DP World has ‘war chest’

DP World has insisted it has the financial means to cover current and future capital requirements, despite the recent drop in throughput suffered across its global ports network. Trading was suspended in DP World’s shares on the Dubai Nasdaq in May after parent company, state-owned Dubai World, revealed it was in talks over the sale of some stock to a regional private equity firm. DP World saw volumes contract 10% in the first four months of 2009 and the company has now deferred some 50% of its global capacity expansion plans. But a spokeswoman told IFW the company did not need to raise funds to see it through the current downturn.