DP World's half-year profits fell by 60% due to Houthi attacks disrupting Red Sea shipping routes.

Dubai-based port operator DP World's half-year profits fell by nearly 60% due to ongoing attacks by Yemen's Houthi rebels in the Red Sea disrupting shipping routes, affecting global supply chains. The company's profits dropped to $265m in the first half of 2024, compared to $651m in the same period last year. This decline in profits can be attributed to the Red Sea disruptions affecting DP World's revenues, and ships rerouting to avoid the region, impacting shipping through Dubai's Jebel Ali Port. The Houthi rebels have targeted shipping through the Red Sea corridor, causing disruptions to the $1 trillion worth of goods that flow annually through the area.

August 15, 2024
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