P&O Ports sale clears up questions

P&O Ports sale clears up questions The announcement Monday that P&O Port North America will be sold to the financial services company AIG is not expected to have a significant impact on port operations, but it will clear up lingering questions about the future of key terminals at the ports of Miami and Tampa.
   P&O Ports North America holds a 50 percent stake in the Port of Miami Terminal Operating Company (POMTOC). P&O is the exclusive operator of the public terminals at the Port of Tampa, most notably the Hookers Point Container Terminal.
   P&O's Miami connection drew widespread attention when the other shareholders in Pomtoc, who were already embroiled in a court challenge of P&O's increased stake in Pomtoc, challenged the sale of P&O Ports' worldwide operations to Dubai Ports World last February.
   The challenge of the sale was rejected in court and normal operations in Miami have continued regardless of the legal disputes.
   Port of Miami director Bill Johnson issued a statement yesterday noting port operations will continue as usual, and pointed out that locally owned Continental Stevedoring and Florida Stevedoring continue to hold their respective 25 percent stakes in Pomtoc.
   In Tampa, where P&O has a management contract, the national and international controversy surrounding Dubai Ports World has not been a significant issue, and P&O took over the management of those facilities in May. The Tampa terminals had previously been managed by SSA Marine, which had been frequently mentioned as a possible buyer of P&O Ports North America.
   While there was little controversy in Tampa, there was some talk in the shipping community that the uncertainty of the P&O Ports sale could mute plans to move forward with terminal improvement plans.
   The P&O Ports deal led to a political firestorm when members of Congress said Dubai Ports World, which is highly regarded in international shipping circles, could pose a security problem because terrorists had moved money through Dubai banks prior to the 9/11 attacks in the U.S.