DP World global cargo volumes for 2018 hit by UAE slowdown
DP World handled 71.4 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the full year of 2018, with gross container volumes growing by 2.9 percent on a like-for-like basis.
Gross volumes were stable in the fourth quarter of 2018 despite softer volumes in the UAE and the tough year-on-year comparables - Q4 2017 grew by 10.3 percent.
The UAE handled 15 million TEU in 2018, down 2.7 percent year-on-year.
DP World Group chairman and CEO Sultan Ahmed Bin Sulayem, said: “We are pleased to see that our global portfolio has delivered growth on top of our strong prior year performance and despite the uncertainty with global trade.
"Our Europe and Americas portfolio saw strong growth with continued ramp-up in London Gateway (UK), Yarimca (Turkey) and Prince Rupert (Canada), while performance in Africa remains robust driven by Dakar (Senegal) and Sokhna (Egypt). In the UAE, the softer volumes were due to the loss of low-margin throughput, where we remain focused on high margin cargo and maintaining profitability.
“In 2018, we have made good progress in strengthening our product offering which will enable us to participate in a wider part of the supply chain and offer smarter long-term solutions to cargo owners."
He added: "Looking ahead to 2019, we expect our portfolio to continue to deliver growth and our focus remains on delivering operational excellence, managing costs and disciplined investment to remain the trade partner of choice. Given the steady volume performance of our portfolio, we are well placed to meet full year 2018 market expectations.”