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DP World reports 3.7pc container volume growth

DUBAI, October 23, 2018

DP World Limited handled 53.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first nine months of 2018, with gross container volumes growing by 2.6 per cent year-on-year on a reported basis and 3.7 per cent on a like-for-like basis.

Gross like-for-like volumes declined by 0.5 per cent in Q3 of this year due to the tougher year-on-year comparables (Q32017 volumes grew 13.5 per cent year-on-year), and softer volumes in the UAE, said a statement.

The UAE handled 11.3 million TEU in nine months 2018, down -2.1 per cent year-on-year, with Q3 of this year volumes down -6.7 per cent year-on-year due to the challenging macroenvironment and loss of lower-margin cargo, it said.

Growth in Europe remained robust with strong growth in London Gateway (UK) and Rotterdam (Netherlands), it added.

At a consolidated level, our terminals handled 27.7 million TEU during the first nine months of 2018, a 1.6 per cent improvement in performance on a reported basis and up 2.2 per cent year-on-year on a like-for-like basis.

Group chairman and chief executive officer Sultan Ahmed Bin Sulayem said: “As highlighted in our first half throughput announcement, we have seen our volume growth decelerate due to the strong prior year performance and general caution in the market given the current uncertainty in global trade.”

“In the UAE, the volume weakness in Q3 2018 is mainly due to loss of low-margin throughput, where our focus remains on profitable cargo and, while the near-term volume outlook in Jebel Ali remains challenging, we have taken measures to maintain profitability,” he added.

Bin Sulayem continued: “On our wider portfolio, we have made good progress in strengthening our product offering to play a greater role in the global supply chain as a trade enabler.”

“We continue to focus on delivering operational excellence, managing costs and disciplined investment to remain the port operator of choice. We are also pleased to state that despite the softer volumes, we are on track to meet market expectations,” he concluded. – TradeArabia News Service

Tags: | DP World | volume | months | gross |

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