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Tue 27 Jul 2010 09:27 AM

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DP World says global cargo volumes up 16% in H1

Asian terminals drive growth in 2010 as firm handles 23.7m TEU across 50 terminals.

DP World says global cargo volumes up 16% in H1

Port operator DP World announced on Tuesday that volumes increased by 16 percent across its 50 terminals in the first half of 2010.

The Dubai-based company handled 23.7 million TEU (twenty-foot equivalent container units), which was also up on the performance in 2008.

The operator said it had continued to build on the growth reported in the first quarter of the year with volume growth largely driven by terminals in Asia and Australia.

It said it had also seen the recovery of some volumes across European ports.

In the UAE region, volumes of 5.5 million TEU handled in the first six months were three percent ahead of the same period last year.

CEO Mohammed Sharaf said: “The return to container volume growth we reported in the first quarter of this year has continued strongly through the second quarter, delivering a better than expected performance for the first half of 2010, particularly for our portfolio of joint venture and associate terminals.

“These first half volumes, along with the continuation of cost management will lead to an improvement in first half profit after tax against the same period last year despite the weaker contribution from non container revenue.

“Whilst uncertainty remains over the sustainability of trade volumes reported in the first half of the year we currently expect to deliver full year results in line with expectations.”

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