DP World Q1 throughout grows while Jebel Ali slows
Dubai's DP World, one of the world's largest port operators, has reported a 2.4 percent rise in gross container volumes on a like-for-like basis in the first quarter of 2016.
Gross volumes totalled 15.5 million 20-foot equivalent units (TEU) in the opening three months of 2016, the company said in a filing to the stock exchange. Growth was largely driven by the company's terminals in Europe and the Indian subcontinent.
Conditions in Latin America remained challenging. In the United Arab Emirates the group handled 3.6 million TEU, down 5.9 percent from a year earlier.
"Overall, we remain well positioned to grow volumes ahead of the market, while we continue to focus on driving profitability by targeting higher margin cargo, improving efficiencies and managing costs," DP World Chairman Sultan Ahmed Bin Sulayem said in the statement filed to the Nasdaq Dubai exchange.
Consolidated volumes, at terminals over which DP World has control, slipped 0.4 percent on a like-for-like basis in the first quarter to 7.2 million TEU.