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DP World sees pricing pressures continuing

Tue Oct 27, 2009 8:33am EDT

DUBAI, Oct 27 (Reuters) - Port operator DP World DPW.DI said on Tuesday it expects pricing pressures to continue due to excess capacity in the global shipping industry, but sees some stability returning.

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DP World also said its non-container revenues in 2009 would decline by 30 percent, Chief Executive Mohammad Sharaf told investors on a conference call.

"Pricing pressures continue...because of extra capacity within the industry. Until these problems are resolved we are going to see that will continue," Sharaf said.

The company said it cut around 1,300 jobs as part of a previously announced 12,000 job reduction initiative at parent company Dubai World.

(Reporting by Raissa Kasolowsky; Editing by Amran Abocar)

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