DP World reports 10.7% volume growth

The UAE handled 7.7 million TEU, up 4.3 percent from 2016, ports operator said
By Sarah Townsend
Tue 25 Jul 2017 10:39 AM

DP World said its gross container volumes grew by 10.7 percent in the second quarter of 2017 compared to the same period last year, as a result of an improvement in global trade.

The UAE-based ports operator handled 34.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2017, it reported on Tuesday.

Gross container volumes grew by 8.2 percent year-on-year on a reported basis and 7.7 percent on a like-for-like basis (excluding certain terminals).

Second quarter volumes grew by 10.7 percent year-on-year on a reported basis and 10.4 percent on a like-for-like basis.

The UAE handled 7.7 million TEU during the period 2017, representing 4.3 percent growth year-on-year and implying second quarter growth of 6.6 percent, DP World said.

The figures are above shipping analyst Drewry Maritime’s full-year container volume growth forecast for the industry in 2017 to around 4 percent from a previously forecasted 2.8 percent, DP World added.

It noted that the first half of 2017 witnessed an improvement in global trade and all three DP World regions saw growth rates accelerate in the second quarter of 2017, particularly in Europe and the Americas.

Consolidated terminals – those over which DP World has operator control – handled 17.9 million TEU during the first half of 2017, up 22.4 percent on a reported basis and 4.7 percent year-on-year on a like-for-like basis.

The operator said reported consolidated volume in the Asia Pacific and Indian Subcontinent region was boosted by the consolidation of Pusan in South Korea at the end of 2016.

DP World group chairman and CEO Sultan Ahmed Bin Sulayem said: “Our portfolio has delivered ahead-of-market growth benefitting from the improved trading environment in 2017 and market share gains from the new shipping alliances, driving volumes in the second quarter.

“The robust performance was delivered across all three regions, which once again demonstrates that we have the right strategy and the relevant capacity in the key markets.”

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