The Dubai-based port terminal operator said growth in the first nine months of 2015 was driven primarily by terminal facilities Europe and the United Arab Emirates.
DP World Limited increased container throughput at its facilities 3.7 percent to 46.5 million TEUs in the first nine months of 2015 compared with the same period a year ago.
On a like-for-like basis – adjusted for new capacity at DP World operations in Nhava Sheva, India; Prince Rupert, Canada; and Rotterdam, the Netherlands – container volumes were up 3.2 percent.
The Dubai-based port terminal operator said growth through the first three quarters of the year was driven primarily by terminal facilities Europe and the United Arab Emirates. UAE terminals handled 11.9 million TEUs in the first nine months of 2015, 4 percent more than during the same period in 2014.
DP World said its European portfolio continued to be “robust” despite difficult market conditions, while facilities in the Indian subcontinent delivered greater volumes thanks to the recent capacity addition at Nhava Sheva.
“Performance in the Americas has remained challenging due to continued weak economic conditions,” the company added.
Throughput at DP World’s consolidated terminals – those the company controls as defined under IFRS – increased 3.2 percent to 21.9 million TEUs compared with the first nine months of 2014. Consolidated volumes increased 2.5 percent on a like-for-like basis, according to DP World.
“Overall, we are pleased with the first nine months volume performance particularly given the difficult macro environment,” Chairman Sultan Ahmed Bin Sulayem said of the results. “We remain confident about the long-term outlook of our industry and continue to invest to meet the future capacity requirements of our customers.
“Our new developments in Rotterdam (Netherlands) and Nhava Sheva (India) are now operational whilst Yarimca (Turkey) and the second phase of terminal three (T3) Jebel Ali (UAE) are due to come online in the near future. Additionally, we closed the acquisition of Fairview Terminal in Canada in August 2015. We look forward to this new capacity aiding volume growth in 2016.”
“Growth rates in the third quarter have softened across the portfolio and the overall macroeconomic outlook remains challenging. However, despite the economic headwinds, our portfolio has delivered a resilient nine month performance and continues to grow ahead of the market. This once again demonstrates the benefit of operating a global diversified portfolio focused on faster growing markets, and price making cargo,” added Group Chief Executive Mohammed Sharaf.
“In the near term, we continue to focus our efforts on improving efficiency and managing costs to maintain profitability. Overall, given the solid first nine month volume performance, we remain confident of meeting full year market expectations.”
DP World is one of a handful shipping and logistics companies in the region that potentially stands to benefit from the lifting of international sanctions on Iran, according to news service Reuters. Sulayem said in August that DP World has been in talks to launch port terminal operations in Iran, provided it can show sufficient customer demand.
“Iran has a good land bridge of rail that will connect the Silk Route from China to Europe,” he said. “With our ports in the Gulf, we need to go into Iran.”
DP World container throughput up 3.7 percent
