DP World handles 26.6m TEU in 2013 H1
DP World Limited handled 26.6 million TEU (twenty-foot equivalent units) across its global portfolio in the first half of 2013.
Whilst this was 5.8% lower than the same period last year, when adjusted for changes across the portfolio, the decline was 2.1% on a like for like basis. However, the company’s global portfolio handled more containers in the second quarter than in the first quarter of 2013.
There were lower volumes in the Asia Pacific and Indian Subcontinent region and the Europe, Middle East and Africa region. This was mitigated by a stronger performance in the Americas and Australia region which increased 2.7% on a like for like basis.
In the Asia Pacific and Indian Subcontinent region DP World continues to focus on handling a smaller number of higher margin containers to improve overall returns. In the Europe, Middle East and Africa region, the European and Middle East businesses continue to operate in a challenging macro environment.
Within this region, the UAE operations handled 6.5 million TEU in the first half, a relatively flat performance over the same period last year. In line with the overall portfolio, the UAE saw a stronger second quarter in 2013.
DP World’s portfolio of consolidated terminals handled 12.8 million TEU during the first half of 2013, a decline of 5.7% when compared with the same period last year. On a like for like basis3, consolidated volumes declined 3.9%.
Chairman Sultan Ahmed Bin Sulayem said: “We remain confident about the long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers. The first half saw important progress in the delivery of three major projects in 2013. In June we welcomed an additional one million TEU capacity at our flagship Jebel Ali Terminal.
“This increased capacity is alleviating current constraints and will support future growth in the region. In the second half of this year, we will deliver developments in Santos (Brazil) and London Gateway (UK).”
Group chief executive Mohammed Sharaf added: “Despite a softer first half when compared with the same period last year, we saw an encouraging uplift in containers handled during the second quarter. This uplift, whilst positive, has occurred in challenging market conditions which we anticipate will continue into the second half. Accordingly, we remain focused on improving efficiencies, containing costs and handling higher margin containers to drive profitability.
“We maintain expectations of like for like container throughput in line with 2012 with our portfolio positioned toward the faster growing emerging markets and stable origin and destination cargo.”