rss icon Subscribe
desktop mobile

DP World Increases Stake in Brazilian Port to 100%

Photo: Embraport

By Aiswarya Lakshmi

DP World has completed the acquisition of an additional 66.67% stake in Empresa Brasileira de Terminais Portuários (Embraport) in Brazil from Odebrecht Transport (OTP).

This transaction increases DP World's shareholding to 100% and the terminal will be rebranded to DP World Santos. The purchase consideration is below 5% of DP World's net asset value as of 1H20171 and on a pro-forma basis DP World's net leverage would be 2.8x Net Debt to EBITDA with this transaction compared to the reported 2.6×2
.
DP World Santos is the largest Brazilian private multi-modal port terminal and operates in the Port of Santos, which is the busiest container port in Latin America handling 3.4m TEU in 2016 and has strategic access to sea, road and rail, and 90% of the cargo is destined for Brazil's most populous city, São Paulo.
DP World Santos has an annual capacity of 1.2 million TEU (twentyfoot equivalent units) and the first phase of the project has created 653 meters of wharf, 207,000 square meters of terminal area.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: "We are delighted to fully consolidate our stake in DP World Santos and to underline our commitment to the Port of Santos and the future of trade in Brazil. DP World has become a major player in the South American infrastructure sector with a network of container terminals in Peru, Dominican Republic, Argentina, Ecuador and Suriname and we remain committed to our role as a global trade enabler and targeting a broader strategy to grow complementary sectors in the global supply chain."

Dec 4, 2017

 

Legal

BIMCO Relaunches Ship Benchmarking System

Photo: BIMCO

BIMCO relaunches ship benchmarking system Shipping KPI after two years of redesign.

US Pushes More Sanctions Targeting N.Korea Maritime Smuggling

U.S. Ambassador to the United Nations Nikki Haley (File photo: US Mission to the United Nations)

The United States proposed a list of entities on Friday to be blacklisted under United Nations

U.S. Sues to Stop Wilhelmsen From Buying Rival Drew Marine

The U.S. Federal Trade Commission said on Friday it would challenge in court the Norwegian company Wilhelmsen Maritime Services' plan to buy smaller U.S. rival Drew Marine Group.

Mergers & Acquisitions

Borr Drilling Buys Paragon Offshore

© Lukasz Z / Adobe Stock

Offshore rig firm Borr Drilling, controlled by Norwegian investor Tor Olav Troeim

Subsea 7 to Invest in Xodus Group

SEVEN FALCON. Photo: Subsea 7

Leading global contractor in seabed-to-surface engineering, construction and services to the

Goldman Sachs, Macquarie Front Runners in HES Terminal Sale

File Image: A rendering of the The HES Terminal in the Port of Rotterdam (CREDIT: HES)

A consortium of infrastructure funds at Goldman Sachs and Macquarie is seen as the front runner in

Maritime Apps