DP World Limited delivered growth and efficiency in handling worldwide cargo when it announced a nine-month volume growth of 2.5 percent, almost 127 percent better than the industry average.
The Dubai-based logistic giant announce that it handled 59.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first nine months of 2022, with gross container volumes increasing by 2.0 percent year-on-year on a reported basis and up 2.5 percent on a like-for-like basis.
Bin Sulayem said: “We report another robust set of throughput figures with nine-month volume growth of 2.5 percent, which is once again ahead of industry growth of 1.1 percent.
“As expected, growth rates have decelerated due to the more challenging market conditions, but global trade continues to remain resilient, and our portfolio is expected to continue to outperform the market.
“Growth in the third quarter was primarily driven by a solid performance across our Asia Pacific, Americas and Australia terminals. Encouragingly, our flagship port of Jebel Ali (UAE) continues to deliver robust volumes with growth of 2.0 percent year-on-year.
On a third-quarter basis, the company handled 20.1 million TEU, up 1.5 percent year-on-year and up 2.1 percent on a like-for-like basis.
The third-quarter gross volume growth was mainly driven by Asia Pacific, Middle East & Africa, Americas, and Australia. Qingdao (China), ATI (Philippines), LCIT (Thailand), Jeddah (Saudi Arabia), Vancouver (Canada), Posorja (Ecuador), Santos (Brazil), and Australia showed strong growth numbers. DP World’s home port, Jebel Ali, handled 3.5 million TEU in 3Q2022, up 2.0 percent year-on-year.
At a consolidated level, DP World terminals handled 34.6 million TEU, up 1.9 percent year-on-year and up 1.4 percent on a like-for-like-basis in 9M2022. On a 3Q2022 consolidated level, the numbers were 11.7 million TEU, increasing 2.7 percent on a reported basis and 1.5 percent year-on-year on a like-for-like basis.
The numbers were impressive in difficult market conditions, and Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said he expected the company to continue outperforming the market.
Bin Sulayem added DP World remains positive in medium-to-long term despite the headwinds.
“Looking ahead, the near-term outlook remains uncertain given the geopolitical environment, inflationary pressures and currency fluctuations but we remain positive on the medium to long-term outlook for global trade,” he added.
“Overall, given the solid nine-month volume performance, we expect to deliver an improved set of full-year results.”
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