DP World reports 10.5% growth in Q1
International terminal operator DP World handled 14.3 million-teu across its global portfolio of container terminals during the first quarter of 2014, with gross container volumes growing by 10.5 per cent on a like-for-like basis.
On a reported basis gross volumes grew by 11.6 per cent as new volumes from London Gateway (UK) and Embraport (Brazil) contributed to the portfolio, benefitting the reported numbers.
DP World Chairman Sultan Ahmed Bin Sulayem says first quarter growth was largely driven by an improved performance from the firms Asia Pacific, India and UAE terminals, with Europe continuing to show signs of improvement.
He says the UAE delivered a very strong quarter handling 3.6 million-teu, representing growth of 17.5 per cent.
Bin Sulayem says at a consolidated level, DP World’s terminals handled 6.8 million-teu during the first quarter of 2014, a 12.8 per cent improvement in like-for-like performance.
He says as anticipated, DP World has seen a return to volume growth in 2014 due to the addition of new capacity and a pick-up in global trade in the first quarter.
The terminal operator is encouraged by the volumes handled at its flagship Jebel Ali port, with the 1 million-teu expansion of Jebel Ali’s Terminal 2 contributing to the strong result. The addition of 4 million-teu capacity with Terminal 3 opening this year will ensure DP World are well placed to handle future capacity demands in Dubai.
Bin Sulayem also says key developments at Nhava Sheva (India) and Rotterdam (Netherlands) remain on schedule for delivery and DP World recently commenced construction at Yarimca in Turkey, where they anticipate adding approximately 0.8 million-teu capacity in the second half of 2015.
He says overall DP World are very pleased by the portfolio’s first quarter performance which shows they have the right capacity in the right locations.