The Middle Eastern country of Yemen is planning to renegotiate its agreement with DP World in the running of Port Aden even though concerns have been raised according to which the Dubai-based port operator has failed to fulfill its obligations.
Reportedly, the world’s third largest port operator failed to reach the capacity at the container port of 900,000 TEU by the end of 2011. The company was obligated to raise the number of containers arriving at the port to 900,000 but the number is not higher than 140,000 containers.
However, Yemen representatives will continue negotiations with the company in order to fulfill the operating agreement related obligations.
The agreement between DP-World and the Yemen Gulf of Aden Port Corp, made in 2008, comprisedUS$220 million of investment in the development of the Port of Aden located at the mouth of the Red Sea. The port was once a vital port of call for ships navigating the Suez Canal.
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World Maritime News Staff, January 9, 2012; Image: Aden Port