DP World Reports Positive Signs Of Growth In 3Q 2019
17.7 million YEU was handled by DP World PLC across its global portfolio of container terminals in 3Q2019 with the gross container volumes growing by 1.1% annually on basis of like-for-like. On the basis of nine-months, the gross container volumes grew by +0.7% on a year on a year to 53.5 million TEU.
3.6 million TEU has handled by Jebel Ali in 3Q2019 which is down by -1. 0% year on year when the volume stabilized after a shift of low-margin cargo. There has been a continuous and great growth in Asia and Africa with strong growth in ATI (Philippines), Qingdao (China).
Cochin, Mundra, and NSIGT (Mumbai) has driven the growth in India. The volumes in the Asia Pacific and Indian Subcontinent have dropped due to the discontinuation of operations in Surabaya (Indonesia) and Tianjin (China).
The terminals handled 10.3 million TEU during the 3Q 2019 when talking about the consolidated level. An improvement of +0.8% has been seen year on year on a like for like basis. The growth in the region of America and Australia of +93.7% is because of the consolidation of Australia and the 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 the Asia Pacific and Indian Subcontinent, while growth on the west coast of the Americas remains solid. In Europe, London Gateway continues to deliver strong growth due to market share gains. While we have seen volumes stabilizing 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.’’
Reference: DP World