Gross container volumes increased by 1.7% year-on-year on a reported basis and up 1.9% on a like-for-like basis. Jebel Ali first quarter volumes fell 1% year-on-year.
First-quarter volume growth in 2022 was driven by the Asia Pacific, Middle East, Europe and Africa, and Americas regions. “At an asset level, Qingdao (China), Sokhna (Egypt) London Gateway (UK), Yarimca (Turkey), Dakar (Senegal), Caucedo (Dominican Republic), Buenos Aires (Argentina) and Posorja (Ecuador) delivered a strong performance,” the company said in a Nasdaq Dubai filing.
“Jebel Ali (UAE) handled 3.4 million teu in the first quarter of 2022, a decrease of 1.0% year-on-year.”
At a consolidated level, DP World’s terminals handled 11.3m teu during the first quarter of 2022, increasing 1.4% on a reported basis and up 1.1% year-on-year on a like-for-like basis. The group highlight was the Americas and Australia regions, which combined saw an increase in throughput of 4.3% to 2.7m teu.
“As anticipated, 1Q2022 volume growth has softened due to the strong prior year performance and uncertain macro environment,” said group chairman and ceo Sultan Ahmed Bin Sulayem.
“However, we continue to see robust growth in markets such as Asia Pacific and the Americas, while in Europe, London Gateway’s strong performance has continued into 2022. The softer volumes Jebel Ali (UAE) is due to loss of low margin throughput where we remain focused on more profitable origin & destination cargo.”
Looking ahead, the near-term volume outlook is mixed given the macro-economic and geopolitical environment, but bin Sulayem remains positive on the medium- to long-term fundamentals of the industry. On the broader portfolio, DP World continues to make strong progress in bolstering its product offering, allowing it to connect directly with cargo owners to deliver a range of unique logistic solutions.
“Overall, we remain focused on integrating our recent acquisitions, growing profitability while managing growth capex, delivering on our 2022 leverage targets and disciplined investment to cement DP Worlds position as the logistics partner of choice,” he said.
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