DP World to Quit Operating Deal for Indonesia’s TPS

UAE’s port developer DP World has decided not to renew its operating contract for PT Terminal Petikemas Surabaya (TPS) in Indonesia at the end of the agreement in 2019.

DP World is a 49% shareholder in TPS, which represents a gross capacity of 2.1 million TEUs out of 85 million TEUs for the group. The company said that there would be no material financial impact on the group as a consequence of this action.

“Over the last 20 years, Surabaya has benefitted from DP World’s state-of-the-art, productivity enhancing systems, training and development programmes, as well as the company’s security, safety and environmental best practices, and we are proud of our success there,” Sultan Ahmed Bin Sulayem, DP World Group Chairman and CEO, said.

“It is unfortunate that the significant positive contributions made by global terminal operators in Indonesia have not been fully recognised, despite our successful track record. We are therefore disappointed that the operating contract renewal terms offered by the Indonesian authorities did not meet our threshold for continued investment,” Bin Sulayem added.

“Adhering to strict financial discipline has been crucial to the growth of DP World” and on that basis the company said it is not able to renew the agreement beyond 2019.

The transfer of operations will be in accordance to the terms and conditions of the contract, DP World informed.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

CWC World Gas & Power Series – Brazil & the Americas Summit

CWC World Gas & Power Series: Brazil & the Americas Summit is the perfect meeting place to make contacts…

read more >

FPSO Brazil Congress 2019

Charging ahead with 24 planned orders by 2022, Brazil has once again solidified its status as one of the world’s foremost oil and gas leaders…

read more >

Nor-Shipping 2019

Nor-Shipping’s conference and event programme is tailored to deliver the knowledge, value and networking to help you build your business.

read more >