28.01.2009

Port operator signs $340 million deal

Port operator DW World has reportedly signed a deal worth
$340 million (£243 million) with Shanghai-based equipment firm ZPMC.

The deal for 87 container cranes includes 27 post-panamax machines for loading the latest, widest ships and 60 RTG cranes. Delivery is scheduled between now and 2010.

Between 2003 and 2007, Dubai port has purchased about US$ 735 million of container crane equipments from ZPMC. However, the company is currently freezing recruitment and reviewing its expansion plans.

The government-controlled company has "implemented a strategy to focus on minimising the impact on margins and preserving cash," said chief financial officer Yuvraj Narayan,
"this includes reviewing our various expansion projects."