DP World unfazed by economic downturn

Industry Database

DP World says that the economic downturn will not have any impact on completion of the new international transhipment terminal at Kochi in India.

The company remains bullish regarding prospects for container handling during the global downturn, pointing out that historically recessions do not result in large decreases in box traffic.The company has also has confirmed that it will continue to look at port, logistics and urban development investment in Russia despite the global financial crisis, stressing that it has no problems in funding any of its projects. DP World recently repaid $890m, which was the outstanding balance on a $1.2bn loan acquired last year. The repayment was made despite refinancing having been offered. However the cost of capital was viewed as not sufficiently competitive. Instead, money set aside as part of operating reserves was used. This shows that the company has strong financial reserves available to it. Because the company has transparent balance sheets, this also makes it easier for the to obtain funding should this be necessary. Interestingly, DP World has also indicated that the current credit crunch may force US ports to seek foreign investment and it might consider re-entering this market.

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