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DP World reports 4.1% like-for-like gross volume growth in H1 2015

Tuesday, 28 July 2015 | 11:00
DP World Limited handled 30.6 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during the first half of 2015, with gross container volumes growing by 4.1% on a like-for-like1 basis. On a reported basis gross volumes grew by 4.2%.
Growth in the first half was largely driven by Europe and UAE terminals. The UAE delivered another solid performance handling 7.9 million TEU, representing growth of 6.0%.

Encouragingly, Europe continues to show steady growth despite the difficult geopolitical environment. The Asia Pacific and the Indian subcontinent region delivered an improved performance in the second quarter and the recent capacity addition at Nhava Sheva (India) should provide further room for growth. Performance at the Americas and Australia region has been broadly flat due to soft economic conditions.

DP World’s portfolio of consolidated2 terminals handled 14.4 million TEU during the first half of 2015, a 3.5% improvement when compared with the same period last year. On a like-for-like3 basis, consolidated volumes also increased 3.5%.

Chairman Sultan Ahmed Bin Sulayem commented
“I am pleased to report that we have made good progress with our new developments, with Rotterdam (Netherlands) and Nhava Sheva (India) now operational whilst Yarimca (Turkey) is on track for launch in the fourth quarter of 2015. Additionally, the proposed acquisition of Fairview Terminal in Canada is expected to close in the second half of this year, which will enhance our Americas portfolio.

“ Our flagship Jebel Ali Port continues to respond to market demand and we are on track to deliver an additional 2 million TEU’s of capacity in Terminal 3 in the second half 2015. Despite the new capacity additions, Jebel Ali continues to operate at high levels of utilisation and given the strong domestic and regional growth outlook including the lead up to Expo 2020 , we are delighted to announce construction of Terminal 4, which will deliver phase one new capacity of 3.1 million TEU by 2018. This will take total Jebel Ali capacity to 22.1 million TEU and will ensure our flagship asset continues to have sufficient capacity to serve the future growth demand of the UAE and the wider region.’’

Group Chief Executive Mohammed Sharaf commented:
‘’Our portfolio has delivered a resilient performance despite facing various economic headwinds. The significant investment made in recent years continues to stand us in good stead as our ability to deliver relevant capacity in the right markets resonates well with our customers. This once again demonstrates that operating a global portfolio focused on faster growing markets and origin & destination cargo continues to be the right strategy to follow.
“It has been well documented that market conditions in the first half have been relatively challenging. Full year market volume growth is now forecast to be at approximately 3%, and DP World is expected to perform ahead of the market. Overall, given the solid first half volume performance, we remain confident of meeting full year market expectations.’’

Source: DP World
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