DP World’s Dubai shipping container volumes fall for fifth consecutive quarter

DP World to acquire Chilean ports operator
PHOTO CREDIT: Emirates247

DP World’s (DPW.DI) Dubai shipping container volumes fell by 6.3% in the second quarter, the port operator reported on Tuesday, the fifth consecutive quarterly drop.

DP World blamed the drop on the loss of lower margin cargo and challenging market conditions, but said it expected more stable throughput for the rest of the year.

It handled 3.9 million twenty foot equivalent units (TEU) in the three months to June 30 at its Dubai ports, compared with 4.2 million in the same 2018 period.

DP World operates Dubai’s Jebel Ali, the Middle East’s largest trans-shipment hub, and Mina Rashid.

The port operator did not disclose individual volumes for the two ports, which account for about 20% of its global volumes.

Globally, container volumes increased 1.6%. That was helped by a 4.1% rise in volumes in the Asia Pacific, Indian Subcontinent and Africa region which handled 8.2 million TEUs.

Dubai volumes were down 7.4% in the first six months of the year, while global volumes were flat.

Source: Reuters