DP World Updates $5 Billion Bond Prospectus

DP World filed an updated prospectus for a $5 billion bond program to fund expansion of the Dubai-based company's global container terminal network.

The update, which reveals DP World had $8.04 billion in outstanding debt at the end of June, fueled speculation of an issue by the state-owned firm in the near future.

DP World chief executive Mohammed Sharaf said in October that the company has $3 billion available to finance expansion, but does not exclude going to the market to raise additional funds in the future.

By The Numbers: New Shanghai Containerized Freight Index.

DP World, the fourth largest terminal operator, boosted volume 8 percent at its 22 owned terminals in the third quarter from a year ago to 7.3 million 20-foot equivalent units.

Traffic at the company's 50 owned and managed terminals grew 14 percent to 11.4 million TEUs in same period.

-- Contact Bruce Barnard at brucebarnard47@hotmail.com.