Unit of Dubai's DP World to run Canadian port

Unit of Dubai’s DP World to run Canadian port

DP World warned in October of tough conditions for its customers in 2012, but said it would achieve throughput growth of more than 7 percent in the year.

January 5, 2012 3:56 by Reuters

A unit of Dubai’s DP World , the world’s third-largest port operator, has signed an agreement to operate the Nanaimo port in Vancouver, Canada, a company statement said on Wednesday.

“DP World Vancouver and the Nanaimo Port Authority have signed a three-year agreement that awards DP World Vancouver the right to operate the Port of Nanaimo’s facilities, including the general cargo Duke Point facility and Assembly Wharf,” the statement said.

The two parties plan to diversify the activity of the port which currently handles traditional forest products along with salt and kaolin, the statement added. The facility also handles cruise ship passengers at a newly built berth.

DP World warned in October of tough conditions for its customers in 2012, but said it would achieve throughput growth of more than 7 percent in the year.

The company, one of the more profitable assets of debt-laden Dubai World, said third-quarter gross volumes were 14.4 million twenty-foot equivalent container units (TEU), according to a statement. This was up 10 percent from 13.1 million TEU in the year-earlier period. (Reporting by Firouz Sedarat)