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DP World sees record volumes in UAE region

DP World has posted stable 2.4% like-for-like growth in container volumes across its worldwide terminal portfolio, after handling 14.2m teu in Q3 of 2013.

Growth was driven by record volumes across the UAE, which handled 3.6m teu throughout Q3, representing growth of 5.4% over the same period last year and, for the first time, more than 10m teu handled in the nine-month period between January and September 2013.

DP World also reported that “volumes through our consolidated terminals in the Asia Pacific and Indian Subcontinent region are showing signs of stability”.

However, the portfolio-wide growth was not enough to mitigate the effect of monetisations and divestments of terminal investments made in previous periods, which chief executive Mohammed Sharaf called “a challenging first half”, and which resulted in 0.4% decline in Q3 volumes on a reported basis.

“We are encouraged by the positive uplift witnessed in the third quarter,” said Sharaf. “Accordingly market guidance of gross like-for-like volumes in line with 2012 remains unchanged.”

The company’s Embraport facility in Brazil, which began test operations during Q3, showed major promise, and is set to become fully operational in the fourth quarter.

“We are very pleased to announce a robust throughput performance for the third quarter of 2013,” said DP World chairman Sultan Ahmed Bin Sulayem. “In particular, our flagship UAE operation has recorded the best quarter in its history, reflecting the continued growth in Dubai, the UAE and the wider region.   The addition of 1m teu capacity in June this year and the 4m teu of capacity due to come on line in 2014 ensure that we are well placed to cater for future growth.

“Looking to other developments underway, we continue to make good progress toward the delivery of Embraport, which is now serving vessels as it readies for official opening.  London Gateway remains on track to open in the fourth quarter with its first official vessel call scheduled in November.” 

Posted 29 October 2013

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

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