Allaying fears that the Dubai financial crisis may have a severe impact on the domestic ports, the government today said the industry need not press the panic button as “it sees no immediate cause of worry”.

“After taking stock of the situation and discussions with the chairmen
and officials of various port trusts, we have arrived at the conclusion
that there is no immediate cause of worry due to the significant
presence of DP World, the port arm of the Dubai World, a facing
multi-billion-dollar debt default risk,” a senior Indian Shipping
Ministry official told PTI.

The DP World operates close to 40 per cent of container terminals in the country at present.

The official said that various port trusts are of the view that since
DP World is a profit-making entity in the country, their domestic
operations will not be affected. “In case DP World’s operations are
affected, they can sell off their terminals here, as they are profit
making and there is no dearth of buyers here,” another Shipping
Ministry official said.

Alerted after reports of the financial crisis of Dubai World– the
holding company of DP World, the government sought detailed information
from all ports associated with DP World including the volume of trade.

Source: Asia Pulse

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