DP world to expand in Latin America, Africa

DP World Ltd., the world's third-largest port operator, wants to expand in Latin America and Africa as the cost of investment in the US remains high, the Dubai-based company's chairman said. "We are well placed in Latin America," Sultan Ahmed bin Sulayem said in a March 22 interview with Bloomberg TV. "There are other markets we would like to go to. We do negotiate with certain countries in Latin American to acquire ports." He declined to specify which countries. 60 terminals in 6 continents DP World, which operates more than 60 terminals in six continents, said March 7 it made $249 million from asset sales in Australia, Europe and the Middle East. The company said it is selling stakes in two container terminals and a logistics center in Hong Kong for $742 million as part of a reshuffle of assets in favor of fast-growing emerging markets. The company avoids investing in transit terminals, preferring container ports that service local markets, bin Sulayem told Al Arabiya TV yesterday. Investments in transit terminals is riskier because shipping companies could choose another point for the transshipment of containers, he said. It posted a 21 per cent jump in 2012 profit. Gross container volumes rose two per cent to 56 million twenty-foot equivalent units during 2012, while consolidated throughput increased one per cent to 27 million TEUs. time of oman