DP World set to slash costs

DP World is developing the UK's London Gateway project
Industry Database

One of the largest global terminal operators, DP World, has just confirmed that although it increased throughput by 8% over 2007, it is preparing to cut costs and minimise cash outflow.

The company admits that due to the "slowing macroeconomic environment in the second half of the year" volumes at many of its terminals has been impacted.

Mohammed Sharaf, chief executive says "We expect these conditions to remain for the foreseeable future. With this in mind, we have implemented a strategy to focus on minimising the impact on margins and preserving cash, which includes reducing costs and taking a prudent approach to our working capital position."

DP World has 48 terminals on its books, and another 13 developments worldwide, ranging from places like the UK London Gateway project and the Chinese Qindao port.

It has global capacity of more than 54 million teu, which it was to increase significantly in coming years to around 95 million teu by 2017.

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