{"id":2325937,"date":"2024-08-17T12:27:05","date_gmt":"2024-08-17T16:27:05","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dubai-based-port-operator-dp-worlds-half-year-profits-fall-nearly-60-in-part-over-red-sea-attacks-washington-examiner\/"},"modified":"2024-08-17T12:33:24","modified_gmt":"2024-08-17T16:33:24","slug":"dubai-based-port-operator-dp-worlds-half-year-profits-fall-nearly-60-in-part-over-red-sea-attacks-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dubai-based-port-operator-dp-worlds-half-year-profits-fall-nearly-60-in-part-over-red-sea-attacks-washington-examiner\/","title":{"rendered":"Dubai-based port operator DP World\u2019s half-year profits fall nearly 60%, in part over Red Sea attacks &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">38<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdubai-based-port-operator-dp-worlds-half-year-profits-fall-nearly-60-in-part-over-red-sea-attacks-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2325937&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Dubai-based port operator DP World reported a nearly 60% decline in\u2063 its half-year profits, primarily\u2064 attributed to disruptions caused by attacks from Yemen&#8217;s Houthi rebels amidst the ongoing Israel-Hamas conflict affecting shipping\u200c through the Red \u2063Sea. The company\u200c announced profits of $265 million, \u200ba significant drop from $651 million in the same period last year. Sultan Ahmed bin\u200c Sulayem, the chairman\u200c and CEO, noted that geopolitical tensions and\u2064 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/critics-biden-infrastructure-plan-doesnt-address-cyber-security-threats-to-u-s-power-grid\/\" title=\"Critics: Biden infrastructure plan doesn\u2019t address cyber security threats to U.S. power grid\">supply chain issues<\/a> had a notable impact on \u2064revenues.\u200d Although he acknowledged that the Houthi assaults were \u2064affecting operations,\u200d specifics on the \u200cimpact\u2064 were not provided.\u200c The \u200dHouthi \u2064rebels have actively targeted shipping routes\u200c in the Red Sea since\u2063 November in the context of the Gaza crisis. Despite the challenging environment, DP\u200d World&#8217;s financial performance in the first \u2064half of the \u200dyear \u200cpositions\u200c the company\u2063 for\u200d stable year-end adjusted\u2062 profits, \u200caccording to bin Sulayem.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Dubai-based port operator DP World&rsquo;s half-year profits fall nearly 60%, in part over Red Sea attacks<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1568880\" class=\"tpd-featured-video bridtv\"><\/div>\n<p><strong>DUBAI, United Arab Emirates (AP) &mdash;<\/strong> Dubai-based port operator DP World reported Thursday its half-year profits fell by nearly 60%, in part over the attacks by Yemen&rsquo;s <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/Houthis\" target=\"_blank\" rel=\"noopener\" title>Houthi<\/a> rebels over&nbsp;<a href=\"https:\/\/apnews.com\/hub\/israel-hamas-war\" target=\"_blank\" rel=\"noopener\" title>the Israel-Hamas war<\/a>&nbsp;that have affected shipping through the Red Sea.<\/p>\n<p>DP World reported profits of $265 million this year, down from $651 million the same time last year. DP World Group&rsquo;s chairman and CEO, Sultan Ahmed bin Sulayem, acknowledged that the Red Sea disruptions affected the firm&rsquo;s revenues.<\/p>\n<p>&ldquo;The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis,&rdquo; he said in a statement included in the results. &ldquo;While the near-term trading outlook remains uncertain due to macroeconomic and geopolitical headwinds, the resilient financial performance of the first half &hellip; positions us well to deliver stable full year adjusted&rdquo; profits.<\/p>\n<p>Bin Sulayem did not elaborate on what specific effects the Houthi attacks had been having on DP World, a government-owned shipper that in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/top-republican-pushes-congressional-witnesses-to-disclose-foreign-influence\/\" title=\"Top Republican Pushes Congressional Witnesses To Disclose Foreign Influence\">recent years&#038;nbsp<\/a>;<a href=\"https:\/\/apnews.com\/general-news-d67ff7dba063157044f7867e8cb6322d\" target=\"_blank\" rel=\"noopener\" title>removed itself from the Nasdaq Dubai stock exchange<\/a>.<\/p>\n<p>The Houthis since November have been targeting shipping through the Red Sea corridor over&nbsp;<a href=\"https:\/\/apnews.com\/hub\/israel-hamas-war\" target=\"_blank\" rel=\"noopener\" title>the Israel-Hamas war<\/a>&nbsp;in the Gaza Strip. The assaults have disrupted the $1 trillion of goods that flow annually through the region, while also sparking&nbsp;<a href=\"https:\/\/apnews.com\/article\/us-navy-yemen-houthis-israel-war-7a9997f9d84ac669fae69ecf819913fb\" target=\"_blank\" rel=\"noopener\" title>the most intense combat<\/a>&nbsp;the U.S. Navy has seen since World War II.<\/p>\n<p>The rebels maintain that their attacks target ships linked to Israel, the United States or the U.K. as part of a campaign they say seeks to force an end to the war. However, many of the ships attacked have little or no connection to the conflict.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title> <\/a><\/strong><\/p>\n<p>Shippers have begun going around the Cape of Good Hope off Southern Africa to avoid the Red Sea entirely. The rerouting has affected shipping through Dubai&rsquo;s Jebel Ali Port, the home of DP World and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/teddy-roosevelts-stolen-watch-returned-to-82-year-old-great-grandson-after-discovery\/\" title=\"Teddy Roosevelt&#039;s Stolen Watch Returned to 82-Year-Old Great-Grandson After Discovery\">world&#038;rsquo<\/a>;s largest manmade harbor.<\/p>\n<p>DP World already had faced challenges through the coronavirus pandemic, but the Houthi attacks have seen it affected while&nbsp;<a href=\"https:\/\/apnews.com\/article\/emirates-airline-2023-financials-air-travel-f19be8d0ccf31a0a91dadaba43d6682f\" target=\"_blank\" rel=\"noopener\" title>the long-haul carrier Emirates, another Dubai government-owned entity, have soared<\/a>.<\/p>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1568880\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1568880\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dubai-based port operator DP World announced on Thursday that its profits for the first half of the year have dropped by nearly 60%, partly due to attacks by Yemen&#8217;s Houthi rebels related to the Israel-Hamas conflict, which have disrupted shipping in the Red Sea. The company reported earnings of $265 million this year, a significant decrease from $651 million during the same period last year. Sultan Ahmed bin Sulayem, chairman and CEO of DP World Group, acknowledged that these disruptions in the Red Sea had an impact on their revenue. He stated that &#8220;2024 has been characterized by a worsening geopolitical situation and interruptions to global supply chains due to the crisis in the Red Sea.&#8221; While he noted uncertainty in short-term trading conditions due to economic and geopolitical challenges, he expressed confidence that their strong financial performance in the first half would help them achieve stable adjusted profits for the full year. Bin Sulayem did not provide specific details about how Houthi attacks were affecting DP World, which is a government-owned shipping company that has recently delisted from Nasdaq Dubai. Since November, Houthis have targeted vessels transiting through this corridor amid ongoing conflict in Gaza. These assaults have disrupted approximately $1 trillion worth of goods transported annually through this region and intensified military engagements involving U.S. Navy forces since World War II. The rebels claim their actions are aimed at ships associated with Israel, the U.S., or U.K., as part of efforts to end hostilities; however, many attacked vessels are unrelated to these conflicts. In response to these threats, shippers are rerouting around Africa&#8217;s Cape of Good Hope instead of using the Red Sea route entirely\u2014a change impacting operations at Dubai\u2019s Jebel Ali Port where DP World is located and which is recognized as one of the largest artificial harbors globally. While DP World faced challenges during COVID-19 pandemic years prior, it now contends with additional difficulties stemming from Houthi aggression while another government-owned carrier based in Dubai has seen growth<\/p>\n","protected":false},"author":2634,"featured_media":2325938,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/dubai-port.webp","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[38387,16137,8881],"class_list":["post-2325937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-dp-world","tag-dubai","tag-profits"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/08\/dubai-port.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2325937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2634"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2325937"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2325937\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2325938"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2325937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2325937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2325937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}