Australian port operator DP World has posted significant losses as Hutchison Ports plans to enter the Australian market, reports Fairfax Australia.
Hutchison Ports, headquartered in Hong Kong, is reportedly a frontrunner for the operating rights of a new billion-dollar container terminal at Victoria's Port of Melbourne, Australia's largest container port by volume.
Hutchison had also recently established operations in the Port of Brisbane, Queensland, as well as Sydney's Port Botany in New South Wales. Winning the Port of Melbourne contract will see Hutchison operating in the country's top three container ports.
In 2013, DP World Australia posted losses of almost A$70 million (US$65 million), a considerable downturn compared to the A$22 million (US$20.4 million) loss recorded in 2012, concluded Fairfax Australia.
