DP World is now the world’s third-biggest ports operator, after opening a series of new terminals and out-performing global rivals, the National has reported.
The Dubai World subsidiary pipped APM Terminals to third place after handling 31.5m twenty foot equivalent units (TEUs, or containers) compared to the Hague-based firm, which handled 31.1m TEUs, according to Drewry Shipping Consultants’ annual report.
DP World holds 6.7 percent of the global market share, sitting just behind Hutchison Port Holdings, which has 6.8 percent. Top spot was taken by Singapore’s PSA International, with a 9.5 percent share of the market.
Last month, DP World reported higher-than expected half-year results, with throughput rising by seven percent and net profit after tax from continuing operations up by 10 percent to $206m.
The figures sent the firm’s share price to a two-month high on the Nasdaq Dubai.
In its six-month financial statement, DP World also said it was on track to meet its full-year expectations, and predicted that the second half would be stronger than the first.
The Dubai-based terminals firm said that revenue increased by five percent to $1.455bn due to the return of container volume growth in the first half.
DP World said that a five percent decline in total costs also contributed to earnings before interest, tax, depreciation and amortisation (EBITDA) margins returning to close to 40 percent.
Last year, the firm opened new terminals in Algeria, Senegal and Vietnam.
According to a document obtained by Reuters, Dubai World has projected DP World’s full-year revenue at $3.1bn.
The Drewry report said that sea freight volumes had slipped by 10 percent in 2009 in comparison to the year before – the first drop since the introduction of containers in the 1960s.
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