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MarketScreener Homepage  >  Equities  >  DUBAI INTERNATIONAL FINANCIAL EXCHANGE LTD.  >  DP World PLC    DPW   AEDFXA0M6V00

DP WORLD PLC

(DPW)
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From bikes to blockchain: Shipping industry goes digital in lockdown

05/28/2020 | 05:25am EST
 The Maersk Line container ship Maersk Sentosa is helped by tugs as it navigates the River Mersey in Liverpool

The coronavirus lockdown has accelerated a digitalisation drive in a global shipping and logistics sector that still routinely delivers many documents by bike messenger in some countries, according to industry leaders.

Ports operator DP World said on Thursday it would join shipping company Maersk and other peers in a blockchain platform aimed at limiting the sector's costly paper trail.

"The situation around the coronavirus is a very good catalyst for making sure everyone in the supply chain can communicate with each other digitally," Mike Bhaskaran, DP World's chief operating officer for logistics and technology, told Reuters.

The Dubai-based company, one of the world's biggest port operators, plans to connect its entire business, including its 82 container terminals, using the blockchain technology.

The participation of key companies in the TradeLens platform, launched in 2018 by Maersk and IBM, is seen as crucial for cutting costs in an industry that has seen little innovation since the container was invented in the 1950s.

"The current circumstances have shown that digitalisation of the logistic supply chain is picking up pace," Vincent Clerc, Maersk's chief commercial officer, said in an interview.

However, despite more than 200 ports, shipping lines, freight forwarders, port authorities and customs authorities having signed up, the platform has yet to reach a "critical mass" to make a significant impact, Clerc said.

In many African countries, Maersk relies on fleets of motorcycles known as 'boda bodas' to deliver documents between ports and shipping agents.

"The physical flow of documents with courier and local deliveries on bicycles, all of that will eventually go away," Clerc said.

It currently takes an average of 228 hours to get the necessary documents and stamps ready for shipping a container with citrus fruits out of South Africa.

(Reporting by Jacob Gronholt-Pedersen; Editing by Pravin Char)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
A.P. MØLLER - MÆRSK A/S 1.89% 15125 Delayed Quote.11.25%
DOW JONES AFRICA TITANS 50 INDEX 0.59% 534.44 Delayed Quote.0.36%
DOW JONES SOUTH AFRICA(ZAR) 0.00% 1853.32 Delayed Quote.5.08%
DP WORLD PLC End-of-day quote.
S&P AFRICA 40 INDEX 0.02% 173.85 Delayed Quote.-0.21%
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Financials (USD)
Sales 2019 7 686 M - -
Net income 2019 1 189 M - -
Net Debt 2019 13 540 M - -
P/E ratio 2019 9,45x
Yield 2019 3,05%
Capitalization 13 471 M 13 471 M -
EV / Sales 2018 3,92x
EV / Sales 2019 3,18x
Nbr of Employees 56 000
Free-Float -
Income Statement Evolution
Managers and Directors
NameTitle
Ahmed Sultan bin Sulayem Group Chairman & Chief Executive Officer
Mike Bhaskaran Chief Operating Officer-Logistics & Technology
Tiemen Geerts Meester Chief Operating Officer-International Ports
Yuvraj Narayan Group Chief Financial Officer & Executive Director
Deepak Shantilal Parekh Senior Independent Non-Executive Director
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