Dubai – Mubasher: DP World Limited handled 15.5 million twenty-foot equivalent units (TEU) across its global portfolio of container terminals in Q1-16, a rise of 2.4% from figures reported in the same period last year, said chairman, Sultan Ahmed Bin Sulayem on Thursday.
He added that in terms of gross container volumes on a reported basis, the UAE port operator saw growth of 3.7%.
“First quarter growth was largely driven by a stronger performance from our European and Indian subcontinent terminals. Conditions in Latin America remain challenging while the UAE handled 3.6 million TEU, down 5.9% year-on-year due to loss of lower-margin cargo,” the chairman highlighted during the company’s annual general meeting (AGM).
He added that at a consolidated level, DP World’s terminals handled 7.2 million TEU in Q1-16, registering a performance improvement of 2.3% on a reported basis and a decline of 0.4% year-on-year on a like-for-like basis.
The company said its new developments in Rotterdam (Netherlands), Nhava Sheva (India) and Yarimca (Turkey) have become operational and are expected to make a bigger contribution in H2-16.
The additional 2 million TEU of capacity at the UAE’s Jebel Ali and the 1 million TEU of capacity in London Gateway (UK) are on course to be delivered in mid-2016, which will offer further room for growth.
“Despite the challenging operating environment, we are pleased to see that our portfolio continues to deliver ahead of market volume growth,” the chairman concluded.
