DP World reports strong performance in lacklustre market
DP World Limited handled 34.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2017, with gross container volumes growing by 8.2% year-on-year.
This growth equated to 7.7% on a like-for-like basis, with second quarter growth rates accelerating to 10.7% year-on-year on a reported basis and 10.4% on a like-for-like basis, ahead of Drewry Maritime’s upgraded industry estimate of 4% throughput growth in 2017.
The first half of 2017 witnessed an improvement in global trade and all three DP World regions saw growth rates accelerate in the second quarter of 2017, particularly our terminals in Europe and the Americas. The UAE handled 7.7 million TEU in 1H2017, growing 4.3% year-on-year, implying a 2Q2017 growth of 6.6%.
At a consolidated level, DP World terminals handled 17.9 million TEU during the first half of 2017, a 22.4% improvement in performance on a reported basis and up 4.7% year-on-year on a like-for-like basis.
Reported consolidated volume in the Asia Pacific and Indian Subcontinent region was boosted by the consolidation of Pusan (South Korea) at the end of 2016.
“Our portfolio has delivered ahead-of-market growth benefitting from the improved trading environment in 2017 and market share gains from the new shipping alliances, driving volumes in the second quarter,” said group chairman and CEO Sultan Ahmed Bin Sulayem.
“The robust performance was delivered across all three regions, which once again demonstrates that we have the right strategy and the relevant capacity in the key markets,” he added.
“We are pleased to see our terminals in the Americas and Europe continue to deliver growth. Encouragingly, UAE volumes have improved and we continue to expect our portfolio’s volume growth to outperform the market.
“Given the encouraging first half performance, we remain well placed to meet full year 2017 market expectations,” he said.