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DP World container volume growth outperforms global market

Photo: DP World A DP World container yard (DP World)[63].jpg
DP World reports a throughput of 79m teu across its global of container terminal portfolio last year.

Annual gross container volumes increased by 1.4% on a reported basis and up 2.8% on a like-for-like basis.

Gross throughput at DP World’s terminals was 19.5m teu in the fourth quarter of last year, down -0.4% on a reported basis but up 2.4% on a like-for-like basis. Gross volume growth was broad-based, with Asia Pacific, Middle East & Africa, Australia, and Americas regions all delivering like-for-like growth, DP World said.

“At an asset level, Jebel Ali (UAE), Jeddah (Saudi Arabia), Angola (Angola), Sokhna (Egypt), London Gateway (UK), Constanta (Romania), Caucedo (Dominican Republic), Posorja (Ecuador), DP World Santos (Brazil) and all our ports in Australia (Brisbane, Sydney, Fremantle and Melbourne) delivered a solid performance,” it said.

At a consolidated level, DP World’s terminals handled 46.1m teu in 2022, a figure that  was up 1.5% on a reported basis and 0.7% on a like-for-like basis.

“We are delighted to report another solid volume performance with like-for-like growth of 2.8% in 2022, which is once again ahead of the industry forecast of a marginal decline of -0.5%. This outperformance continues to demonstrate that we are in the right locations and that our strategy to offer integrated supply chain solutions to beneficial cargo owners is bearing fruit," said Sultan bin Sulayem, DP World’s group chairman and CEO.

Growth was driven by Asia Pacific and India, DP World’s biggest region, which saw reported gross volumes increase 3.1% to 36.7m teu. Reported gross volumes in Europe, the Middle East and Africa were down slightly by -1.6% to 31.6m teu, but up on a like-for-like basis by 0.3%. Americas and Australia saw gross volumes up 4.9% to 11.8m teu by both measures.

Encouragingly, Jebel Ali’s high-margin origin and destination cargo grew by 8.6%, with overall volume growth steady at 1.7% for the year, bin Sulayem said. The flagship facility handled 14m teu in 2022.

“As expected, growth rates moderated in the final quarter of 2022 due to the more challenging economic environment. Looking ahead to 2023, we expect our portfolio to continue to deliver growth, but the outlook remains somewhat uncertain due to rising inflation, higher interest rates and geopolitical uncertainty," bin Sulayem said.

“Overall, we are pleased with the business performance in 2022 and remain focused on growing profitability while managing growth capex. The solid volume performance leaves us well-placed to deliver an improved set of full year results.”