DP World officials defended the Dubai port operator's finances Sunday, saying the company is under no pressure to raise cash even as a sister firm announced plans to seek new terms on its debt.
Executives at the cargo handler said last month's move to slash its stake in Australian ports was solely a strategic decision meant to shift more emphasis to fast-growing emerging markets. They dismissed suggestions that DP World might soon need to retool its own debt terms.
"We're not compelled into a position or being pushed into a corner due to any circumstance," Anil Wats, executive vice president and chief operating officer, told shipping industry reporters during a visit to DP World's sprawling home port in Dubai. "If at all we decide to do anything, it would be in line with the strategy or the philosophy of the organisation."
DP World sold the bulk of its Australian businesses to a Citi investment fund in late December for $1.5 billion. It continues to manage the ports in Brisbane, Sydney, Melbourne, Adelaide and Fremantle.
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