In what has been an unprecedented period of transformation, DHB’s outgoing Chairman has been involved with and overseen a modernisation and commercialisation agenda that leaves DHB as an efficient and robust business with an exciting future.

Roger Mountford, Chairman of the Dover Harbour Board, said: “I am very proud of the high quality service that the Port of Dover, along with our ferry operators and cruise line customers, consistently provides to millions of passengers each year as well as supporting UK-European trade.  Over the twelve years since I joined the Board, we have made great progress in improving efficiency and safety as well as pioneering port master planning in the UK and delivering major capital projects.” 

In a letter, the Ports Minister, Stephen Hammond MP, referred to Roger’s twelve years of dedicated service and the “highly professional way “in which he led the Board. He wrote: “During your time at Dover you have been at the forefront of a period of substantial change, and I believe that the Port’s continued resilience in the face of challenging economic conditions is down to the present management team’s commitment to the Port and your vision and leadership on the Board have played a significant part in this.”

During Roger’s tenure, DHB has approved and invested significantly in its infrastructure. From 2001 to 2009, whilst a Board member and subsequently as Deputy Chairman, he saw investment in the Port’s infrastructure reach £116 million. Subsequently, as Chairman, he approved a capital plan through to 2015, totalling around UK£85 million, and secured Government approval of the second ferry terminal (T2) scheme, which when the market requires it will be the biggest ever single investment in the Port.

Mr Mountford added: “The maximum period of 12 years that government guidance permits me to serve sadly brings my direct association with the Port to an end. I am proud to have worked with a management team and staff who have achieved so much. I hope to see the Port empowered to make the real and meaningful contribution to the Dover community that it has wished to do for so long, and for it to continue developing as a successful and growing business that utilises the great knowledge and skills of its people, in Dover and beyond. I wish my successor, George Jenkins, well.”

Dr Bob Goldfield, Chief Executive, Port of Dover, said: “We now have the structure, the vision and the capability to take the business forward in Dover and more widely in a way unimaginable a few years ago.  Roger has played an important part in achieving that by providing great support and guidance through some challenging times.”

The ratings update said that due to the SCPA’s competitive advantages, such as proximity to open ocean, highly productive operations and a deep-water harbour, “the authority will be well-positioned after the Panama Canal expansion is completed” in 2015.

Additional strengths noted in the report are the SCPA’s well-balanced trade make-up and diverse business profile, very favourable financial performance and strong debt service coverage.

The report also credited the “strong commitment by the state of South Carolina to fund infrastructure improvements benefiting port activities” as another factor in the affirmed rating. The South Carolina General Assembly included USD300 million in funding for the deepening of Charleston Harbor in the most recent legislative session.

The A1 rating on USD170 million in outstanding port revenue bonds takes into consideration the port’s growth outlook and aggressive capital program to implement USD1.3 billion in improvements over a decade. Revenue bonds issued by the SCPA are an obligation of the Ports Authority – not the state of South Carolina or taxpayers.

Data released by the port showed that on 3rd December 2012 it handled a total of 1,263,553 TEU, exceeding the previous record set in 2010 by 1 TEU. Container throughput for the full year of 2010 came to a total of 1,263,552 TEU.
 
The Port of Haifa expects an all-time record of over 1.3 million TEU to be handled until the end of 2012.
 
The new record was reached during the unloading of “Zim USA” a 3,822 TEU container ship registered in Liberia.

The Group’s unconsolidated CAPEX for 2013 on a 100% and cash basis is expected to be USD 139 million. For the Russian Ports segment, CAPEX on a 100% and cash basis is expected to exceed USD 120 million in 2013 and will include:

1) further investment in PLP infrastructure to lay the groundwork for the next phase of capacity expansion. This includes reconstruction and expansion of PLP’s internal railway infrastructure and road system (including the inter-terminal access road to the Western High Speed Diameter), the addition of further electricity capacity, and engineering work on infrastructure, parking and the repairs area for the port’s machinery;

2) further upgrading of the existing heavy Ro-Ro and car handling terminal at PLP. The terminal is experiencing strong client demand, with the utilisation rate for the heavy Ro-Ro facilities at 73% during the first half of 2012. By continuing to upgrade the terminal, the Group will increase the level of service for its clients, enhance flexibility in Ro-Ro and cars handling as well as improve the safety of the operations;

3) other projects aimed at facilitating further bulk cargo turnover growth and container throughput as well as increasing the bulk containerisation level; and

4) the replacement of equipment, the reconstruction of rail tracks and maintenance at VSC.

For the Oil Products Terminal segment, CAPEX for 2013 on a 100% basis will be USD 18 million and will primarily consist of investments related to an increased amount of railway logistics services provided by Vopak EOS to its clients, further improvement of interconnectivity of terminal facilities and other investments focused on maintenance, reliability and safety of the Group’s operations.

Taking into account the approved CAPEX program, the Group’s current liquidity position and low leverage, the Board has resolved to recommend a special dividend of USD79.9 million equal to USD0.17 per share (both ordinary and ordinary non-voting) or USD0.51 per GDR. The payment of the special dividend is expected to take place by the end of February 2013 subject to approval at the EGM. The dividend record date and ex-dividend date will be set later this month.