DP World reports 1.1% gross like-for-like volume growth in 3Q 2019

DUBAI: DP World PLC handled 17.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 3Q2019, with gross container volumes growing by 1.1 % year-on-year on a like-for-like basis. On a nine-month basis, like-for-like gross container volumes grew by +0.7% year-on-a year to 53.5 million TEU.

 

Jebel Ali (UAE) handled 3.6 million TEU in 3Q2019, down -1.0% year-on-year, as volumes stabilised following a shift of low-margin cargo. Growth in Asia and India remains robust with strong growth in ATI (Philippines), Qingdao (China). Growth in India has been driven by Cochin, Mundra and NSIGT (Mumbai). Decline in reported volumes in Asia Pacific & Indian Subcontinent is due to discontinued operations in Surabaya (Indonesia) and Tianjin (China).

 

At a consolidated level, our terminals handled 10.3 million TEU during 3Q 2019, a +0.8% improvement year-on-year on a like-for-like basis. The strong reported growth of +93.7% in Americas and Australia region is due to the consolidation of Australia and acquisition of the two terminals in Chile.

 

Group Chairman and Chief Executive Officer Sultan Ahmed Bin Sulayem commented: “Our portfolio continues to deliver a steady volume performance which is encouraging given the challenging macro backdrop caused by the global trade dispute. However, despite this uncertainty, it is encouraging to see robust growth in key markets such as Asia Pacific and Indian Subcontinent, while growth in west coast of Americas remains solid. In Europe, London Gateway continues to deliver strong growth due to market share gains. While we have seen volumes stabilising in Jebel Ali (UAE), the outlook remains uncertain given the regional geopolitics and we remain focused on profitable origin & destination cargo.’’

 

“On our broader portfolio, we continue to make progress in strengthening our product offering, allowing us to connect directly with end customers to deliver a range of unique logistic solutions. We are seeing positive signs of progress in our new businesses that give us encouragement for the future. The near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP Worlds position as the logistics partner of choice. Overall, we remain well placed to deliver full year market expectations.’’