Indian Government puts shipping sector on alert post Dubai financial crisis

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Nov 2009

The government said it has sought detailed information from all ports associated with DP World to assess the impact of Dubai debt crisis on Indian shipping sector. "Alerted after reports of Dubai financial crisis, we have begun an internal examination of the situation. DP World, owned by Dubai government has significant presence in Indian ports," a senior Shipping Ministry official told PTI.
"Most likely on Monday, we are going to hold a meeting to assess the situation and take a decision. We have already sought information from all ports, where DP World is present, seeking details, including the volume of trade," the official added.
Dubai World's arm DP World, the world's fourth biggest container port operator, has operations on India's west coast in Mundra (Gujarat), Navi Mumbai (Maharashtra), Kochi (Kerala) and on the east coast in Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh) and Kulpi (West Bengal). It has operations in 31 countries.
Reeling under a USD 59-billion debt, state-owned investment holding company Dubai World has sought extension of time for repayment to creditors, raising another storm in the financial world which had the world markets plunging.

Source: PTI