Business | Shipping
DP World's port business drops 10%
Cargo handler DP World says business at ports it runs dropped ten per cent in the first half of 2009 as the shipping industry struggles through a sharp downturn caused by the global recession.
- Staff Report
- Published: 22:31 July 30, 2009
Dubai: Cargo handler DP World says business at ports it runs dropped ten per cent in the first half of 2009 as the shipping industry struggles through a sharp downturn caused by the global recession.
The Dubai-based port operator said it moved the equivalent of 12.3 million 20-foot shipping containers through the 26 terminals it owns or has operational control of around the world between January and June.
That's down from 13.6 million containers in the same period a year earlier. CEO Mohammad Sharaf said the drop would lead to "an inevitable decline" in first-half profits.
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