European, UAE Terminals Keep DP World Steady
Port operator DP World Limited handled 46.5 million TEU across its global portfolio of container terminals during the first nine months of 2015, with gross container volumes growing by 3.2% on a like-for-like basis.
On a reported basis gross volumes grew by 3.7%, largely driven by business results of terminals based in Europe and UAE. The UAE handled 11.9 million TEU, representing growth of 4.0%.
DP World said that its European portfolio continues to be robust despite the difficult market conditions. The Indian subcontinent delivered an improved performance as it benefited from the recent capacity addition at Nhava Sheva (India). However, performance in the Americas has remained challenging due to continued weak economic conditions.
DP World’s portfolio of consolidated terminals handled 21.9 million TEU during the first nine months of 2015, a 3.2% improvement when compared with the same period last year. On a like-for-like basis, consolidated volumes increased 2.5%.
Chairman Sultan Ahmed Bin Sulayem commented: ‘‘Overall, we are pleased with the first nine months volume performance particularly given the difficult macro environment. We remain confident about the long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers.
“Our new developments in Rotterdam (Netherlands) and Nhava Sheva (India) are now operational whilst Yarimca (Turkey) and the second phase of terminal three (T3) Jebel Ali (UAE) are due to come online in the near future. Additionally, we closed the acquisition of Fairview Terminal in Canada in August 2015. We look forward to this new capacity aiding volume growth in 2016.”
‘’Growth rates in the third quarter have softened across the portfolio and the overall macroeconomic outlook remains challenging. However, despite the economic headwinds, our portfolio has delivered a resilient nine month performance and continues to grow ahead of the market. This once again demonstrates the benefit of operating a global diversified portfolio focused on faster growing markets, and price making cargo,” said Group Chief Executive Mohammed Sharaf.
“In the near term, we continue to focus our efforts on improving efficiency and managing costs to maintain profitability. Overall, given the solid first nine month volume performance, we remain confident of meeting full year market expectations.’’
DP World has a portfolio of more than 65 marine terminals across six continents including new developments underway in India, Africa, Europe and the Middle East.