DP World Records Robust Throughput Performance for 3Q of 2013

DP World Limited handled 14.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the third quarter of 2013, with gross container volumes growing by 2.4% on a like-for-like (1) basis. This was driven largely by an improved performance from its Asia Pacific and UAE terminals. On a reported basis gross volumes were flat with a 0.4% decline in the third quarter, reflecting monetisations and divestments made in previous periods.

The UAE delivered a record quarter with 3.6 million TEU handled during the period, representing growth of 5.4%. Volumes for the nine months to September 2013 exceeded 10 million TEU for the first time.

The company’s portfolio of consolidated (2) terminals handled 6.7 million TEU in the third quarter, delivering like-for-like (3) volume growth of 2.0%, driven mainly by the record UAE performance. Encouragingly, volumes through the company’s consolidated terminals in the Asia Pacific & Indian Subcontinent region are showing signs of stability.

During the third quarter, its Embraport facility in Brazil began test operations, efficiently serving vessels as it prepares to become fully operational in the fourth quarter this year.

Chairman Sultan Ahmed Bin Sulayem commented:

“We are very pleased to announce a robust throughput performance for the third quarter of 2013. In particular, our flagship UAE operation has recorded the best quarter in its history, reflecting the continued growth in Dubai, the UAE and the wider region. The addition of 1 million TEU capacity in June this year and the 4 million TEU of capacity due to come on line in 2014 ensure that we are well placed to cater for future growth.

“Looking to other developments underway, we continue to make good progress toward the delivery of Embraport (Brazil), which is now serving vessels as it readies for official opening. London Gateway (UK) remains on track to open in the fourth quarter with its first official vessel call scheduled in November.”

Group Chief Executive Mohammed Sharaf said:

“After a challenging first half in 2013 we are encouraged by the positive uplift witnessed in the third quarter. Accordingly market guidance of gross like-for-like volumes in line with 2012 remains unchanged.

“With market conditions still uncertain, we continue to focus on driving profitability by targeting higher margin throughput and improving efficiencies. We remain confident of meeting full year market expectations.”

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DP World, October 29, 2013