Dubai’s DP World acquires Danish Unifeeder for $748 million

Global port operator DP World says it has acquired Danish logistics firm Unifeeder for $748 million. (AP)
Updated 06 December 2018
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Dubai’s DP World acquires Danish Unifeeder for $748 million

  • DP World’s full acquisition of Unifeeder Group from Nordic Capital Fund VIII was announced in August, finalized Thursday
  • DP World’s profits last year climbed to $1.2 billion with revenue reaching $4.7 billion

DUBAI: Global port operator DP World says it has acquired Danish logistics firm Unifeeder for $748 million, about 660 million euros, helping the Dubai-owned company expand its foothold through the largest feeder and shortsea network in Europe.
DP World’s full acquisition of Unifeeder Group from Nordic Capital Fund VIII was announced in August, but finalized on Thursday.
DP World says Unifeeder’s smaller vessels and connectivity to approximately 100 ports will enhance the port operator’s presence in the global supply chain and broaden its services. While DP World’s core business remains in container terminals, the company says this latest acquisition is part of a wider strategy to diversify revenues.
DP World’s profits last year climbed to $1.2 billion with revenue reaching $4.7 billion.


US poised to end waivers for 5 countries importing Iranian oil

Updated 39 min 34 sec ago
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US poised to end waivers for 5 countries importing Iranian oil

  • Japan, South Korea, Turkey, China and India were exempted from sanctions until May 2
  • Since November, Italy, Greece and Taiwan have stopped importing oil from Iran

WASHINGTON: The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran, officials said Sunday.
Secretary of State Mike Pompeo plans to announce on Monday that the administration will not renew sanctions waivers for the five countries when they expire on May 2, three US officials said. The others are China and India.
It was not immediately clear if any of the five would be given additional time to wind down their purchases or if they would be subject to US sanctions on May 3 if they do not immediately halt imports of Iranian oil.
The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity ahead of Pompeo’s announcement.
The decision not to extend the waivers, which was first reported by The Washington Post, was finalized on Friday by President Donald Trump, according to the officials. They said it is intended to further ramp up pressure on Iran by strangling the revenue it gets from oil exports.
The administration granted eight oil sanctions waivers when it re-imposed sanctions on Iran after Trump pulled the US out of the landmark 2015 nuclear deal. They were granted in part to give those countries more time to find alternate energy sources but also to prevent a shock to global oil markets from the sudden removal of Iranian crude.
US officials now say they do not expect any significant reduction in the supply of oil given production increases by other countries, including the US itself and Saudi Arabia.
Since November, three of the eight — Italy, Greece and Taiwan — have stopped importing oil from Iran. The other five, however, have not, and have lobbied for their waivers to be extended.
NATO ally Turkey has made perhaps the most public case for an extension, with senior officials telling their US counterparts that Iranian oil is critical to meeting their country’s energy needs. They have also made the case that as a neighbor of Iran, Turkey cannot be expected to completely close its economy to Iranian goods.