Following the resignation of Virgin Hyperloop One chairman Sir Richard Branson on Monday, Dubai-based global ports operator DP World, the la...
Following the resignation of Virgin Hyperloop One chairman Sir Richard Branson on Monday, Dubai-based global ports operator DP World, the largest shareholder in Hyperloop, said it was looking for a new chairman to take the company to the next stage of growth.
Branson stepped down from his role of chairmanship as he was not able to allocate time due to his philanthropic activities and commitments with Virgin Group.
"We have since secured key agreements in India, Spain and are working with a number of US states to further develop this exciting technology. At this stage in the company's evolution, I feel it needs a more hands-on chair, who can focus on the business and these opportunities. It will be difficult for me to fulfil that commitment as I already devote significant time to my philanthropic ventures and the many business within the Virgin Group," Branson said.
DP World said the company will now look for a new chairman to take it to the next chapter of its evolution as a leader in hyperloop technology.
In April 2018, DP World and Virgin Hyperloop One signed a memorandum of understanding with initial focus in phase 1 on moving containers from ships docked at Jebel Ali Port visa hyperloop tube to a new inland container deposit in Dubai. Travelling at 1,000kmph, DP World Cargospeed systems, enabled by Virgin Hyperloop One technology, will transport high-priority, time-sensitive goods including fresh food, medical supplies, electronics and more. The company is also looking to develop a project between Dubai and Abu Dhabi, which will reduce the travel distances between the two emirates less than 15 minutes.
Meanwhile, DP World announced that it handled 53.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first nine months of 2018 with gross volumes growing 2.6 per cent year on year.
Gross like-for-like volumes declined by 0.5 per cent in Q3 of 2018 due to the tougher year-on-year comparables as Q3 2017 volumes grew 13.5 per cent y-o-y and softer volumes in the UAE.
The UAE handled 11.3 million TEU in the first 9 months of 2018, down 2.1 per cent y-o-y, with Q3 2018 volumes down 6.7 per cent y-o-y due to the challenging macro-environment and loss of lower-margin cargo.
"We have seen our volume growth decelerate due to the strong prior year performance and general caution in the market given the current uncertainty in global trade. Our focus remains on profitable cargo and, while the near-term volume outlook in Jebel Ali remains challenging, we have taken measures to maintain profitability," said Sultan Ahmed bin Sulayem, group chairman and CEO, DP World.
The company said growth in Europe remained robust with strong growth in London Gateway and Rotterdam. At a consolidated level, its terminals handled 27.7 million TEU during the first nine months of 2018, a 1.6 per cent improvement in performance on a reported basis and up 2.2 per cent y-o-y on a like-for-like basis.
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