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DP World reports 2% growth in volumes

DP World dp world yards.jpg
As container volumes decelarate, DP World reported a market-beating growth in handled volumes.

DP World handled 59.6m teu across its global portfolio of container terminals during the first nine months of 2022 with gross container volumes increasing by 2.0% year-on-year. In the third quarter, DP World handled 20.1m teu, up 1.5% year-on-year.

Third quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia with a strong performance from Qingdao (China), ATI (Philippines), LCIT (Thailand), Jeddah (Saudi Arabia), Vancouver (Canada), Posorja (Ecuador), Santos (Brazil), and Australia.

Jebel Ali (UAE) handled 3.5m teu in 3Q2022, up 2.0% year-on-year.

At a consolidated level, ‘our terminals handled 34.6m teu, up 1.9% year-on-year in the first nine months of 2022. On a third quarter 2022 consolidated level, we handled 11.7m teu, increasing 2.7% on a reported basis.

"We report another robust set of throughput figures with nine-month volume growth of 2.5%, which is once again ahead of industry growth of 1.1%. As expected, growth rates have decelerated due to the more challenging market conditions, but global trade continues to remain resilient, and our portfolio is expected to continue to outperform the market,” said

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: "Growth in the third quarter was primarily driven by a solid performance across our Asia Pacific, Americas and Australia terminals. Encouragingly, our flagship port of Jebel Ali (UAE) continues to deliver robust volumes with growth of 2.0% year-on-year.”

"Looking ahead, the near-term outlook remains uncertain given the geopolitical environment, inflationary pressures and currency fluctuations but we remain positive on the medium to long term outlook for global trade. Overall, given the solid nine-month volume performance, we expect to deliver an improved set of full year results."