Thursday 21 November 2019
 
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DP World reports 1.1pc gross volume growth in Q3

DUBAI, October 22, 2019

DP World, the Dubai-based global operator of shipping terminals, announced that it handled 17.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in Q3 2019, with gross container volumes growing by 1.1 per cent year-on-year on a like-for-like basis.

On a nine-month basis, like-for-like gross container volumes grew by +0.7 per cent year-on-a year to 53.5 million TEU, said a statement from the company.

Jebel Ali (UAE) handled 3.6 million TEU in Q3 2019, down -1.0 per cent year-on-year, as volumes stabilised following a shift of low-margin cargo, it said.

Growth in Asia and India remains robust with strong growth in ATI (Philippines), Qingdao (China). Growth in India has been driven by Cochin, Mundra and NSIGT (Mumbai).

Decline in reported volumes in Asia Pacific and Indian Subcontinent is due to discontinued operations in Surabaya (Indonesia) and Tianjin (China).

At a consolidated level, our terminals handled 10.3 million TEU during Q3 2019, a +0.8 per cent improvement year-on-year on a like-for-like basis. The strong reported growth of +93.7 per cent in Americas and Australia region is due to the consolidation of Australia and acquisition of the two terminals in Chile, it added.

Sultan Ahmed Bin Sulayem, group chairman and chief executive officer, DP World, said: “Our portfolio continues to deliver a steady volume performance which is encouraging given the challenging macro backdrop caused by the global trade dispute.”

“However, despite this uncertainty, it is encouraging to see robust growth in key markets such as Asia Pacific and Indian Subcontinent, while growth in west coast of Americas remains solid. In Europe, London Gateway continues to deliver strong growth due to market share gains,” he said.

Bin Sulayem continued: “While we have seen volumes stabilising in Jebel Ali (UAE), the outlook remains uncertain given the regional geopolitics and we remain focused on profitable origin and destination cargo.”

“On our broader portfolio, we continue to make progress in strengthening our product offering, allowing us to connect directly with end customers to deliver a range of unique logistic solutions. We are seeing positive signs of progress in our new businesses that give us encouragement for the future,” he added.

“The near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP Worlds position as the logistics partner of choice. Overall, we remain well placed to deliver full year market expectations,” Bin Sulayem concluded. – TradeArabia News Service




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