DP World throughput growth hit by shipping downturn

Dubai port operator DP World recorded 2.4% growth in annual gross container volumes for 2015 cross its global portfolio.
Utilisation at Jebel Ali remained high at approximately 90% despite the softer volumes in the fourth quarter of 2015.
Utilisation at Jebel Ali remained high at approximately 90% despite the softer volumes in the fourth quarter of 2015.

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Dubai port operator DP World recorded 2.4% growth in annual gross container volumes for 2015 cross its global portfolio.

Gross volumes totalled 61.7 million twenty-foot equivalent units (TEU) in 2015, up from 59.9 million TEU in 2014, the company said in a statement.

Annual consolidated volumes, at terminals over which DP World has control, were 29.1 million TEU, up 1.7% on a like-for-like basis and 2.7% higher on a reported basis.

The portfolio benefited from the ramp-up in London Gateway and the UAE handled a record 15.6 million TEUs, representing like-for-like growth of 2.3% for the year.

Utilisation at Jebel Ali remained high at approximately 90% despite the softer volumes in the fourth quarter of 2015.

Market conditions in the second half of 2015 were challenging, with like-for-like gross throughput growth flat year-on-year in Q4, 2015, DP World said.

DP World Group chairman and chief executive officer Sultan Ahmed bin Sulayem said: "Growth in 2015 was largely driven by European and UAE terminals. The second half of 2015 was difficult for global trade operators, as various economic headwinds including currency weakness and lower commodity prices adversely impacted trade growth."

"Against this challenging backdrop, all our three regions continued to deliver full year volume growth on a like-for-like basis which demonstrates the strength of our portfolio."

Bin Sulayem also added that despite the uncertain near-term macro environment, and given the high utilisation of the portfolio, DP World remains confident about the medium to long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers.

"As we look ahead into 2016, we look forward to the new capacity at Rotterdam (Netherlands), Mumbai (India), Prince Rupert (Canada) and Yarimca (Turkey) to deliver a full year contribution to our throughput."

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