09-02-2017

DP World global terminals register 3.2pc volume growth

DPword

DUBAI-Based port operator DP World handled 63.7 million TEU last year, an increase of 3.2 per cent over the previous year, or a rise of 2.2 per cent on a like-for-like basis due mainly to higher volumes in Europe and Asia. The volume increase surpasses estimated industry growth for 2016 at 1.1 per cent.

In the fourth quarter, gross reported volumes rose by 6 per cent year on year, driven by strong growth in Europe and Asia-Pacific, the firm said. The Americas and Australia remained stable.

The operator, which manages 77 marine and inland terminals across six continents, said its globally diverse portfolio helped it grow despite generally tough conditions for international trade.

A slowdown at the company's flagship port in the United Arab Emirates - mainly due to a decline in lower-margin cargo - weighed on the company's performance last year, according to DP World. Its UAE operation handled 14.8 million TEU, down 5.3 per cent on the year.

But volumes are stabilising in the UAE, said Sultan Ahmed Bin Sulayem, the group's chairman and chief executive officer, the Wall Street Journal reported.

"We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability," Mr Sulayem said.

"Despite the challenging market conditions, particularly at our flagship Jebel Ali Port, our portfolio continues to deliver ahead-of-market growth, which once again demonstrates the benefits of operating a globally diversified portfolio.

"We are pleased to see volumes stabilising in the UAE and as we look ahead into 2017, we expect our new developments in Rotterdam, Netherlands; Nhava Sheva, India; London Gateway, United Kingdom; and Yarimca, Turkey, to drive growth in our portfolio.

"We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability. Given the resilient volume performance of our portfolio, we are well placed to meet full year 2016 market expectations.

Source: Schednet

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