UAE-headquartered port operator Gulftainer says it has turned a “poorly performing past two years into a significantly positive first half of 2022.”
“This outperformance once again demonstrates that we are in the right locations, and a focus on origin and destination cargo will continue to deliver the right balance between growth and resilience,” Sultan Ahmed Bin Sulayem says.
Escalating airfreight transportation rates and capacity shortages from China due to the global pandemic have encouraged some shippers to split supply chain shipments between ocean and air pallets.
Emirates SkyCargo’s business fell in fiscal year 2019-2020, but the airline division is experiencing strong demand for its services during the coronavirus crisis.
A consortium comprising DP World of the United Arab Emirates, the Russian Direct Investment Fund (a sovereign wealth fund), Rosatom and Norilsk Nickel have agreed to look into developing the Russian Northern Sea Route.
Saudis and UAE are on board with filling in the gap from lost Iranian oil exports.
DP World (NASDAQ Dubai: DPW) announced that it will repurchase P&O Ferries from Dubai World according to a DP World press release. The acquisition will be worth BGP (British pound sterling) 322 million or $421 million. (All values will be converted to U.S. dollars.)
