P&O Ports reports 24% jump in 3rd-quarter throughput

P&O Ports reports 24% jump in 3rd-quarter throughput

   P&O Ports increased its worldwide container throughput by 24 percent In the third quarter, to 3 million TEUs, when compared to the volume handled in the third quarter of 2002. About 13 percent of the increase came from organic growth.

   The terminal operator’s growth for the first nine months of this year was 26 percent, with 20 percent attributable to organic growth.

   The geographical spread of the global terminal operator remained similar to last year, with Asia (handling 3.43 million TEUs in the first nine months) and Europe (2.28 million TEUs) accounting for almost 70 percent of the 8.2 million TEUs total volume during the nine-month period. The Americas and Australia generated 16 percent and 15 percent of the total volume, respectively.

   P&O Ports said that its PNCT terminal in New York gained an additional liner service in the third quarter, and vessel calls commenced in October. The redevelopment of the central area of the terminal has been completed. Re-paving of the end sections is scheduled to be completed by the end of 2004.

   P&O has increased its stake in the Port of Miami Terminal Operating Co. from 25 percent to 50 percent. It said that good progress continued to be made at the acquired terminal in Vancouver, British Columbia. In Argentina, import and export volumes grew strongly., P&O Ports said.

   General cargo operations in the U.S. continued to experience lower than average volumes, especially steel, as imports remained subject to trade restrictions, the company said.