chinese ports grew by 4.1% to 6.15 billion tonnes in 8M’18
14:03 PORT OF KIEL restructures Ostuferhafen access area
13:52 RS gains ISO 9001:2015 Certificate
13:28 Kolmar to export up to 40 million tonnes of coal per year via a terminal under construction in the Muchke Bay
13:04 Throughput of port Kaliningrad in 8M’18 grew by 6% Y-o-Y to 9.6 million tonnes
12:40 Okskaya Sudoverf takes part in Global Fishery Forum and Seafood Expo 2018
12:17 Throughput of port Shanghai (China) declined by 1% to 372.85 million tonnes in 8M’18
11:55 Fuel oil prices show no significant changes in the Far East ports of Russia (graph)
11:31 Throughput of port Vyborg in 8M’18 up 23% Y-o-Y to 1.15 million tonnes
11:09 Diana Shipping aqnnounces time charter contract for m/v Artemis with Ausca
10:48 Throughput of port Primorsk in 8M’18 fell by 11% Y-o-Y to 35.79 million tonnes
10:30 Throughput of port Vysotsk in 8M’18 declined by 3% Y-o-Y to 12.07 million tonnes
10:09 Georgia Ports Authority approves $92M rail expansion
09:52 Brent Crude futures price down 0.55% to $77.62, Light Sweet Crude – down 0.44% to $68.39
09:43 ABS Global Gas Team awarded classification contract for Singapore's first LNG bunker barge
09:33 Krasnoye Sormovo shipyard delivers Pola Feodosia, fourth dry cargo carrier of Project RSD59
09:15 Baltic Dry Index is down to 1,357 points
08:17 GTT and Keppel Offshore & Marine sign a license agreement for the construction of membrane tank solutions
07:36 Bureau Veritas issues approval for GTT’s new NO96 Flex cargo containment system

2018 September 17

18:04 Maersk Line announces rates from Indian Subcontinent and Middle East to Mediterranean
17:50 ICS launches free guidance on preparing for 2020 sulphur cap
17:23 Throughput of port Ust-Luga in 8M’18 declined by 5% Y-o-Y to 64.49 million tonnes
17:04 Maersk Line announces rates from Europe & Mediterranean to West Africa
16:35 Cheniere and Vitol sign 15-year LNG sale and purchase agreement
16:04 Port of Piraeus establishes partnership with Port of Guangzhou
15:30 Keppel delivers its second LNG-powered vessel to Keppel Smit Towage Singapore
15:12 Maersk Line announces rates from Far East Asia to West Africa
14:58 HHLA floating crane loads world’s biggest ship propeller onto a vessel at the Port of Hamburg
14:50 Throughput of Port St. Petersburg up 12% to 39.39 million tonnes in 8M’18