Chairman and CEO Sultan Ahmed bin Sulayem says global trade recovery has surpassed expectations
DP World reported a 13.5 percent growth in gross volume handled in the third quarter of the year, the company said on Tuesday.
In a statement, DP World said it handed 52.3 million TEU (twenty-foot equivalent units) across its portfolio of container terminals around the world in the first nine months of 2017, with gross container volumes growing by 10 percent year-on-year on a reported basis, and 9.6 percent on a like-for-like basis.
Third quarter growth rates were 13.5 percent on a reported basis and 13.3 percent on a like-for-lie basis, ahead of second quarter growth and Drewry Maritime’s upgraded industry estimate of 5.5 percent throughput growth in 2017.
At a consolidated level, DP World’s terminals handled 27.3 million TEU during the first nine months of 2017, a 24.2 percent improvement in performance on a reported basis and up 6.2 percent year-on-year on a like-for-like basis.
“The recovery of global trade in 2017 has outperformed previous expectations and we have seen significant upward revisions by economists and industry experts. Benefitting from the improved trading environment and market share gains from the new shipping alliances, our global portfolio continues to deliver ahead-of-market growth and this across all three regions,” said Sultan Ahmed bin Sulayem, DP World Group Chairman and CEO.
“We have seen an acceleration of growth rates in the third quarter as we employ the right strategy and the relevant deep-water capacity in the key markets.
“We are pleased to see 3Q 2017 UAE volumes continue to grow despite uncertainty in the region and the performance across our terminals in the Middle East and Africa, Americas and Europe remains strong,” he added.
Bin Sulayem added that 1.5 million TEU of new capacity was added to Jebel Ali Terminal 3 in Dubai and 0.5 million TEU to the port of Prince Rupert in British Columbia, Canada.
“We continue to seek growth opportunities in Latin America, Africa and Indian subcontinent where there remains significant structural growth potential,” he noted. “We expect our portfolio’s volume growth to continue to outperform the market and given the encouraging performance so far, we remain well placed to meet full year 2017 market expectations.”For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.