European, Indian Terminals Push DP Worlds 1H Volumes Up

DP World Dubai-based port and terminal operator DP World Limited handled 31.4 million TEU across its global portfolio of container terminals during the first half of 2016, with gross container volumes growing by 2.5% on a reported basis, and up 1.2% on a like-for-like basis. Growth in the first half of 2016 was largely driven by a strong performance from the companys European and Indian subcontinent terminals. Conditions in Australia and Latin America remain challenging while the UAE handled 7.4 million TEU, down 6% year-on-year due to a reduction in lower-margin cargo, the terminal operator said. At a consolidated level, DP Worlds terminals handled 14.6 million TEU during the first half of 2016, a 1.6% improvement in performance on a reported basis and down 1.4% year-on-year on a like-for-like basis. Despite challenging market conditions in the first half of the year, our portfolio continues to deliver growth, DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said. We expect the second half of 2016 to show an improved performance as our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) deliver an increasing contribution. He said that DP World will continue its focus on driving profitability by targeting higher margin cargo, improving efficiencies and managing costs, as the company remains confident in meeting full year market expectations.