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Bond Market News
DP World to Invest $415mn in New Berth at London
September 16, 2021
Dubai’s logistics company DP World will invest £300mn ($415mn) in a new fourth berth at its London Gateway logistics hub. The new berth’s operations that begin next month, will help increase supply chain resilience and create more capacity, they said. This sum adds to over £2bn ($2.8bn) that DP World has invested in Britain over the last decade. London Gateway saw record throughput of 888,000 Twenty-foot Equivalent Unit (TEU) in 1H2021, ~23% higher over its previous best performance, as per Zawya. The addition of the fourth berth will increase capacity by a third and completion will coincide with the delivery of a new wave of 24,000 TEU vessels in 2023/2024, which will all be operated between Asia and Europe.
DP World’s dollar bonds were flat – its 3.75% 2030s were at 108.3, yielding 2.6%.
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