Dubai’s DP World inks MoU to develop port in Taiwan

Dubai-listed port operator DP World has signed a memorandum of understanding (MoU) with state-run Taiwan International Ports Corporation (TIPC) to develop the Kaohsiung Port’s Terminal 7 in Taiwan.

The company will be the first global operator to enter the Taiwan market, it said in a statement.

DP World handled 31.4 million twenty-foot equivalent units (TEU) across its container terminals worldwide in the first half of 2016, with gross container volumes growing by 2.5 percent year-on-year.

Growth in H1 was largely driven by strong performance from DP World’s European and Indian subcontinent terminals, the company said on Tuesday, adding that conditions in Australia and Latin America remain challenging.

Meanwhile, the UAE handled 7.4 million TEU, down 6 percent YoY due to a reduction in lower-margin cargo.

“Despite challenging market conditions in the first half of the year, our portfolio continues to deliver growth,” said Sultan Ahmed Bin Sulayem, group chairman and chief executive at DP World.

“We expect the second half of 2016 to show an improved performance as our new developments in Rotterdam, Nhava Sheva, London Gateway, and Yarimca (Turkey) deliver an increasing contribution,” he added.