DP World to boost capacity of China port

Shanghai: DP World aims to boost its container-handling capacity in China 30 per cent this year because of the country’s surging trade growth. The company plans to add four container berths in Qingdao, eastern China, and a second venture in the northern port of Tianjin, Kris Chang, managing director of DP World China, said on Thursday DP World had a capacity of 10 million cargo boxes in China and Hong Kong at the end of 2007. DP World raised $4.96 billion in the Middle East’s largest initial share sale last year to fund expansion plans, as Dubai aims to become a global transport hub for Asia, Europe and Africa. The company plans to add facilities in China after the country’s exports surged 26 per cent last year. « We’re still a newcomer in China and we will continue to expand our portfolio here, » said Chang. The company currently operates terminals in Qingdao, Tianjin, Yantai and Hong Kong, with a total of 19 container berths. DP World aims to boost its global capacity to 90 million 20-foot boxes by 2017 from 48 million last year, through a combination of new ventures and expansion at existing ports, Chang said. The company handled 43.3 million boxes in 2007 at its 42 terminals worldwide, an increase of 18 per cent from a year earlier. It aims to have 56 terminals in 27 countries by 2017, Chang said. Source: Bloomberg