DUBAI, UAE: DP World PLC handled 35.8 million TEU (Twenty-Foot Equivalent Units) across its global portfolio of container terminals in the first half of 2019, with gross container volumes growing by 0.5% year-on-year on a reported basis and 0.5% on a like-for-like basis.
Strong performance across Asia Pacific, Indian Subcontinent and Africa drove growth in 2Q2019, but weaker volumes in the UAE and Australia offset this trend.
At a consolidated level, DP World terminals handled 19.5 million TEU during the first half of 2019. Consolidated volumes in 2Q2019 grew by 10.6% on a reported basis but down 0.6% on a like-for-like basis.
The strong reported growth in Americas and Australia region is due to the consolidation of Australia and acquisition of Pulogsa which consists of two terminals in Chile.
Group Chairman and Chief Executive Officer, Sultan Ahmed Bin Sulayem, commented: “In line with our expectations, we have delivered a broadly stable volume performance in the first half of 2019. Encouragingly, despite uncertainty from the trade war, we have seen robust volumes in Asia Pacific and Indian Subcontinent, while growth in Africa remains strong. In contrast, UAE and Australia volumes have been soft due to a loss of lower-margin cargo and challenging market conditions. However, we expect a more stable throughput performance in the UAE for the second half of the year.
“On our broader portfolio, we have made good progress in strengthening our product offering, allowing us to enable trade and connect directly with end customers to deliver a range of logistic solutions. Our near-term focus is on integrating our recent acquisitions, managing costs and disciplined investment to cement DP Worlds position as the trade partner of choice”.