Dubai-based DP World Limited handled 47.5 million twenty-foot equivalent units (TEU) across its global portfolio of container terminals during the first nine months of 2016, with gross container volumes growing by 2.2 per cent on a reported basis, and up 1.0 per cent on a like-for-like basis.

The company's European and Indian subcontinent terminals continued to deliver a robust performance, while conditions in Australia and Latin America remained challenging. The UAE handled 11.1 million TEU, down 6.7 per cent year-on-year due to a reduction in lower-margin transhipment cargo, said a statement from DP World.

At a consolidated level, the company's terminals handled 21.9 million TEU during the first nine months of 2016, a 0.3 per cent improvement in performance on a reported basis and down 2.3 per cent year-on-year on a like-for-like basis, it said.

DP World group chairman and CEO Sultan Ahmed Bin Sulayem, said: “Despite the challenging market conditions, particularly in natural resource dependent economies, our portfolio continues to deliver growth, which once again demonstrates the benefits of operating a globally diversified portfolio.

“While the near-term global trade growth outlook appears soft, we expect our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (UK) and Yarimca (Turkey) to drive growth in our portfolio,” he said.

“We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability. Given the performance in the first nine months, we are well placed to meet full year market expectations,” he added. – TradeArabia News Service