DP World walks away from Newcastle development

DP World has pulled away from investing in the Australian port of Newcastle with local media suggesting the Middle Eastern terminal operator is now looking at buying into developing a terminal at Wollongong to the south of Sydney.

DP World’s exclusive memorandum of understanding with the Port of Newcastle has now expired and the port will seek new partners to help develop a container terminal.

DP World is Australia’s largest container terminal operator with existing operations in Sydney, Melbourne, Fremantle and Brisbane.