DP World’s gross container volumes grew 2.2% to 47.5m teu during the first nine months of 2016 on the back of the “robust” performance of its European and Indian subcontinent terminals.
Throughput was up 1% on a like-for-like basis with new operations at Yarimca (Turkey), Stuttgart (Germany), Antwerp Inland (Belgium) and Prince Rupert (Canada) bolstering the reported basis numbers.
However, the Dubai-based global terminal operator said conditions in Australia and Latin America “remain challenging” while its UAE terminals, headlined by its flagship Jebel Ali Port, handled 11.1m teu – a 6.7% year-on-year drop due to a reduction in what it describes as “lower-margin” transhipment cargo.
Specific volumes for its Europe and Indian subcontinent terminals were not disclosed and the regionalised nature of its reporting further camouflages this with volumes up 2.9% across its Asia Pacific & India Subcontinent portfolio and just 0.6% once the UAE figures are calculated in its Europe, Middle East and Africa region.
Group chairman and ceo Sultan Ahmed Bin Sulayem remains upbeat as ever, saying the its 77 inland and marine terminals across six continents had helped shield DP World against the global trade slowdown. He remains confident of meeting full year market expectations.
“Despite the challenging market conditions, particularly in natural resource dependent economies, our portfolio continues to deliver growth, which once again demonstrates the benefits of operating a globally diversified portfolio,” Sulayem said.
“While the near-term global trade growth outlook appears soft, we expect our new developments in Rotterdam (Netherlands), Nhava Sheva (India), London Gateway (United Kingdom) and Yarimca (Turkey) to drive growth in our portfolio.
“We will continue to maintain capital expenditure discipline by bringing on capacity in line with demand, while focusing on targeting higher margin cargo, improving efficiencies and managing costs to drive profitability.
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