DP Worlds Gross Volumes Up in First Nine Months

DP World Dubai-based port and terminal operator DP World Limited has handled 47.5 million TEUs across its global portfolio of container terminals during the first nine months of 2016, representing an increase of 2.2% on a reported basis from 46,477 TEUs handled in the same period in 2015. The operator said that its European and Indian subcontinent terminals continue to deliver a robust performance, while conditions in Australia and Latin America remain challenging. The UAE handled 11.1 million TEU, down 6.7% year-on-year due to a reduction in lower-margin transhipment cargo. At a consolidated level, the companys terminals handled 21.9 million TEU during the first nine months of 2016, a 0.3% improvement in performance on a reported basis and down 2.3% year-on-year on a like-for-like basis. 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, DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said. While the near-term global trade growth outlook appears soft, we expect our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) to drive growth in our portfolio, he added. DP World, which has a portfolio of 77 operating marine and inland terminals, handled 61.7 million TEU across its terminals in 2015. The companys current gross capacity of 79.6 million TEU is expected to rise to more than 100 million TEU by 2020, in line with market demand, DP World said.