P&O PORTS SEES CONTINUED VOLUME GROWTH

P&O PORTS SEES CONTINUED VOLUME GROWTH

   P&O Ports, the international ports arm of the U.K.-based P&O group, reported “robust” cargo traffic volumes for the second quarter despite a slower rate of growth in world trade.

   “Ports remains robust with organic growth of 10 percent during the quarter,” the company said.

   Overall port container throughput for the second quarter was 2.4 million TEUs, 18 percent up on the same quarter in 2000. Of the 18-percent volume rise, 10 percent was organic growth and 8 percent was the result of new acquisitions and new terminal investments.

   For the first half of the year, throughput was 4.7 million TEUs, up 26 percent on 2000, of which 11 percent of the growth was organic.

   P&O Ports reported a second-quarter container throughput of 1,052,000 TEUs for Asia, compared to 950,000 in the second quarter last year. The company’s Americas region saw volume rise to 476,000 TEUs, from 370,000 last year. European activities handled a volume of 573,000 TEUs in the latest quarter, up from 422,000. Australia/New Zealand business expanded marginally, to 285,000 TEUs, from 283,000.

   “P&O Ports’ internationally diverse portfolio and strong competitive position within local markets continues to prove resilient to the varying growth rates within the world economy,” the company said.

   In the South China port of Shekou, P&O Ports said that dredging has commenced as part of a second stage of development that will eventually more than double the capacity of the terminal. In Qingdao, infrastructure surrounding the joint venture with the Qingdao Port Authority “has been further developed and improved to prepare the port for full operation,” P&O said.

   In the U.S. P&O Ports reported strong growth at Port Newark Container Terminal and at its main terminals in Miami.

   P&O Ports has also received a letter of intent issued by the Maryland Port Authority indicating that it has been re-awarded the contracts to manage the Seagirt and Dundalk Marine Terminals in Baltimore. Formal approval is expected in July, P&O said.