By Parag Deulgaonkar
Company chairman says on track to achieve 2017 target
Dubai-based ports operator DP World Limited handled 5.7 percent more containers in the first quarter of 2017 over the same period last year, driven by stable growth in Europe, Asia-Pacific and Americas.
The company handled 16.4 million TEU (twenty-foot equivalent units) across its global portfolio, with gross container volumes growing by 5 percent on a like-for-like basis, beating industry estimate of 2.6 percent throughput growth for the first quarter.
Volumes stabilised in the UAE with its ports handling 3.7 million TEU, growing 1.8 percent year-on-year.
At a consolidated level, DP World terminals handled 8.7 million TEU, up 19.9 percent on a reported basis and 1.6 percent year-on-year on a like-for-like basis.
Reported consolidated volume in the Asia Pacific and Indian subcontinent region was boosted by the consolidation of Pusan (South Korea) at the end of 2016, the company said.
“There are signs of a gradual improvement in the market environment in 2017 and our portfolio has had an encouraging start to the year delivering ahead-of-market growth,” Sultan Ahmed Bin Sulayem, group chairman and chief executive officer, said.
“The robust performance was delivered across all three regions, which once again demonstrates that we have the relevant capacity in the right markets.”
He added that volumes were recovering in the Americas with new terminals in Europe continuing to deliver growth.
The company reported full-year 2016 gross container volumes rose 2.2 percent on a like-for-like basis and 3.2 percent higher on a reported basis. It handled 63.7 million TEU, largely driven by strong growth in the Asia-Pacific and Europe.